Does your firm manage employee credentials using a spreadsheet? Does your compliance team spend hours and hours in the fourth quarter of every year preparing for annual FINRA renewals? There's a better way that eliminates the compliance risk and time sink that goes hand-in-hand with manual processes and reduces the chance of error and regulatory censure.
Join MCO's Sinead Egan for the on-demand webinar A Better Way to Track Registrations and Licenses.
Sinead provides practical guidance on how to step away from spreadsheets and Google forms and make managing Authorizations, Registrations and Licensing a seamless part of your compliance program, covering:
- Streamlining the onboarding process
- Keeping up with ad-hoc changes throughout the year
- Simplifying the yearly renewal process
- Types of ARL data your firm should be collecting
Sinead will also share a look at how the MyComplianceOffice platform helps firms take an intentional and automated approach to ARL, including integrating with internal systems like HR and regulatory databases including FINRA’s CRD, and coming soon Canada’s NRD.
Spreadsheets may be free, but what do they really cost your organization?
The risk of failing to manage authorizations, registrations and licensing effectively within your firm goes beyond the expense and opportunity costs that go along with inefficient manual processes. There's significant compliance risk at stake for a firm that fails to keep on top of employee credentials.
Firms that fail to submit their annual renewals to FINRA on time face a late fee. If firms are not keeping up with what jurisdictions staff are working in and who might have recently terminated employment, firms run the risk of missing a registration or paying for registrations that are no longer required. And critically, failure to submit renewals and the required payment by this year's December 22 deadline can mean that the firm will not be able to conduct business at all as of Jan. 1, 2023.
There's ample compliance risk if the employee on-boarding process does not have automated checks and balances as well. A large international New York based back was fined $1.5 million by FINRA for failure to properly register employees or conduct "timely or adequate" background checks - and hiring three convicted criminals as a result of the oversight.
In a statement, Susan Schroeder, executive vice president of the agency’s enforcement division, said “FINRA member firms must live up to their responsibility as a gatekeeper protecting investors from bad actors. It is important that firms appropriately screen all employees for past criminal or regulatory events that can disqualify individuals from associating with member firms, even in a non-registered capacity.”
Stop chasing your employees around! See how MyComplianceOffice's Authorizations, Registrations and Licensing solution provides firms with a scalable and flexible tool to help you manage and track your firm’s ongoing licensing and registrations requirements.
More on Authorizations, Registrations and Licensing
- Read about MyComplianceOffice's Authorizations, Registrations and Licensing solution
- Download our Authorizations, Registrations and Licensing brochure
- Read about preparing for FINRA renewals