Background
In the US, asset management firms are governed mainly by two bodies - the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The current regulatory environment in the US makes asset managers struggle with the growing number of requirements and expectations from both regulators and investors.
Customer profile: New York Asset Management firm with around 20 employees.
The Flexibility and Scalability Needed
In the past year, the firm expanded and increased the number of employees, resulting in a higher volume of compliance activities. An initiative focused on eliminating manual tasks, improving data capture and reporting led the Chief Operations Officer to look at their compliance process. As a result, compliance automation was identified as a critical element of their expansion to eliminate compliance risks and ease the firm's day-to-day compliance tasks.
The management was looking for a long-term compliance partner and scalable software that increases its capacity and functionalities as the firm grows. MCO offers a wide range of compliance solutions that can aid an organization in meeting a variety of regulations. Knowing they can easily add modules to help with everything from verifying employee political contributions to managing risks in third party vendors gave the firm management peace of mind that they will be covered no matter what.
Working alongside the Chief Operations Officer, MCO proved to have the best solution to meet the company's needs because of its software capabilities, fast implementation, and low cost that would ensure easy compliance. The firms had an immediate need, and with MCO Essentials, they could timely automate:
- the review of employee trading activity
- electronic employee brokerage confirmations and statements
- the management of employee certifications
- questionnaires, forms, and attestations
More with Less
With MyComplianceOffice, firms can create and customize different workflows, even for tasks that don’t directly sit under compliance. Thus, giving the company the ability to set up workflows for diverse uses such as getting approval to send marketing materials, presentations for speaking at conferences, sending COVID health notifications and company updates, sending and confirming that employees have read HR policies and more.
Uncomplicating Compliance
MCO delivered a simple process to automate the compliance program, replacing manual tasks with timely implementation.
As a result, the Chief Operations Officer was able to continue running its operations at an optimal level and focus on other parts of the business. With MyComplianceOffice running quickly, the firm was able to eliminate manual tasks and compliance risks.
“MCO does what it says it’ll do. There are no surprises with MCO, which makes us very happy.” – COO of New York Asset Management Firm.
