Tools and Tech to Reduce Your Cybersecurity Risk

Vampire slayers have wooden stakes. Werewolf hunters rely on silver bullets. The Ghostbusters have their proton pack. This Halloween season, you may know the tricks of the trade for warding off spirits and ghouls, but what about cybercriminals and hackers?

Conveniently, October is also Cybersecurity Awareness Month. That makes it a perfect time to educate yourself about the tools and technologies compliance officers and information security professionals can employ to protect their organizations from cyber attacks.


Test Your Skills: Outside Activities and Employee Conflicts

In our recent post Regulatory Exam Preparation: Audit-Ready Strategies we discussed steps and strategies to prepare for a regulatory examination. Now it’s time to put them to the test.

Outside Activities + Employee Conflicts

Have you noticed an uptick in regulatory focus on outside activities and managing employee conflicts? FINRA’s monthly disciplinary actions have been littered with issues. If you haven’t, surely you saw the news of the MassMutual subsidiary’s settlement with Massachusetts securities regulators for not supervising “Roaring Kitty’s” activities.

As compliance teams work to sort out best practices for employee oversight in a seemingly favored hybrid office/work-from-home approach, many are struggling with effectively handling situations of non-disclosure and fully implementing their procedures.

When you have your next examination, you can surely expect that it may be a topic for discussion.


Best Practices for Selecting the Right Compliance Technology Solution

Key Drivers for Evaluating & Requesting New Technology Solutions

Let’s face it. When it comes to changing technology platforms, inertia rules. No one enjoys the added work of implementing new technology and learning new systems. It’s much easier to maintain status quo and stick with a familiar software – even if that solution has become outdated. 

But, in our current compliance environment, maintaining outdated systems or processes just because it’s the path of least resistance may be risky business. In fact, it could hinder your compliance program, because of post-Covid operational upheaval among many factors.

Consider these key drivers for a technology solutions upgrade:

    • – There continues to be a rapid institutionalization of work from home environments that require ongoing evaluation of compliance controls, policies, and procedures to mitigate risk and protect client data.
    • – This workplace evolution is the right time to step back and make an unbiased assessment of compliance processes, procedures and the technology that supports the overall program.
    • – Additionally, annual budget season presents an ideal opportunity to examine the firm’s compliance program and technology systems to ensure they continue to fulfill the firm’s needs and ultimately support audit-readiness.

Utilize the following best practices approach to assess current compliance needs, gauge the viability of existing compliance technology systems, and prepare a business case to upgrade technology solutions.


Consultant’s Corner: How to Prep + Survive a Regulatory Exam

In our first Consultant’s Corner Interview: “How to Survive a Regulatory Exam,” our guest Mimi LeGaye, President of MGL Consulting, shares with Carlos Guillen key strategies that enable success in regulatory exams in the current compliance environment.

“We’re seeing a significant focus being placed on how firms have implemented various technology solutions,” notes Ms. LeGaye in the interview, “especially in the last year with their shift to a remote working environment.”


Test Your Skills: Run the Drills

In our recent blog Regulatory Exam Preparation: Audit-Ready Strategies we discussed steps and strategies to prepare for a regulatory examination. Now it’s time to put them to the test.

Document Request Lists

Have you seen a document request list? Knowing what to expect and how to respond to the announcement of an examination will help you to prepare for the real deal.

They say actions speak louder than words. Being able to respond to the initial document request list efficiently, completely, and in an organized fashion may be one of these situations.


Regulatory Exam Preparation: Audit-Ready Strategies

When was the last time your firm underwent an SEC regulatory examination? Chances are, it has been some time, and your next exam experience is likely to look a bit different.

We often talk about the importance of designing a compliance program that enables your audit readiness, but what does it mean to prep for an SEC exam?

Regulatory Exams: Understand the Types

Whether you are brand new to the industry or a seasoned shop, it is important to know the types of regulatory exams you might encounter.


