Annual guide explores 2021 regulatory landscape and implications of 2022 key regulatory rulings
New York, April 20, 2022 – ComplySci, the leading provider of regulatory technology and compliance solutions for the financial services sector, published its 2022 Chief Compliance Officer (CCO) Playbook today. The annual guide takes an in-depth look at recent and anticipated regulatory compliance changes and their impact on the financial service industry. The playbook provides insights and suggestions from the company’s executives and subject matter experts, as well as industry leaders and regulators. It also explores current regulations and details internal and external challenges faced by compliance teams.
Highlights of this year’s playbook include:
- A review of the 2021 Securities and Exchange Commission’s (SEC) regulatory actions and penalties levied against financial services firms.
- The SEC and Financial Industry Regulatory Authority’s (FINRA) 2022 Exam Priorities.
- Implications of federal, state and local pay-to-play rules in an election year.
- Recommendations and tools for firms to fight regulatory compliance apathy.
“Having a detailed understanding of the regulatory ecosystem is only one aspect of a successful compliance program,” said ComplySci® Chief Executive Officer Amy Kadomatsu. “Compliance leaders must develop an integrated approach that drives strategic value for their firms. This playbook can help professionals build a regulatory compliance program, which analyzes changing financial systems and mitigates potential risks with appropriate protocols and tools and deliver real value to their firms.”
In the 2021 fiscal year, the SEC enacted a number of critically important and first-of-its-kind enforcement actions, awarding $564 million through its Whistleblower program. Although the number of enforcement actions taken by the commission decreased slightly from 2020 to 2021, examinations rose to more than 3,000 cases and total penalties grew from $1 billion in 2020 to $1.4 billion in 2021.
This trend, coupled with increasing public scrutiny and CCO liability, as well as ever-growing regulatory reporting requirements continue to make compliance more complex and increases the risk potential for organizations. Such regulatory increases are also why approximately 70 percent of compliance professionals report they are considering increasing compliance process automation in the next 12 months.
“The importance of compliance within organizations continues to grow,” said Kadomatsu. “It is crucial companies, regardless of their size, take the steps necessary to protect themselves, their employees and their customers from not only SEC sanctions and fines and corresponding reputational damage, but also from the potential loss of credibility and incoming investments and revenue that can result from noncompliance. ComplySci and its family of firms is committed to providing a variety of governance, risk and compliance offerings to help meet and manage this need.”
Download ComplySci’s full 2022 CCO Playbook to learn more about the SEC and FINRA’s examination priorities, ongoing compliance trends and how to select the best technological solutions to safeguard your organization.
About ComplySci
At ComplySci, we believe advanced compliance technology empowers compliance professionals to transform their business. More than 7,000 customers, including some of the world’s largest financial institutions, rely on ComplySci’s scalable and sophisticated platform to stay ahead of risk and unlock the strategic potential of their compliance data. Its family of firms includes ComplySci, RIA in a Box, illumis, a ComplySci company, NRS, a ComplySci company, and ITEGRIA, a division of RIA in a Box.
Together, the family of firms offer a full suite of governance, risk and compliance (GRC) consulting, technology, managed services, analytics and outsourcing solutions for the financial services industry. Its regulatory technology solutions help compliance organizations identify, monitor, manage and report on risk and conflicts of interest, including personal trading, gifts and entertainment, political contributions, outside business affiliations and other code of ethics violations. Learn more at complysci.com.
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