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 It’s much easier to maintain status quo and stick with a familiar software – even if that solution has become outdated.

But, in our current compliance environment, maintaining outdated systems or processes just because it’s the path of least resistance may be risky business.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.