FINRA Compliance

Developing a Successful Compliance Platform

Executives and compliance officers of smaller brokerage firms are burdened with regulatory controls that shift their time and focus away from developing products, services, and clients, to working tirelessly at staying on top of rule changes and compliance requirements. With all the time spent simply staying on top of changes and meeting requirements, it’s difficult to strategize and develop a program that compliments and benefits the business. In developing a strong compliance program, determine –  

  • How fast can policy changes be developed and distributed? How about the costs of risk reporting?  Are staff hours and salaries higher than expected? How long does it take to prepare for an audit, and are audit costs higher than they should be?
  • Is the compliance team able to show the value of their work in terms of reduced incidents, regulatory fines or lawsuits, or audit findings?  How frequently are they able to discover and adjust for control gaps?
  • Is the company able to use risk and compliance information as a tool in management decisions? Does the company have a good reputation and record of with customers, stakeholders, and regulators?

Compliance Performance


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As firms move from an efficient compliance platform to a compliance program that is proactive, they discover new savings. Aside from improvements in reduced staff hours and costs for audits; firms will find a reduction in reactionary costs and value using risk intelligence to set new policy and procedure.  Additionally, firms will see an improvement in user adoption rates as the firm exhibits a corporate culture of compliance and continually provides user friendly tools.

Business leaders and mangers care about risk; risk of compromised information and client privacy, risking loss of reputation, compliance sanctions and fines, financial costs, and lost opportunity from not being able to develop new business strategy fast enough. Especially considering lost opportunity costs; companies are more and more concerned about losing clients to competition that outsmarts them by providing new tools and innovative products. Along with this customer-focus comes even greater concern about loss of reputation and information security.

Higher Risk Inset

How can a broker dealer or advisory firm stay ahead of compliance and manage business growth at the same time? Unfortunately, as the pressure of improving sales performance calls for more innovative approaches, this means many companies leave themselves open to risk. Outsourcing compliance is an opportunity for firms to develop new policy and implement best practices all at once. The outsourced solution over time reduces administration costs, improves compliance managements’ ability to pro-actively set policy, and provides real-time reporting.

Outsourcing helps companies avoid knee-jerk reaction policy ideas and instead focus resources on aligning rules with their consequential impact on business activity. In this way outsourcing will have a double positive on reducing costs and maximizing opportunity for growth.  

Contact us for more information about how your firm can excel at compliance while focusing on client needs and new product offers.

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