If only we had extra budget!
How many times has that exact sentiment crossed your mind? Likely, more than once.
During a recent webinar, cohosted by COMPLY™ portfolio brands RIA in a Box and NRS, the audience of compliance professionals serving financial advisory firms was polled as to how they would spend extra budget should they have it. The results?
- Mock exam services and compliance consulting – 31%
- Cybersecurity solutions – 28%
- Electronic communication surveillance – 19%
- Employee training – 13%
- Other – 5%
- Cryptocurrency surveillance solutions – 3%
Benefiting from compliance consulting and mock exam services
For many financial advisory firms, budget and resources are one of the biggest constraints when investing in new projects or programs, especially for the compliance department. And while it might be easy to think the solution is “cutting corners,” when it comes to compliance, investing up front is far less costly – monetarily and otherwise – than paying for a misstep down the road.
While regulatory compliance technology can help solve alleviate the manual, time-consuming process, it isn’t always an option when budgets come around. Which is why so many firms have chosen to lean into regulatory compliance consulting and mock exam services to supplement their regulatory compliance program.
With the support of an outside expert (or two), compliance departments can gain exponential insight into what is working, what isn’t, and mostly critically, how to fix it. Compliance consultants, many of whom have served as regulators themselves, provide an in-depth analysis of a firm’s compliance program, highlighting how effective current policies and procedures are in mitigating risk. Whether on an ad-hoc or ongoing basis, this support can be the difference in a program which protects its firm’s customers and reputation, and one which ends up becoming a warning for other firms who don’t heed the Securities and Exchange Commission’s (SEC) updates and alerts.
And with the pace of the SEC’s proposed and finalized regulations, now is the time to lean into your resources and away from potential fines. Learn more about the COMPLY consulting services and solutions, and how we can help your firm prepare for an SEC audit, update your policies and procedures and more!