How do you spend your days?
Likely, as a compliance professional, huge chunks of your day are spent in the administrative aspects of your job. Chasing down certifications, logging data into your compliance platform (if you have one), creating and generating reports for your leadership team.
All of which, while critical, serves little-to-no strategic purpose.
And for compliance departments equipped with the necessary resources and headcount, that might not be an issue. But what about those RIA firms with only one or two compliance professionals? Or the CEO also serving as the chief compliance officer (CCO)? Or the hedge fund or private equity firm which must manage compliance for hundreds of employees?
For those firms, every bit of time being eaten up by administrative compliance work is time not being spent with clients, working through strategic projects and advancing the firm.
How to identify when it’s time to outsource functionalities of your regulatory compliance program
So, how can you tell if you’ve reached the point where it might make sense to outsource some of the administrative functionalities of your compliance program? Let’s break it down.
Admin work is all you do.
It’s inevitable that you occasionally get a little lost in the weeds, especially as a compliance professional whose job requires detail-oriented, sometimes fastidious work. However, if all your days are spent digging through digital clutter to track attestations and preclearances, you likely aren’t able to tackle the bigger-picture goals you set out for yourself. Not to mention the necessary and often time-consuming projects like annual reviews.
In cases like this, one of the best options can often be outside support. Bringing in a third-party service to which you can delegate your administrative tasks reduces your burden without increasing your team count – which, given the economic climate, is likely not an option for many firms.
New proposed regulations have you wondering how you’ll keep up.
With over 30 proposed SEC rules already on the docket and likely more to come, it’s no wonder some compliance departments are feeling a little under water. Not only are you being tasked with navigating existing regulations, but you also now have to allocate large chunks of time to review and revise your policies and procedures to ensure alignment with any rule which might come to pass in the coming months.
In times of increased regulatory activity, many firms look to outsourced help to aid in navigating the regulatory requirements which can so often create burdensome work for financial advisory firms.
You’re onboarding a new technology and want to get the most out of the investment.
With new technology comes new questions, new processes and new challenges. Which isn’t even to mention the ongoing work your compliance team must continue to do as you begin your technology implementation.
With these kinds of big projects, it can be helpful to supplement your existing team with the technology experts who have helped hundreds of clients before you implement technology to optimize their own compliance programs.
OR you have existing compliance technology…and don’t have the time to figure out any kind of optimization.
So, you have a great compliance technology to help automate your regulatory processes. But are you getting the most out of it? Technology continues to evolve and likely, your compliance technology provider has released new updates, modules and solutions since you first onboarded. However, without the necessary time in your day, you likely aren’t able to do your due diligence, optimizing your platform to get the most out of your investment.
And that’s where a third party can help. Especially if that service is offered through the same provider as your technology. After all, they are the experts in their platform or software, and they know how to help you utilize your technology to the fullest.
You could use an extra set of (expert) eyes.
Compliance really is all in the details. And sometimes, you just need that extra layer of additional support to help ensure no critical item is overlooked or mishandled. Leaning into your outsourced resources means supplementing your team with an expert who likely has decades of experience navigating SEC, FINRA and FCA regulations. And who can help you effectively navigate even the most complex compliance challenge.
Introducing ComplySci® Managed Services
With the introduction of our Managed Services, we sought to help our clients resolve the compliance woes that were keeping them up at night. And 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 offers clients critical support and resources, including:
- Employee personal trading system maintenance and administration
- Management of certifications and attestations
- Gifts and entertainment maintenance and administration
- Outside business activities maintenance and administration
- Private placements administration
- Restricted list maintenance
- Standard out-of-the-box report creation and maintenance
And because our Managed Services are backed by regulatory experts, clients benefit from:
- Credibility: We are legal, regulatory and investment experts, who believe in helping our clients maximize their compliance programs.
- Customization: Our services are curated to meet your business needs, with ongoing or ad-hoc deployments to empower your compliance department to achieve your strategic goals.
- Cost savings: The macro-environment is challenging and adding additional resources isn’t always an option. Let us help take care of navigating the complexities of the regulatory landscape, while you focus on driving value.
Think it might be time to bring in outside help to take the burden off your compliance team? Let’s talk!