Motley Fool Asset Management, LLC and Motley Fool Wealth Management, LLC Select BasisCode Compliance as their Compliance Management Software Platform

ATLANTAJuly 28, 2021 /PRNewswire/ — Motley Fool Asset Management, LLC and Motley Fool Wealth Management, LLC have selected BasisCode Compliance™ ( as their software platform to serve as the compliance management and service delivery vehicle.

“Over the past year, we’ve been evaluating the evolving needs of our compliance program and seeking a partner with a compliance platform that would not only meet our regulatory needs but also keep up as needs change. We are excited to introduce our employees to BasisCode’s features and enhance their long-term compliance experience,” said Kyle Wirth, Chief Compliance Officer for Motley Fool Investment Management.  

These organizations will deploy the BasisCode Personal Trading Manager, Insider Trading Manager and BasisCode Essentials to centralize its compliance calendar, risk assessments, form submissions, code of ethics, and automation for employee onboarding. The mobile application will simplify the employee experience while adding security.

“We’re delighted to partner with Motley Fool Wealth Management and Motley Fool Asset Management, firms that are among the most technologically advanced asset managers in the marketplace,” said Carlos Guillen, President & CEO, BasisCode Compliance. “We realized early from our meetings that their entities had a sophisticated workflow, automation, and integration requirements which only the latest technology can deliver in an effective and secure environment.”

BasisCode Compliance offers the industry’s most comprehensive software platform, improving compliance management for financial firms and compliance consultants by simplifying compliance management processes ranging from compliance testing and risk assessment to trading surveillance, insider trading and staff certifications.

About Motley Fool Asset Management
MFAM is a research-driven boutique asset management firm headquartered in the greater Washington, D.C. area that offers a select suite of mutual funds and ETFs. For more information, visit our website at

About Motley Fool Wealth Management
Motley Fool Wealth Management is a technology-enabled wealth management firm headquartered in the greater Washington, D.C. area that utilizes asset allocations among a suite of proprietary SMA strategies based on fundamental analysis and market research to serve clients. For more information on Fool Wealth, visit our website at

About BasisCode Compliance
Founded in 2011, BasisCode Compliance LLC is the first compliance software company to reverse engineer a complete governance, risk and compliance (GRC) solution, including Code of Ethics administration. The scalable, fully integrated and always audit-ready software platform manages the risk lifecycle from identification to resolution. It enhances compliance controls and decision-making to safeguard each firm and its clients. Over 400 organizations globally rely on BasisCode.

To learn more, visit 

SOURCE BasisCode Compliance LLC

Related Links

Source PR Newswire

SEC Charges 27 Firms for Form CRS Failures

It appears that the grace period for compliance with Reg BI and Form CRS has come to an end, as the SEC announced charges against 27 firms for failure to timely file and deliver their Form CRS to clients.

In its press release, the SEC’s Director of the Enforcement Division Gurbir S. Grewal, reminded that “Registration with the SEC as an investment adviser or broker-dealer comes with mandated filing and disclosure obligations.”

Each of the firms charged, missed those deadlines, and the SEC found that none of the firms filed, delivered, or posted their Form CRS to its website until being twice reminded by the regulators.


Solutions to Reduce Risk, Empower Compliance Programs

Internally evaluating the effectiveness and audit-readiness of one’s compliance program is a topic often revisited by today’s compliance officers. Navigating the ever-evolving complexities of the regulatory landscape can prove challenging for the most experienced of teams.

To ensure a compliance program is ready for examination, firms must ensure that they’ve properly addressed the most common deficiencies which include:

  1. Inadequate Compliance Resources
  2. Failure to Tailor and Implement Procedures
  3. Failure to Conduct and Adequately Document the Annual Review
  4. Failure to Adequately Supervise
  5. Conflicts Resulting from Wearing Multiple Hats


How to Overcome Top Compliance Program Challenges

Is your firm Audit-Ready? Is it prepared for the incredibly involved process of performing its annual review?  The demands of a CCO and compliance staff are significant, complex … and fraught with the potential for missteps for the SEC to spot during its next regulatory exam.

