Regulatory compliance is challenging. Your firm’s compliance management systems shouldn’t be.
But, how do you know what vendor will provide the best-fit solution to meet your unique challenges today AND help you manage whatever risk might be around the corner tomorrow?
In this blog, we’ll dig into some key characteristics to help you differentiate between an adequate vendor and an optimal one. A vendor who simply meets the status quo, and one who continues to innovate and empowers your compliance program to meet the challenges of today and tomorrow.
Finding your best-fit compliance management technology partner
Whether you are moving from manual processes into the world of automation or you have an existing platform and are considering reevaluating your options, these qualifications should help you determine which third-party vendor is the right fit and right partner to help you COMPLY.
Is the platform comprehensive enough to meet your full scope of needs?
Whether you are a large-scale private equity firm or a smaller RIA, you have unique needs, and your compliance management system/platform must be able to address the full scope of those needs. An understanding of the functionalities, modules and unique configuration capabilities will help you clarify how well matched this solution is to your requirements.
How innovative is the vendor? Will they continue to advance and elevate their solution to meet the challenges of tomorrow?
As we’ve seen this last year, compliance is not a stagnant concept, with new rules creating new requirements and challenges, firms are being tasked to keep up and keep compliant. And your new compliance management system should be in lockstep with you, creating new capabilities to match the evolution of regulatory requirements placed on your firm.
How is brokerage data fed into the platform?
Let’s face it, brokerage data is one of the most critical components of a functional compliance program, allowing your team to effectively monitor employee personal trades and ensure compliance with your firm’s policies and procedures. And the best way to support that initiative? Direct broker feeds send electronic data files to your firm’s compliance system directly through a secure connection. Data files include the holdings and transaction activity for all of your firm’s employees’ accounts held at that broker.
What is the user experience like? Both from the perspective of the compliance team and the end user?
If your platform isn’t user-friendly, you may face significant challenges in terms of adoption and ongoing usage. Understanding what the user experience is like both for your compliance team and your end-user employees will allow you to make the most well-informed decision for all users of the platform.
What does onboarding look like?
Migrating to a new platform or onboarding a new system can be overwhelming. Gain clarity into what onboarding looks like: Who is the team that will be supporting you? Have they onboarded clients similar to you? How much of a burden will this place on your internal compliance and IT team? What will be the measure of success?
What kind of ongoing customer support will be provided?
Support shouldn’t stop once your team has been onboarded. Ongoing customer support is essential to optimal usage of the platform or system. Speak with other clients to get a neutral perspective on the type of support provided and how helpful the team is in answering any and all questions.
Why COMPLY?
Elevate your program with a partner that not only meets your needs today but is innovative enough to grow with you and tackle the requirements and challenges of tomorrow. COMPLY offers financial advisory firms like yours the critical resources required to manage the full scope of their compliance program. As your partner in compliance, we tailor a unique combination of services and solutions to help you effectively navigate the complex regulatory landscape with ease.
With COMPLY, you can expect:
- A best-in-class, comprehensive and scalable compliance technology platform.
- The largest, fully integrated broker feed network, boasting 300+ direct broker relationships.
- Intuitive user interface designed to enhance the end-user experience and promote user adoption.
- Worry-free implementation and onboarding – we handle the heavy lifting and train your team.
- 24/5 customer support.
Ready to see if COMPLY is the right fit for your firm? Schedule a demo today!