March 10, 2021
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:
February 23, 2021
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.
In guidance issued last summer, the SEC put the industry on notice that enforcement and examinations will be stringent due to the new “operational, technological, commercial and other challenges and issues” faced by many SEC registrants, which it noted have created “important regulatory and compliance questions and considerations.”
The SEC Office of Compliance Inspections and Examinations recommended the following:
Many firms immediately worked to update their policies and procedures for remote employees, reevaluating their supervisory priorities and reporting requirements, but lacked the technological infrastructure and know-how to properly translate their in-office security measures to remote settings.
Without the right technology in place, logins, financial data and more can potentially be exposed both in-office and during remote work, with a continual risk for fraud and conflicts of interest. The ever-evolving response to the pandemic has driven up the need for compliance technology as a vital partner in the task of staying compliant. As Tom C.W. Lin notes in The Temple 10-Q, “The key to addressing many of the challenges posed by adapting old practices and operating under new rules during this unprecedented pandemic lies in technology.”
It’s important for firms to take a step back and consider if technology can streamline their approach to dealing with shifting compliance priorities. This isn’t always easy to execute – one survey flags corporate governance as key to deploying compliance technology correctly. When evaluating firms should consider:
The financial compliance management software offered by BasisCode Compliance enables firms to automate processes securely, dramatically reducing the risks inherent to complicated paper processes. The software was built specifically for those in the financial services sector, so the platform intuitively addresses the many risks unique to the field, like handling employee conflict of interest and Code of Ethics administration.
With an expert tech solution guiding risk and compliance, financial firms are on stronger footing to stay within protocol, satisfying both regulatory agencies and clients—and supporting ongoing growth.
February 3, 2021
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.
December 10, 2020
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]
December 3, 2020
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]
November 27, 2020
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]
November 12, 2020
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.
May 6, 2020
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?
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.
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.
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.
April 15, 2020
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.
(more…)
January 23, 2018
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.
January 22, 2018
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.
February 29, 2016
The quality of a firm’s compliance controls is climbing higher on the priority stack in both the boardroom and on regulators’ examination checklists. In February, for instance, the founder and CEO of a multi-billion dollar human resources software company stepped down over inadequate compliance procedures and internal controls.[1]
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December 29, 2015
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…)
December 8, 2015
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…)
October 15, 2016
By Carlos Guillen, President & CEO BasisCode Compliance
Citigroup 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.