A recent Risk Management Update from a consulting partner, Core Compliance, outlines the detailed process required to design and implement a sound compliance program and the benefits of leveraging technology to do so.


Learn Valuable Lessons of Audit-Readiness with Our Exclusive eBook

What does it take to be Audit-Ready? The compliance experts at BasisCode know the answers — and we are sharing it with you in a new eBook “A Guide to Audit-Readiness.”

When the SEC calls your number, can you easily extract information and deliver the evidence? Or will your firm share in the common deficiencies and weaknesses that the regulators find on a regular basis?

Tapping into decades of first-hand compliance expertise, this eBook is packed with easy-to-digest information that’s crucial to understanding what problems, processes and solutions are required for best practices compliance.


Mastering the Art of Compliance

Compliance teams walk a tightrope … striking the right balance between what is required to effectively mitigate risk and what’s overkill that will unnecessarily frustrate employees can be challenging.

A balancing act occurs when choosing between a simple check-the-box technology software and an integrated compliance management solution. The paint-by-numbers option might be a feel-good solution but one that doesn’t adequately protect the firm.

Best practices compliance is part science and, yes, part art.  Science in that there are certain mandated activities (check the box) that firms must complete or regulations to which they must adhere.

However, mastering compliance requires an artist’s outlook. Beauty can be found in a practical, yet unique solution tailored to a firm’s needs; one that ensures a fluid and perennial program with all the tools to scale and tackle any challenge.


Why BasisCode? The Origins of Audit-Readiness

Why do simple compliance tasks often prove to be the most difficult to accomplish?

That was the question an experienced team of compliance professionals and asset managers asked over a decade ago when they were gathering necessary records to complete a regulatory Request for Information (RFI).

The team realized quickly that, while they had all the information they needed, it would take a significant amount of time to produce it in a timely fashion and a format that regulators wanted. The industry was continuing to rely on an outdated, non-integrated system of spreadsheets, email and paper.

“The AHA moment for us happened during the request for information,” says Carlos Guillen, President and CEO. “There were 40 people in one room trying to fulfill the RFI and we knew it going to be a costly, time-consuming process that would prevent all of us from concentrating on our primary job functions.”


BasisCode Compliance LLC Announces New Platform Release with Filer Module, Multi-Language Support and Notes Enhancement

ATLANTA, GEORGIA, USA, April 1, 2021 / —

The latest BasisCode Compliance™ platform release launches a Filer Module, Multi-Lingual Support in the launch portal, and a new Notes feature to further enhance the robust compliance technology management platform.

“These enhancements are a welcome addition for clients across the BasisCode platform,” says Carlos Guillen, President and CEO. “Each innovation is designed to make the job of compliance officers and consultants easier, more accurate and efficient, and audit-ready.”


BasisCode Compliance Announces Keynote Speaker and Agenda for 2021 Compliance Consortium

Cipperman Compliance Services, MGL Consulting and Bates Group all partner as Platinum Sponsors of the 1st BasisCode Compliance Consortium on December 6-7, 2021

ATLANTA, GEORGIA, USA, March 22, 2021 / — BasisCode Compliance™ announced the Keynote Speaker and preliminary agenda for the BasisCode Compliance Consortium being held December 6-7, 2021, at the TradeWinds Island Resort in St Pete Beach, FL.

“As the emphasis and focus on Cybersecurity concerns remains top of mind for our clients, we’re excited to have Brian Hahn, ethical hacker and President of MTradecraft, join us as the Keynote Speaker of the event,” says Carlos Guillen, CEO of BasisCode Compliance, LLC.

5 Ways BasisCode Keeps Your Data Safe + Secure

With BasisCode as your compliance management system, you never have to worry about the security of your data.

We take numerous measures to maintain security against outside parties’ unwanted attempts to access your data, as well as protect your privacy from those who do not have your consent to access your information.


