When to Hire a Third-Party Compliance Consultant Webinar

BasisCode CEO, Carlos Guillen, recently moderated a webinar hosted by the National Society of Compliance Professionals (NSCP) which brought together leading compliance professionals and consultants who shared insights on how to best utilize compliance consultants. The expert panel explored issues regarding when to hire a third-party compliance consultant; what types of work can be done; how to evaluate consultants; and differences between a fully-outsourced consulting relationship versus project support.

We invite you to listen to the NSCP webinar below.

Focus 1 Associates Joins BasisCode Advisory Council

MEDFORD, Ore. and ATLANTA, Aug. 6, 2018 /PRNewswire/ — Focus 1 Associates LLC (Focus 1), specializing in assisting registered investment advisers with their compliance needs, has joined the BasisCode Advisory Council.

BasisCode Compliance LLC (www.basiscode.com) is a leading provider of regulatory compliance software solutions. The advisory council consists of leading compliance consulting firms that provide input for the continuing development of BasisCode’s award-winning Compliance Consultant Manager software platform. (more…)

Can Regtech Firms Build a Higher Standard of Compliance?

Originally written by Rhea Wessel – CFA Institute – Can Regtech Firms Build a Higher Standard of Compliance?

As compliance challenges grow more complex and failures more costly, managers need new solutions, but technology can’t replace integrity.

Key Points

  1. Regulatory technology, or “regtech,” is being used to automate workflows for monitoring and disclosure.
  2. Transparency and disclosure will be important for future business models, according to a recent CFA Institute report.
  3. “Instead of putting the regulation first, put the ethical conduct that your client expects first,” says Glenn Doggett, CFA.

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BasisCode Compliance Software Selected by Penn Mutual for Internal Audit Group Functions

Leveraging BasisCode Essentials Platform already in place at Penn Mutual Asset Management

HORSHAM, Pa. and ATLANTA, July 23, 2018 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual) has recently selected BasisCode Compliance software to assist its internal corporate audit group in automating audit tasks, risk assessments, FORMs and certifications. (more…)

Private Funds Look to Tech to Tackle Regulatory Burden

CenterSquare now uses BasisCode Compliance software for their compliance needs.

The regulatory requirements are only increasing, and a lot of things are being deferred,” he says. “To meet all the requirements and meet them well, it’s not like you can just do your best – you have to do it correctly.

[The full article is published in full at FUNDfire A Financial Times service.]

Focus 1 Associates Implements BasisCode Compliance Software Platform

MEDFORD, Ore. and ATLANTA, February 5, 2018 –Focus 1 Associates LLC (www.focus1associates.com), specializing in assisting registered investment advisers—institutional, wealth advisers, family offices, and advisers to private funds—with their compliance needs under the Investment Advisers Act, is implementing BasisCode Compliance LLC’s software platform to improve compliance management for its U.S. and non-U.S. client base. (more…)

CenterSquare Investment Management Adopts BasisCode Compliance Software Platform

PLYMOUTH MEETING, PA, and ATLANTA, January 11, 2018 – CenterSquare Investment Management (www.centersquare.com), a global investment manager focused on actively managed real estate and infrastructure strategies, announced today the implementation of the BasisCode Compliance software platform as its core compliance management system for its global investment staff and clients.

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BasisCode Introduces New Management Efficiency Tools for Compliance Consulting Firms

ATLANTA, October 12, 2017 – BasisCode Compliance LLC (www.basiscode.com), a leading provider of regulatory compliance software solutions, is introducing a comprehensive managerial dashboard for compliance consulting firms which allows these fast-growing firms to better monitor and manage the high-level information activity and tasks for their clients and consultant employees. (more…)

Dynamic Wealth Advisors Adopts BasisCode Compliance Software Platform

SCOTTSDALE, Ariz. and ATLANTA, September 18, 2017 – Dynamic Wealth Advisors (www.dynamicwealthadvisors.com), an advisory and practice development firm servicing independently-owned advisory practices throughout the U.S., has implemented BasisCode Compliance LLC’s software platform to improve compliance management for its own RIAs and the independent RIAs for whom it provides back office services. (more…)

BasisCode Compliance Software Contracted by Leading Robo Adviser

ATLANTA, June 26, 2017 – BasisCode Compliance LLC has been contracted by leading automated financial planning and investment service, Wealthfront, to upgrade the firm’s compliance management program with BasisCode’s software platform. (more…)

Meltdown/Spectre CPU Vulnerabilities and Compliance Software

BasisCode has completed all available OS updates, patches, and other necessary software updates including Antivirus and SQL Server to all environments. Employee machines will also continue to be updated and validated.

