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.

(more…)

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.

(more…)

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…)

NSCP Currents: May 2017 Special Reprint

Managing the Impact of High CCO Turnover in Financial Services Sector

By Carlos Guillen

In 2016 when search firm Russell  Reynolds  released  its study of the role of the corporate compliance officer in the financial services sector(1), the most alarming finding was that there was a 40% turnover rate among CCOs  over a two-year period. This does not come  as a surprise to those of us in the compliance world.  We  have been dealing with  the  growing  impact  of  CCO turnover for some  time  as  asset  management  firms, banks and  insurance  companies  have  had  to  grapple with the increasing complexity of compliance regulation and  the  dearth  of  qualified CCOs. Read the full article here.

Leading Compliance Consulting Firms Join BasisCode Advisory Council

5 Leading Compliance Consulting Firms Join BasisCode Advisory Council as charter members

ATLANTA, January 3, 2017 – BasisCode Compliance LLC (www.basiscode.com), a leading provider of regulatory compliance software solutions, has formed an advisory council of leading compliance consulting firms to provide industry input in the continuing development of its award-winning compliance software platform. (more…)

Cipperman Compliance Services Implements BasisCode Compliance Software Platform

WAYNE, Pa and ATLANTA, November 15, 2016 – Cipperman Compliance Services LLC (www.cipperman.com), a leading provider of regulatory compliance services for investment advisers, registered and private funds, broker-dealers and money managers that collectively manage more than $40 billion in assets, is implementing BasisCode Compliance LLC’s software platform to improve compliance management for its global clients. (more…)

New SEC Rules Increase Scrutiny of Outside Compliance Chiefs

wealth-management

The new SEC rules underscore the importance of selecting a qualified chief compliance officer.

By Carlos Guillen

With the Securities and Exchange Commission announcing adoption of Form ADV amendments proposed last year, regulated entities must now report if they outsource their chief compliance officer, and specify the name and tax identification for that individual.

The goal, according to the agency, is to enhance monitoring and regulation of the asset management industry, and improve the agency’s ability to assess potential risk. Firms must file newly amended Form ADVs under the requirement with the first amendment filed after October 1, 2017. (more…)

BasisCode Launches First Comprehensive Insider Trading Software Solution

Insider Trading Manager Detects Suspicious Trades by Tracking and
Analyzing Trading through Pre-Programmed Filters;

Integrates into Compliance Work Flow and Minimizes “False Positives”

ATLANTA, October 11, 2016 – The first comprehensive insider trading software, which tracks and analyzes trading in real-time and detects suspicious trades, has been introduced by BasisCode Compliance LLC (www.basiscode.com), a leading provider of regulatory compliance software solutions.

Insider Trading Manager™ addresses a major and prevalent risk faced by financial services firms today in terms of reputational damage and even survival. The software provides a complete work flow analysis totally integrated into a firm’s compliance monitoring system. (more…)

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

cci-logo3

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

financial_planning_logo_16

bic2016-logo-color

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.

(more…)

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

money_management

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

investment_news

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

NSCPLogo2016FINAL

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.
(more…)

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

LTN

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.”

(more…)

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…)

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]

BasisCode is Hiring a Developer

Developer
BasisCode Compliance is hiring an experienced web developer. Must be highly proficient in HTML, CSS, JavaScript, and jQuery. Experience with ASP.Net is also required along with related technologies such as C#, Entity Framework, Web API, MVC, Web Forms, and IIS. Expertise within Visual Studio is expected. Experience with Telerik and Kendo UI is highly preferable. Hybrid mobile experience is also preferable.

Must be easy to work with and self-driven. No micromanagement here. We need people who will work remotely, independently and meet assigned deadlines with high quality output as expected by our clients.  Work for a small, growing company with competitive benefits and compensation structure. If interested, please send a resume and any other relevant information to .

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

financial-planning
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]