MyComplianceOffice Blog

A recent Deloitte study found that organizations surveyed indicated that that as their compliance programs mature, they are increasingly being asked to ‘do more with less’. Compliance teams must constantly balance meeting regulatory requirements with managing costs and increasing efficiency.

Many of the firms that I work with, both large and small, work with representatives that are independent contractors. I am frequently asked how technology can help firms supervise their independent reps, especially in these days of remote work. The past few weeks have seen FINRA impose significant fines and sanctions against a range of firms for supervisory failures. Firms must have processes in place to monitor activities and mitigate this risk.

Recent guidance from the US Department of Justice (DOJ) on the Evaluation of Corporate Compliance Programs provides best practices for assessing the effectiveness of a program, updating the information provided in 2017 and 2019.

The 2020 updates show an increased emphasis on the management of third party risk. What does this mean for corporations?

The key to effective third-party risk management is ensuring  controls are in place when a relationship begins, remain in place over time, and change as needed to manage new risks. Watch this brief video to understand how MCO's third-party risk management software can help you automate this process, affordably and without the complexity associated with other vendors.