5 Benefits of an Integrated Compliance System

All robust compliance programs share a few key elements:

    • ● Thorough documentation
    • ● Up-to-date policies and procedures
    • ● Regular monitoring of firm activities
    • ● A well-trained and informed team

While this list looks short on paper, a lot of effort goes into ensuring your firm hits all of the requisite marks. When you’re a CCO, it’s up to you to execute flawlessly on these goals. Between regular filings and unexpected audits, you must be ready to demonstrate your compliance bona fides to regulators at any time.

Fortunately, today’s technology means you don’t need to go it alone. A comprehensive compliance program can help CCOs manage employee behavior, streamline training, create a clear paper trail, and monitor ongoing firm activities. Here are five of the ways an integrated compliance system keeps your firm’s compliance program on track.

1. Create a Centralized Information Platform

Regulators want to see documentation of your compliance efforts. Whether it’s paperwork to support a regular filing deadline or information associated with a document request, demonstrating compliance is much easier when all of your data is in one place.

An integrated compliance system houses your information under the same digital roof. If you need to pull your team’s gift and entertainment reporting paperwork, it’s in your compliance tool. 

Want to access your firm’s policies on marketing and testimonials? That’s in your compliance tool, too.

Keeping all of your compliance information eliminates the guesswork around where to find relevant documentation. An audit or document request is stressful enough without a mad dash to track down the paperwork you need. Maintaining your records in your compliance platform means you know right where to go.

2. Receive Automatic Updates

The other key component of documenting your policies, procedures and compliance activities is keeping your paperwork up-to-date.

This is no easy task if you’re managing it manually. You have training and certifications from your team, paperwork tracking employees’ trading and gifts and entertainment, firm-wide policies and procedures, and information on your clients.

With a comprehensive compliance platform, all of this information syncs automatically.

BasisCode uses a REST-based API that allows for easy integration with your other internal and third-party systems. Our app makes it easy for your team to update their information on the go, and our security features mean that your data is always protected.

BasisCode’s platform even pulls in up-to-date regulatory alerts so that you remain abreast of the latest expectations for your compliance program.

3. Undertake Constant Monitoring

Before the days of compliance technology, a heavy burden was placed on CCOs to monitor various documentation and systems manually.

Keeping a watchful eye on your employee’s personal trading is a prime example. With manual monitoring, individuals’ statements were reviewed periodically. If suspicious activity was detected, it was in previous months’ trades.

With a comprehensive compliance platform, this monitoring happens constantly and automatically. Now, red flags are spotted right away and can be dealt with immediately.

Regular, automated monitoring reduces the risk for delayed reactions and missed issues due to human error. Instead, CCOs can rest assured that problems will be flagged, and they can turn their attention away from tedious monitoring and toward more pressing compliance concerns.

4. Build a Shared Workspace

An essential component of a successful compliance program is keeping everyone on the same page. With an integrated compliance system, you can corral your team in one digital arena.

The benefits of a shared workspace go both ways. Your team can place all necessary documents in one location, meaning you always have access to the paperwork and information you need. 

Similarly, it empowers you as CCO to push out new and pertinent compliance information to everyone on your team. From the latest risk alerts to your firm’s new marketing policy, you know your entire firm is well-educated about your latest compliance updates.

And with a shared workspace protected by top-of-the-line security measures, there’s no need to worry about hackable Google Docs or email attachments. All documentation lives on a secure platform that you and your team can access from anywhere.

5. Manage Employee Training and Education

The final piece of a robust compliance program is ensuring that your team knows how to remain in compliance and can document their actions in real-time.

It’s not enough for you to share a new risk alert and assume your team will read it. An integrated compliance tool allows you to test your team on its knowledge.

With a tool like BasisCode, you can develop training and quizzes for your team to educate them about what compliance looks like in real-world scenarios. You can also create checklists to keep your team on track in updating any existing paperwork or procedures to comply with new rules.

All of this information is visible to you in a shared system. You always know where each of your colleagues is in their compliance journey. This empowers you to follow up with folks who need an extra nudge or provide additional training to individuals who are struggling to grasp a new compliance concept or expectation.

CCOs are expected to meet regulatory demands, monitor employee behavior, provide updates to firm leadership, and ensure everyone remains informed about the latest compliance alerts.

To succeed in building a robust compliance program, it can feel like you need to be in several places at once. An integrated compliance system allows you the next best thing, helping you keep an eye on your team’s behaviors, customer portfolios, and regulatory expectations simultaneously. Reach out to schedule your demo today!

0449-OAT-3/14/2022

PDFPrint