A recent survey by Coresight Research estimate that the corporate gift giving market in the U.S will reach $258 billion in 2022. That's a lot of potential gifts sent to employees, customers and vendors - and a lot of potential opportunity for conduct risk.
Compliance attestations provide confirmation that employees have received current information and training on the compliance policies and procedures that apply to them, they have read and understood them, and they are conforming to the required standards in their work.
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.
As we enter the third quarter of 2022 it's clear that both the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are continuing to demonstrate a steady pace of enforcement.
And there’s no indication that this steady pace will be slowing down. In fact, in recent remarks, SEC Director of the Division of Enforcement Gurbir S. Grewal noted that he’s “been asking staff to look for ways in which to push the pace of investigations since day one.”
Outside Business Activities are on the regulatory radar. 2021 saw FINRA issue several fines and sanctions to brokers for activities ranging from doing unreported notary work to setting up firms to fund small businesses. FINRA’s recently released 2022 Report on Examination & Risk Monitoring includes adjustments to rules for reporting and supervision of outside business activity.
