Sunday, March 7, 2021
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Articles
    • See All Articles
    • NEW: COVID-Related
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Leadership and Career
  • Vendor News
  • Jobs
    • Compliance & Risk
    • Information Security
  • Events
    • Webinars & Events
    • Submit an Event
  • Downloads
    • eBooks
    • Whitepapers
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Articles
    • See All Articles
    • NEW: COVID-Related
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Leadership and Career
  • Vendor News
  • Jobs
    • Compliance & Risk
    • Information Security
  • Events
    • Webinars & Events
    • Submit an Event
  • Downloads
    • eBooks
    • Whitepapers
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home Featured

Staying Audit-Ready as Regulators Make Compliance a Top Priority

by Guy Talarico
February 10, 2017
in Featured, Internal Audit
man at desk giving a thumbs up

How to Demonstrate a Commitment to Compliance

Regulatory authorities for the financial industry will be focused on companies’ risk management and compliance programs this year and for the foreseeable future. That’s reason enough to make risk management and compliance a priority.

By: Guy Talarico

We’re only a few weeks into the year, and some of us have already broken resolutions we intended to keep. For compliance officers, there’s still time to assess and resolve to address shortcomings in their compliance programs.  Financial firms must make compliance and risk management a top priority this year, particularly since U.S. financial industry regulators will be doing the same.

Among other things, the Financial Industry Regulatory Authority (FINRA), announced in its 2017 Priorities Letter that it will be assessing registrants’ supervisory, risk and compliance controls.  This follows FINRA’s 2016 focus on assessing the extent to which firms maintain “cultures of compliance.”[1]

Similarly, the Securities and Exchange Commission (SEC) is including compliance management as one of its top priorities this year, including mitigating marketwide risk.  In this regard, the SEC will be evaluating companies’ enterprise risk management policies and procedures (P&Ps) to ensure they cover all business units, subsidiaries and interconnected infrastructures.[2]

Some focus areas are new this year, such as planned examinations of digital investment advice platforms.[3]  Others carried over from last year, including a focus on fee calculations and disclosures; trading compliance; and the protection of investors’ savings in retirement accounts.

Naturally, different types of firms should focus on the areas of risk germane to their business.  For instance, investment advisers should review and mitigate risk related to improper trading and portfolio management practices, among other areas.  Investment companies and funds should scrutinize the processing and pricing of portfolio securities and fund shares.  Broker-dealers should review and implement controls to prevent noncompliant sales and trading practices.

Notwithstanding the differences, a commonality across all regulated firms is the mandate to manage compliance.  This includes implementing P&Ps that are reasonably designed to prevent violations and reviewing them on at least an annual basis.  Firms can create and automate their compliance calendar, for instance, to make it easier to prioritize and schedule tasks – such as monthly, quarterly and annual reviews – and to generate activity reports on an ad hoc, daily, monthly or yearly basis.

With regulators announcing record-high enforcement activity last year, compliance has become more prominent in the courtroom and in the boardroom.[4]  Now is as good a time as any to kick off or strengthen a self-assessment program.  Conducting rigorous reviews throughout the year demonstrates a firm’s resolve to maintain a compliant and audit-ready business.

[1] http://www.finra.org/sites/default/files/2016-regulatory-and-examination-priorities-letter.pdf

[2] https://www.sec.gov/about/offices/ocie/national-examination-program-priorities-2017.pdf

[3] http://www.finra.org/sites/default/files/2017-regulatory-and-examination-priorities-letter.pdf

[4] http://www.sec.gov/news/pressrelease/2016-212.html


Tags: FINRA
Previous Post

Modern Enforcement: Rolls-Royce’s $800M Global Settlement

Next Post

The Win-Win Argument

Guy Talarico

Related Posts

green and red location markers on map

FinCEN’s Registry Will Be a Game-Changer. It Will Also Place an Added Burden on Corporations.

March 5, 2021
illustration of man under giant gavel

BitPay’s $507K OFAC Sanctions Violations Settlement

March 4, 2021
The facade of the SEC in Washington, D.C.

Prepare Now to Comply with SEC’s Updated MD&A and Related Financial Disclosure Requirements

March 3, 2021
Illustration representing a facial recognition technology scan of a face.

Facial Recognition Technology in the Workplace: Employers Use It, Workers Hate It, Regulation Is Coming for It

March 3, 2021
Next Post
compliance as a business advantage

The Win-Win Argument

OneTrust offers download to demonstrate privacy management leadership
Access realtime data
Top 10 Risk and Compliance Trends

Special Coverage

Special COVID page graphic

Jump to a Topic:

anti-corruption anti-money laundering/AML Artificial Intelligence/A.I. automation banks board of directors board risk oversight bribery CCPA/California Consumer Privacy Act Cloud Compliance communications management Coronavirus/COVID-19 corporate culture crisis management cyber crime cyber risk data analytics data breach data governance decision-making diversity DOJ due diligence ESG fcpa enforcement actions financial crime GDPR GRC HIPAA information security KYC/know your customer machine learning monitoring ransomware regtech reputation risk risk assessment Sanctions SEC social media risk technology third party risk management tone at the top training whistleblowing
No Result
View All Result

Privacy Policy

Follow Us

  • Facebook
  • Twitter
  • LinkedIn
  • RSS Feed

Category

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Whitepapers

© 2019 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
  • Articles
  • Vendor News
  • Podcasts
  • Videos
  • Whitepapers
  • eBooks
  • Events
  • Jobs
  • Subscribe

© 2019 Corporate Compliance Insights