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.
What does that look like for you?
- Pull a view or report of a specific employee, during a specific period, and show their risk blueprint?
- How long did it take?
Implementing your policies and procedures using technology affords you a full picture of your program. With a full picture, you can better spot trends and issues.
And that is what every compliance team needs!
Run the Drill
With BasisCode Compliance™, our fully integrated suite was designed with these exercises in mind. Check out how efficient it is to extract your work and supporting evidence here: