As a regulatory compliance professional, you know that your investment firm relies heavily on you to ensure all compliance requirements are met and an effective program is maintained. However, it’s hard to meet the demands of your daily workload and focus on value-adding tasks when you spend such large portions of your day on administrative work. This is especially true if you’re at a smaller investment firm with limited resources or you’re a part of a smaller compliance team where responsibilities fall on few individuals.
For that reason, you might consider outsourcing the administrative aspects of your firm’s regulatory compliance program. Outsourcing administrative tasks can be a game-changer, freeing up your time and resources to focus on more impactful activities.
Five ways outsourcing administrative tasks at your investment firm can improve its regulatory compliance program
Let’s explore the top reasons why outsourcing can benefit compliance professionals like you!
- Unlocking strategic potential.
If your days are consumed by mundane administrative work, it becomes challenging to pursue larger strategic goals and projects. By outsourcing administrative tasks, you can delegate the routine responsibilities to specialized service providers, allowing you to concentrate on high-value compliance initiatives. This shift would empower you to work on strategic projects and enhance your firm’s regulatory compliance program.
2. Efficient resource utilization.
For firms with limited compliance headcount, outsourcing administrative tasks offers a cost-effective solution. Instead of hiring additional in-house staff, which may not be financially viable, outsourcing allows you to tap into the expertise of dedicated service providers. These providers bring efficiency and specialized knowledge, ensuring that your administrative tasks are handled professionally, without straining your internal team or budget.
3. Navigating regulatory compliance challenges.
In an environment with numerous SEC rule proposals and ongoing regulatory changes, compliance departments are facing an increasingly overwhelming workload. By outsourcing administrative tasks, you can alleviate the burden and navigate regulatory compliance requirements more effectively. Outsourced support can assist in managing licensing and registration review and other compliance obligations, ensuring your firm stays up-to-date and compliant amidst evolving regulations.
4. Technology implementation and optimization.
Implementing new compliance technology or optimizing existing systems can be time-consuming. Outsourcing administrative tasks to experts who are well-versed in compliance technology and processes can provide invaluable assistance. These professionals can help you streamline your technology implementation, offer guidance on updates and enhancements and ensure you’re maximizing the benefits of your compliance platform.
5. Access to expertise.
Compliance is a detail-oriented field, and having an extra layer of support from experienced professionals can be invaluable. Outsourcing tasks to experts with extensive knowledge of regulations provides you with the confidence that critical compliance matters won’t be overlooked or mishandled. These specialists bring decades of experience and can guide you through complex compliance challenges, enhancing your overall regulatory compliance program.
At COMPLY, we sought to make the jobs of compliance professionals easier. This included taking on administrative tasks so that our clients had more time and resources to dedicate toward strategic initiatives.
Which is exactly why we introduced Managed Services.
Whether that meant taking on our client’s administrative burdens or performing a mock audit to assess their program’s efficacy, we knew our experts were just the resource to help our clients COMPLY.
Our Managed Services offer clients critical support and resources, including:
- ComplySci® Code of Ethics Administration
- Email Review
- illumis® Political Contribution Administration
- Licensing and Registration
- Advertising Review
- Broker Feed Maintenance
By leveraging specialized service providers, compliance professionals can unlock their strategic potential, efficiently utilize resources, navigate regulatory challenges, optimize technology and access expert support. As the compliance landscape continues to evolve, consider outsourcing as a valuable tool to enhance efficiency and drive compliance excellence in your organization.
Think it might be time to bring in outside help to take the burden off your compliance team? Let’s talk!