Is it time for your compliance audit? Need support? We can help
A compliance audit is mandatory for all investment firms. But a compliance audit is not what it used to be. A couple of major factors have forced the SEC and FINRA to crack down when it comes to an investment firm's audit and the procedures that follows.
The first reason why your compliance audit will be tougher to pass is terrorism. Terrorism has caused the SEC and FINRA to compile a whole new set of rules and regulations regarding the AML section of your compliance audit. And more are coming. The point is that with all of this fluctuation in AML procedure it is hard to remain SEC compliant for your compliance audit.
The second reason why the SEC and FINRA are cracking down on your compliance audit is due to the bevy of corruption that is sweeping across Wall Street. Since the wake of characters like Bernie Madoff, the SEC and FINRA have tightened the screws on all investment firms and made the audit a more complex and exhaustive process.
But how can you combat these new rules and regulations and be prepared for your compliance audit?
The best thing you can do to ensure that your compliance audit runs smoothly is to conduct a mock SEC audit, or a mock FINRA audit. By conducting a mock SEC audit or a mock FINRA audit you will be opening all of your files and examining them for any compliance errors. After a full and complete evaluation, you should be on your way to achieving compliance status.
But there is one problem. Who is going to conduct this mock SEC audit or mock FINRA audit? The time it would take just to review your files would be astounding. Never mind the knowledge it would take to know what sections were truly outdated and which ones pass mustard.
The only solution is to hire an outside compliance firm for your compliance audit needs. An outside compliance firm will guide you through the entire compliance audit process and help you to fix any outdated or irrelevant material. The fact is that you cannot afford to not do this. The SEC handed out just under $113 million dollars in fines last year due to compliance problems. Don't let your firm add to that number.
But which compliance firm is the right one for the job?
The best compliance firm for the job is the firm who has been established in the Wall Street district for many years and who has a laundry list of high profile clients. Only an established and experienced compliance firm will be able to ensure that you will pass your audit with the SEC or FINRA. An established compliance firm will know all of the ins and outs of your compliance audit and any new rules or regulations that could affect your compliance status.
If you would like to contact one such compliance firm then fill in the form to the right of the page or call the number at the top. By contacting a professional compliance expert about your compliance audit you are protecting your firm from any fines or penalties that the SEC is prepared to dole out. Call or write now and pass your compliance audit with flying colors.