Here are 5 ways that BasisCode keeps your data safe and secure:


Don’t Let Unimplemented Changes Place Your Compliance Program at Risk

For financial organizations, data security is king. Given the amount of secure information that comes across the computers and desks of everyone from investment advisors to private equity firms, both clients and regulatory agencies expect financial professionals to handle the information wisely and securely.

When most of the business world shifted – nearly overnight – to remote work in the spring of 2020, those in the financial sector seemingly took all the sensitive information they process daily home with them, opening pandora’s box.

This abrupt change created serious data privacy and security risks due to the lack of regular oversight, the inability to follow normal protocols, sloppy record-keeping and unintentional insecure data practices – driving up risk for the firm.


Cybersecurity in 2021: Test Your System to Protect Vital Data

Cybersecurity is a significant global threat, particularly for the financial sector where essential data must be protected at all costs. A major cyberattack on the U.S. government in late 2020 potentially exposed the sensitive data of dozens of agencies. This was a stark reminder that no business or government entity is immune to highly consequential cybersecurity breaches that have increased in sophistication and frequency for years.

BasisCode welcomes having our clients do their own security penetration tests on our systems, so they can be assured that we’re the best possible partner committed to the highest level of data security.  While we’re obtaining our own security testing, we also recommend that our clients regularly conduct their own penetration testing on their environments.

What is Penetration Testing?

Penetration testing involves systematically attempting to break down a firm’s security barriers in their network and data storage systems to expose potential vulnerabilities. These vulnerabilities can ultimately be addressed and remedied before real criminal hackers have the chance to uncover and exploit them.

As Benjamin Franklin once keenly noted, “an ounce of prevention is worth a pound of cure.” Penetration testing is a transparent, proactive approach that BasisCode urges its clients to deploy with our software, with their other critical IT and security vendors, as well as with their own systems.


BasisCode Compliance™ Adds RegNews Powered by RegAlytics Into its Leading Compliance Management Software Platform

Never miss regulatory alerts, proposals or new rules with a customizable RegNews feed embedded into the BasisCode Compliance™ Management Software system.

ATLANTA, GEORGIA, UNITED STATES, January 26, 2021 / — BasisCode Compliance™ announced that it has incorporated RegNews powered by RegAlytics US Alerts™ into its powerful compliance software platform. RegAlytics is the leading provider of daily regulatory updates, sourced from over 1,500+ US financial services and insurance regulators.

“Regulatory alerts and updates are essential for our consultant partners and clients to stay abreast of meaningful compliance issues that effect their business and growth,” says Carlos Guillen, CEO of BasisCode Compliance LLC.

BasisCode Compliance Announces December 2021 BasisCode Compliance Consortium

In its 10th year of compliance tech innovation, BasisCode launches a unique, hands-on compliance consulting and technology conference on December 6-7, 2021.

ATLANTA, GEORGIA, U.S., December 15, 2020 / — BasisCode Compliance™ announced it will host the BasisCode Compliance Consortium December 6-7, 2021, at the TradeWinds Island Resort in St Pete Beach, Florida. The two-day event will unify the hands-on practical application of a user conference with content-rich sessions on compliance best practices led by the industry’s leading compliance consultants.

Fearing Burnout Before Crossing the 2020 Finish Line?

We are nearly half-way through December. Do you and your team seem more ‘tired’ that usual? It is likely you do!  Under normal circumstances stress levels tend to rise this time of year, but since so many have experienced higher than normal levels of stress since March, by now we are all simply maxed out.

Help yourself and your team avoid total burnout and better balance stressors with these tips from a recent ThinkAdvisor article.

And remember, while there are many tasks one must complete to remain compliant, you can make it easier and less *stressful* with the proper technology framework. Take a look at how BasisCode can help and help yourself to a hot cocoa break!