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Protecting Compliance From The Meltdown / Spectre Issue

BasisCode has been working on the Meltdown / Spectre issue from the moment of the announcement.  In our testing environments, we have applied all OS updates and other necessary software updates including Antivirus and SQL Server.  We have completed our testing and will be applying these updates to all production environments by January 21st.

 

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Two Factor Authentication Enabled Compliance Software

Securing corporate data continuously evolves in the compliance industry.  Now, people all over the world can access compliance data from several types of devices whether located at work, home, coffee shops and on the road. The traditional log in with a username and password is not always enough. That's why the two factor authentication strategy was created.

BasisCode Compliance's two-factor authentication helps secure your data, protect users, address compliance requirements for the protected data, and makes it easy for your users.

The BasisCode Compliance solution offers multi-level security and flexible options for the entire corporation. You have the ability to choose three different methods of receiving a dynamically one-time code to log in. The following options are available at no cost to you.

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Software to Play Increasingly Important Role Given Scarcity of Skilled Compliance Specialists

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At the end of a year in which regulators placed compliance management at the top of their list of priorities, financial firms should assess the processes and systems they have in place to prevent compliance breaches, such as failing to develop and enforce written policies and procedures (P&Ps). According to “Cost Of Compliance 2016,” a Thomson Reuters global survey of financial services firms, technology solutions may play an increasingly important role given the scarcity of skilled compliance talent.

[This article is published in full at Corporate Compliance Insights.  The Thomson Reuters Cost of Compliance survey findings can be found at: https://risk.thomsonreuters.com/special-report/cost-compliance-2016.]

Tech Prep Ahead of a Compliance Review

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By Carlos Guillen, President & CEO BasisCode Compliance

When Securities and Exchange Commission Chair Mary Jo White testified before the U.S. Senate Committee on Banking last month, she reiterated her recommendation that the SEC propose a new rule requiring independent compliance reviews of registered investment advisers.  The goal isn’t to replace regulatory exams but to improve overall compliance among what she described as the “vast and growing” population of RIAs.

[Originally published at Financial Planning and Bank Investment Consultant]

BasisCode Compliance named WealthManagement.com 2016 Industry Awards finalist

Atlanta, Ga. – July 19, 2016 – BasisCode Compliance, provider of the industry’s most comprehensive integrated compliance management software solutions for investment advisors, broker/dealers, compliance consultants and other professional services firms, has been named a finalist in the compliance category of WealthManagement.com’s 2016 Industry Awards for the version of its software developed for compliance consultants.

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How software can help smooth the transition to fiduciary-rule compliance

By Carlos Guillen, President & CEO BasisCode Compliance

investment_newsAlthough the U.S. Department of Labor’s (DOL) fiduciary rule has become the subject of two new lawsuits that could delay implementation, many investment advisers, brokers-dealers and other firms that offer retirement accounts are making operational changes to transition from transactional commission structures to fee-based fiduciary relationships.  [Originally published at Investment News]

Chief compliance officer held personally accountable

By Carlos Guillen, President & CEO BasisCode Compliance

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It seems not a day passes without an enforcement action related to a compliance breakdown of some sort grabbing headlines.   Precedent is being set to suggest that a firm’s senior executives, including the chief compliance officer (CCO), could be held personally accountable for inadequate compliance oversight.

[Originally published at Money Management Executive]

Software to make compliance easy for financial advisers

 By Sheryl Rowling

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Following through and documenting ongoing compliance tasks can sometimes be overwhelming. Yet, this is a reality all financial advisers must face. From returns dispersion to reporting, billing to fee schedules, advertising to gift recording, model compliance to ongoing management documentation, and monthly employee activity reports to annual compliance reviews, there is a never-ending stream of activities to perform and records to keep.   Two software providers have addressed this need: BasisCode Compliance and RIA in a Box.

