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.

(more…)

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.
(more…)

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.

(more…)

ATLANTA and DALLAS, April 20, 2020 – CORE-CCO, LLC (http://www.core-cco.com), 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.

(more…)

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

(more…)

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.

(more…)

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 (www.basiscode.com), 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.

(more…)

ATLANTA, January 22, 2018 – Barge Consulting, LLC (www.bargeconsulting.com), 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.

(more…)

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…)

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.]

PLYMOUTH MEETING, PA, and ATLANTA, January 11, 2018 – CenterSquare Investment Management (www.centersquare.com), a global investment manager focused on actively managed real estate and infrastructure strategies, announced today the implementation of the BasisCode Compliance software platform as its core compliance management system for its global investment staff and clients.

(more…)

ATLANTA, October 12, 2017 – BasisCode Compliance LLC (www.basiscode.com), a leading provider of regulatory compliance software solutions, is introducing a comprehensive managerial dashboard for compliance consulting firms which allows these fast-growing firms to better monitor and manage the high-level information activity and tasks for their clients and consultant employees. (more…)

SCOTTSDALE, Ariz. and ATLANTA, September 18, 2017 – Dynamic Wealth Advisors (www.dynamicwealthadvisors.com), an advisory and practice development firm servicing independently-owned advisory practices throughout the U.S., has implemented BasisCode Compliance LLC’s software platform to improve compliance management for its own RIAs and the independent RIAs for whom it provides back office services. (more…)

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…)

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

At the end of a year in which regulators placed compliance management at the top of their list of priorities, financial firms should assess the processes and systems they have in place to prevent compliance breaches, such as failing to develop and enforce written policies and procedures (P&Ps). According to “Cost Of Compliance 2016,” a Thomson Reuters global survey of financial services firms, technology solutions may play an increasingly important role given the scarcity of skilled compliance talent.

[This article is published in full at Corporate Compliance Insights.  The Thomson Reuters Cost of Compliance survey findings can be found at: https://risk.thomsonreuters.com/special-report/cost-compliance-2016.]

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]

By Carlos Guillen, President & CEO BasisCode Compliance

Although 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]

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]

 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]

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.
(more…)

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]

By Carlos Guillen, CEO and President, BasisCode Compliance

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…)

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 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 .

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]

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…)

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 ThinkAdvisor.com]

BasisCode Compliance, provider of the industry’s broadest integrated compliance software for asset managers, advisors and other financial services firms, has been named a finalist in the compliance technology category of WealthManagement.com’s 2015 Industry Awards, the first program to honor outstanding achievements by companies that help advisors better manage their businesses through innovation, enhanced service quality or an enriched advisor/client experience. (more…)

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.

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…)

By Carlos Guillen, President & CEO BasisCode Compliance

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]