[Visit Source: ThinkAdvisor]

‘Tis Better to Give Than to Receive

Year-end is upon us and finding ways to say ‘thanks’ to our clients and partners can be challenging. Given traditional compliance requirements, now coupled with the effects of a global pandemic, many are scratching their heads on just how to show their gratitude. Fear not, a recent ThinkAdvisor article offers a top 10 list of holiday gift ideas, each under $100.

Not sure what you can spend this year? With the BasisCode Compliance suite, compliance teams can easily establish firm limits and employees can easily pre-check activities to ensure they do not violate firm policies – before they use their corporate cards. Additionally, the BasisCode mobile app makes it easy to expense items on the go. Happy gifting!


[View Source Article: ThinkAdvisor]

Bates Group Selects BasisCode as Compliance Software Platform Partner

Bates Compliance Consulting Practice Will Utilize BasisCode to Optimize Delivery of its Client Consulting Services


ATLANTA, GEORGIA, US, December 1, 2020 / — Bates Group LLC has adopted the BasisCode Compliance™ software platform to serve as the compliance management and service delivery vehicle for its Bates Compliance consulting practice.

“We’ve been evaluating the evolving needs of our compliance consulting clients, and looking for a software platform that could address their needs while optimizing our own ability to enhance the delivery of our consulting services,” said Jennifer L. Stout, Chief Executive Officer of Bates Group. “When we discovered BasisCode Compliance, we were confident that this solution would enable us to improve our efficiency and strengthen our ability to support our clients.”


Pandemic Poses No Problem for SEC Exams

In a recent ThinkAdvisor article, Melanie Waddell shared insights into the SEC’s abilities to keep up with examinations despite the global pandemic, reaching a 15% exam rate across RIAs, conducting more than 2,950 examinations in 2020. The switch to a remote based exam program likely poised the SEC to maintain their exam cadence, and it should caution advisors to not become complacent when it comes to compliance.

Advisors who were subject to complying with Form CRS found themselves subject to OCIE’s undisrupted exam initiatives and all advisors examined found themselves showcasing their Business Continuity Plans. Interestingly, a small percentage of reviewed firms had previously established pandemic specific plans, even in advance of Coronavirus.

As firm’s continue with their annual planning, risk assessment and annual review cycles, this article reinforces the need to remain diligent, and offers some insight into considerations firms may apply towards measuring their risk profiles and testing changes applied to their business continuity plans. Furthermore, in a remote based exam environment, the ability to produce complete and accurate documentation in a timely fashion may affect the first impression given during a regulatory exam more than ever.

Using a fully integrated compliance technology platform supports a firm’s ability to maintain continuity in its compliance program’s implementation, execution of tasks, documentation of evidence, and perhaps most importantly, audit ready exports.


[View Source Article: ThinkAdvisor]

SEC Risk Alert: Advisers With Multiple Office Locations

In a recent SEC Examination initiative, OCIE conducted a series of examinations this year of Investment Advisers with multiple branch office locations. Their recent risk alert outlined the most common deficiencies observed during this sweep which included failures related to compliance and supervision and processes related to investment advice.

During the examinations OCIE cites many of the compliance and supervision issues noted stem from policies and procedures that were inaccurate, not consistently applied, inadequately implemented, or simply not enforced. Key program areas noted included Custody of Client Assets, Fees and Expenses, Oversight and Supervision, Advertising and the perennial issues surrounding Code of Ethics.

As firm’s embark once again on their annual planning, risk assessment and annual review cycles, this alert should serve as a guidepost to navigate areas of focus for the SEC and common pitfalls. Not surprisingly, lack of documentation, process, and an inability to produce records contributed to the observed compliance failures.

All of those issues can be remediated with proper policy design and program implementation using a fully integrated compliance technology platform.

Core Compliance Adopts BasisCode Compliance Software Platform

The partnership will help client firms increase compliance efficiency and enable BasisCode to identify and meet future financial industry needs.

SAN DIEGO, CA and ATLANTA, GA  November 10, 2020 – Core Compliance & Legal Services, Inc.℠ ( has adopted the BasisCode Compliance™ ( software platform to improve and streamline compliance management and program implementations of its consultancy clients.