[Originally published at Investment News]

HA&W Wealth Management Turns to BasisCode for Compliance

By Anthony Malakian, US Editor of Waters magazine and WatersTechnology.com

waters_technologyBasisCode Compliance, which launched a self-subscription service this week, is helping HA&W Wealth Management to more efficiently manage its compliance needs.   HA&W Wealth Management’s Debbie Powell talks to Waters to explain how the firm is using BasisCode Compliance, while BasisCode Compliance’s Carlos Guillen discusses the vendor’s new self-subscription service and its soon-to-be-launched insider trading software for detection.  [Originally published at Waters Technology]

Do Yourself a Favor: DON’T Do Yourself A Favor (Compliance Tech Tip for Improving Business Expense Management)

By Carlos Guillen, President & CEO BasisCode Compliance

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In an effort to influence prospects or clients, corporate executives occasionally blur the lines between acceptable forms of persuasion and expense management misconduct.  If there’s any message executives and compliance supervisors should communicate before employees turn above-board business into bribery, it’s: Do yourself a favor, and don’t do yourself a favor when wooing business.
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Compliance Consultants Turning to Technology While in Regulators’ Crosshairs

The rise of high-profile regulatory mishaps involving compliance gatekeepers is leading to greater scrutiny of technology tools

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By Carlos Guillen, President & CEO BasisCode Compliance

With compliance management intermediaries in regulators’ crosshairs, some law firms and consultants are turning to technology to improve compliance management on behalf of their clients while running their businesses more effectively. In February, for instance, Warrendale, Pennsylvania-based Hardin Compliance implemented a new software platform to standardize and streamline compliance management for its clients.

[Originally Published at LegalTech News]

Hardin Compliance Consulting selects BasisCode Compliance software

ATLANTA, Ga. – BasisCode Compliance today announced that Hardin Compliance is implementing the BasisCode Compliance™ software to help the full-service regulatory compliance consulting firm more easily manage compliance on behalf of its clients.

BasisCode introduced its new software platform, designed specifically for compliance consultants, law firms, auditors, accountants, fund administrators and other compliance management intermediaries, in October.  BasisCode Compliance is the industry’s broadest set of integrated software solutions that improve compliance management for consultants, asset managers, investment advisors, broker/dealers, insurance companies and other service providers.

“Previously, like many consultants, we relied on manual processes and spreadsheets, but we have found the BasisCode Compliance software does a better job helping us aggregate and manage compliance data across our varied clients,” said Hardin Compliance Managing Director Jaqueline Hummel.  “Now our staff can be more productive and we can document compliance management activities in a more structured way, for internal and external reporting.”

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Compliance Software in the Spotlight with Consultants in Regulators’ Crosshairs

By Carlos Guillen, CEO and President, BasisCode Compliance

Consultants Compliance Software with Wealth Management

Fueled by an increasingly risk-averse regulatory environment, the compliance consulting industry has grown sharply in recent years.  A number of consultants are turning to technology to quickly put a more scalable infrastructure in place and to better manage compliance programs on their clients’ behalf. (more…)

Compliance controls top FINRA focus for 2016

The quality of a firm’s compliance controls is climbing higher on the priority stack in both the boardroom and on regulators’ examination checklists.  In February, for instance, the founder and CEO of a multi-billion dollar human resources software company stepped down over inadequate compliance procedures and internal controls.[1]

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Voices: Being Ready When Regulators Come

 

 

By Carlos Guillen, President & CEO BasisCode Compliance

Upgrading technology is the secret to staying in good stead with regulators.

By streamlining risk assessments, compliance reviews and ongoing compliance management, technology can help financial firms and compliance consultants maintain a culture of compliance, which regulators are making a top priority this year.

Technology can play an even more important role in reaction to a breach, delivering hard evidence of a company’s efforts to maintain an audit-ready business. Here’s how:

  1. Proactively identify, mitigate and manage compliance risk
  2. Actively maintain and document P&Ps
  3. Maintain fluid communication between employees and supervisory staff

[Originally Published at Financial Planning]

Compliance Tech Tip: Resolve to Align Gift & Entertainment Activities with Your Firm’s P&Ps

By Carlos Guillen, President & CEO BasisCode Compliance

If you’re a compliance officer making New Year’s resolutions, here’s one to add to the top of your list.  Make better use of technology to track and disclose employee gift giving and entertainment (G&E) activity.  Software makes it easier for staff and supervisors to align G&E management with a company’s compliance policies and procedures (P&Ps).  As recent history shows, firms that fail to do so may pay a steep price long after the confetti and compliance cases settle.  (more…)

