In today’s economic environment, investing in business growth and future progress can be difficult. Budgets are tight, executives are less likely to approve new add-ons and your team is left to “do it all.”
However, for your regulatory compliance program and the professionals who so diligently serve your firm, a lack of investment can mean long hours spent on administrative tasks which don’t serve your firm in any kind of strategic manner. Which begs the question: how much is compliance really costing you?
The answer?
In this blog, we’ll dig into the true cost of compliance and the price you may be paying by managing administrative and manual tasks in-hourse.
How Much is Compliance Costing You?
Whether you’re a two-man shop or a large-scale, enterprise level firm, compliance is critical, protecting your firm, its advisers and its clients.
But let’s dig in a little more. Say for instance your two-person team breaks down like this:
- Chief Compliance Officer (CCO) makes $150/hour
- Compliance Manager makes $75/hour
That means at the very basic level, every hour spent on administrative tasks is costing you at least $75. Should the CCO get involved as well? That cost just increased to $225. And say you have the team working on the project over the course of multiple hours…suddenly that small task is costing you the big bucks. Money and resources that could be spent on more strategic work.
However, when armed with the right technology and services, you can cultivate a compliance program that is both effective and (cost) efficient.
The ROI: Extending your compliance team
What if you could expand your compliance team without increasing headcount? Access COMPLY compliance experts with decades of experience to manage the administrative, cumbersome and often all-too-time-consuming tasks which can take up hours of your teams day.
Tasks like:
- Email reviews
- Managing certifications and attestations
- Broker feed maintenance
- Advertising review
- Licensing and administration
- Managing Restricted Lists
- Political contribution verification
Tasks which, while necessary, may not be the best way your highly qualified compliance professionals could spend their limited time, especially given the multitude of compliance requirements faced by firms at year end, like:
- Annual review
- Annual amendments
- Compliance strategy
- Policy and procedure updates
So, how can you calculate your true ROI?
By assessing the broader projects your regulatory compliance program is able to take on with an extension of your compliance team, your firm can (easily) justify the added budgetary line item.
COMPLY Managed Services
COMPLY Managed Services was designed to be an extension of your compliance program, providing your firm with the necessary support to achieve big and small goals, while maintaining proactive compliance measures to protect your firm and its clients.
Our Managed Services offerings including:
- ComplySci Code of Ethics Administration
- Email Review
- illumis Political Contribution Administration
- Licensing and Registration
- Advertising Review
- Broker Feed Maintenance
And the best part? Services can be combined to create a tailored offering customized to your unique needs and challenges.
Ready to calculate ROI? Schedule time to discover how COMPLY’s Managed Services can help you invest in a more confident compliance program.