IAA Today: Maximizing the Benefits of Compliance Technology


By Carlos Guillen, President & CEO
July 10, 2020

Originally published in IAA Today, an Investment Adviser Association publication.

It has now been almost 20 years since the first computer software was introduced to help compliance ofcers automate the many tasks involved in the day-to-day management of a company’s risk and compliance program. Over this time, compliance technology software has become increasingly sophisticated with fully integrated solutions that can track multiple tasks in different functional areas on a common platform optimizing compliance and risk management programs.

While compliance technology solutions have provided chief compliance officers (CCOs) with the tools to better manage the myriad of compliance tests and procedures, the challenges they face have also increased proportionately as a result of increased FINRA and SEC regulation and the promulgation of complex new rules. When you add in additional reporting requirements which come with industry consolidation, acquisitions or global expansion, harnessing the capabilities of compliance technology to meet these new challenges becomes a goal unto itself.

The purpose of this brief is to share the experiences of compliance professionals and consultants on how they maximize the benefits of compliance technology for their firms and for their clients. We will be looking at three key measurements criteria in assessing compliance technology benefits – effectiveness, efficiency and risk reduction.


Magellan Financial Group Limited Adopts BasisCode Compliance System in Australia

Key Factors in Selection Cited Include BasisCode’s Expansive Functionality and Ease-of-Use 

SYDNEY, Australia and ATLANTA, June 1, 2020 — Magellan Financial Group Limited (Magellan), one of Australia’s leading fund management companies with over A$96 billion in assets, has selected BasisCode Compliance LLC as the provider of its personal trading system.

Technology Release to Include New Launch Portal UI

Technology Release Notes

As part of our commitment to our Clients and Partners, continuous enhancement, and innovation across the BasisCode platform remains our priority. Below you will find a summary of the new features included in our new release.


2020 Client Survey Results Reveal…

How Can BasisCode Help With Form CRS & Regulation Best Interest?

Ask Us How BasisCode Can Help…

With Form CRS & Regulation Best Interest

The SEC recently issued Risk Alerts on OCIE’s Form CRS & Regulation Best Interest Exam Focuses. Meeting these compliance dates has taken center stage for many financial services firms and with good reason.

As firms continue to assess the immediate and long-term changes needed to support these new requirements, the BasisCode Compliance platform is well designed to support your firm’s agile response and procedural updates.

So, what are the Top 3 ways BasisCode can help?

1. Delivery

Utilizing the Certifications module of BasisCode, firm Officers can assemble firm specific distribution lists to prepare and deliver their firm’s Form CRS to the appropriate clients.

2. Communications & Training

Utilizing a combination of our Testing, Certifications and Document Library features, Officers will be able to fully implement, communicate, and train their staff on changes to their compliance procedures as a result of these new requirements.

3. On-Going Management of Conflicts of Interest

Managing broker conflicts has been noted as a FINRA exam focus area for Broker-Dealers. The BasisCode Certifications and Forms Studio will allow firms to model their on-going processes to support initial capture and, scheduled or ad-hoc, requests for updates to conflicts of interest across the organization, be it at the broker level or product level.

The scalable nature of the BasisCode Compliance suite has been designed to enable compliance teams to rapidly design and deploy new or modifications to their compliance programs to maintain strong cultures of compliance and adapt to regulatory change.

This coupled with our hallmark, audit-ready reporting capabilities, will provide confidence in preparing for future regulatory examinations. Schedule a demo today to learn more about how we can help.


Duplicate trade statements stuck at the office?

Business asked to relax personal trading rules recently?

CORE-CCO Continues to Expand Relationship with BasisCode Compliance

ATLANTA and DALLAS, April 20, 2020 – CORE-CCO, LLC (, a compliance consulting firm specializing in providing comprehensive outsourced solutions to privately- managed funds including private equity and hedge funds, announced that it has been migrating a large number of its fully outsourced clients onto the BasisCode Compliance LLC software platform.