When it Comes to Compliance, Compliance Evidence is Everything

As industry debate intensifies regarding chief compliance officer liability and the perils of outsourcing, compliance professionals should take a closer look at how technology can keep their firms in good stead with regulators.  When it comes to compliance management and malfeasance, compliance evidence is everything, and technology can prove invaluable.  Regulated firms and those that rely on consultants, third-party administrators, law firms or others to handle compliance can reduce the risk of lapses by leveraging software solutions designed to better manage compliance programs. (more…)

Managing the convergence of compliance and technology

October 15, 2016

By Carlos Guillen, President & CEO BasisCode Compliance

investment-newsCitigroup recently agreed to pay a $15 million penalty for failing to enforce compliance breaches that technology could have prevented. As evidenced by such high-profile cases, even some of the leading financial firms overlook the role that technology can play in avoiding costly compliance failures.

[Originally Published at Investment News]

Is Compliance Keeping Up With Your Automated Advisory Tools?

By Carlos Guillen, President & CEO BasisCode Compliance

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Automated advisory tools such as account aggregation, portfolio analysis and financial planning systems are being touted for their ability to increase productivity while allowing advisors to collaborate more easily with clients.  Included in many next generation toolkits, robo advisors rely on algorithms and model portfolios to automatically align client portfolios with risk tolerance and other predefined thresholds.

[Originally Published at Financial Planning]

BasisCode Compliance introduces new software for compliance consultants

Atlanta, GA. – October 27, 2015 – BasisCode Compliance today announced a new version of its software developed specifically for compliance consultants.  BasisCode Compliance is the industry’s broadest integrated compliance software platform for asset managers, advisors and other financial services firm.   The new software helps attorneys, auditors, fund administrators, accountants and other consultants more easily manage compliance on behalf of their clients. (more…)

Compliance Data Analytics: Do as Regulators Say AND as They Do

By Carlos Guillen, President & CEO BasisCode Compliance

thinkadvisor

When it comes to leveraging technology to create and manage an effective compliance program, investment advisors should take a page from regulators’ rule books.  The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced that one of its top three priorities for the year, along with protecting retail investors and assessing market-wide risks, is using data analytics to identify signs of illegal trading activities, conflicts of interest or other forms of misconduct.

[Originally Published at ThinkAdvisor.com]

BasisCode Compliance named WealthManagement.com 2015 Industry Awards finalist

wma15-brand-mainBasisCode Compliance, provider of the industry’s broadest integrated compliance software for asset managers, advisors and other financial services firms, has been named a finalist in the compliance technology category of WealthManagement.com’s 2015 Industry Awards, the first program to honor outstanding achievements by companies that help advisors better manage their businesses through innovation, enhanced service quality or an enriched advisor/client experience. (more…)

BasisCode Compliance, SEI and Other Expert Panelists Address Compliance Concerns Facing Investment Managers

A panel of experts from SEI, BasisCode Compliance, and EisnerAmper discussed best practices, technology and data management, and compliance controls at a knowledge partner event hosted by SEI on April 23. The panelists shared their experiences, practical guidance and insights to address some of the concerns managers have as they reconcile their compliance programs against their business needs.

SEI Selects BasisCode Compliance Technology Platform for Managing Compliance Across Products and Jurisdictions

OAKS, Pa., April 13, 2015 – SEI (NASDAQ:SEIC) today introduced SEI Firm Compliance, a new global regulatory management framework that equips investment organizations to oversee and orchestrate compliance functions firm-wide, across investment products and regulatory jurisdictions. SEI’s Investment Manager Services (IMS) division developed the compliance framework as an add-on to the customized global operating platform it provides to its investment manager clients. (more…)

With Fiduciary Rules Pending, Get Your Compliance Act in Order

By Carlos Guillen, President & CEO BasisCode Compliance

Financial Planning

Given the graying of America, advisors must implement operational best practices to compete for and manage increasingly lucrative retirement account dollars.  As investors struggle to digest retirement plan language that can obscure fee-sharing arrangements, which ultimately affect the performance of their IRA and 401(k) accounts, both the SEC and Department of Labor are mulling historic regulatory reforms.

[Originally Published at Financial Planning]