Updating Security Practices

Updating Security Practices

Best Practices for a WFH Environment

Based on Morris, Manning & Martin, LLP’s recent article “Potential Regulatory Scrutiny Of COVID-19 Remote Work Cybersecurity Risks”, and as more organizations shift to a remote based workforce, we agree that there is a heightened need to stay vigilant in addressing cybersecurity risks and cyberattack threats related to new remote working environments – and it’s clear that the regulators expect the same.

Drowning in a sea of statements because employee trading volume spiked?

MGL Consulting Adopts BasisCode Compliance Software Platform

THE WOODLANDS, T.X. and ATLANTA, April 8, 2020 – MGL Consulting, LLC (, a pioneer in the compliance and risk management sector, has adopted the BasisCode ComplianceTM ( software platform to serve as a compliance management system for the firm’s investment clients.


A Message to BasisCode Compliance Clients Regarding COVID-19

Dear Client:

The world looks entirely different today as we face the realities of the COVID-19 pandemic. We are struck by the way in which people have pulled together and adapted to a new environment to ensure their safety and the safety of others.

At BasisCode Compliance, we know that in these uncertain times, our clients and partners are facing operational uncertainty and volatility with a degree of confidence thanks to the technological advancements that make working from home a viable possibility today.


How to Best Work with Compliance Consultants


The following is an edited transcript of a recent NSCP-hosted webinar on how to best work with compliance consultants. Meghan Flanagan, deputy executive director for the National Society of Compliance Professionals, introduced the discussion. Participants were Carlos Guillen, CEO, BasisCode Compliance, who served as moderator; Janaya Moscony, president, SEC3; James Spinelli, COO, Great Valley Advisor Group; Jon Wowak, COO, Cipperman Compliance Services; and Jason Ewasko, CCO, Cipperman Compliance Services.


BasisCode Compliance Launches Consultant Marketplace Web Portal

Industry-Leading Compliance Consulting Firms Can Now Showcase Expertise, Services and Reach New Clients Inside the BasisCode Platform

ATLANTA and NEW YORK, June 19, 2019 – BasisCode Compliance LLC (, developer of the industry’s leading compliance management software platform, has launched Consultant Marketplace, an exclusive web marketplace that enables compliance consultants to showcase their firms, expertise, and range of services to attract new clients.


New Governance and Audit Manager Software from BasisCode Provides Enhanced Oversight for Governance, Board and Audit Functions for Financial Firms

Enterprise Risk Managers Can Now Track Multiple Audit and Governance Functions on Single Integrated Platform

ATLANTA, March 6, 2019 – BasisCode Compliance LLC (, developer of the industry’s leading compliance management software platform, has expanded its platform offerings by adding new functionality to help financial firms better manage their governance, board and audit functions. (more…)

Barge Consulting Selects BasisCode Compliance Software Platform

ATLANTA, January 22, 2018 – Barge Consulting, LLC (, which specializes in SEC consulting services under the Investment Advisor and Investment Company Acts of 1940, has adopted BasisCode Compliance LLC’s software platform to improve and streamline compliance management for its investment management and advisor client base.


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 ( 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.


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 (, 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 (, 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.


BasisCode Introduces New Management Efficiency Tools for Compliance Consulting Firms

ATLANTA, October 12, 2017 – BasisCode Compliance LLC (, 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 (, 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.


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.



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.

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 (, 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…)

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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Cipperman Compliance Services Implements BasisCode Compliance Software Platform

WAYNE, Pa and ATLANTA, November 15, 2016 – Cipperman Compliance Services LLC (, 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


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 (, 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


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:]

Tech Prep Ahead of a Compliance Review



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 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’s 2016 Industry Awards for the version of its software developed for compliance consultants.


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


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


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

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


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.

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


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.”


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]

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

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 .

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

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


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]

BasisCode Compliance named 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’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]