Annual compliance review underway by compliance team

ComplySci Stats: Only 35% of Professionals Deem their Annual Compliance Review Process Sufficient and Efficient

Annual compliance reviews are by no means a new concept. However, they often represent a real challenge for firms of varying sizes. Questions like these making frequent points of conversation: How can we be sure our annual review process will prove efficient should we be examined? There has to be an easier way, what can we do to help alleviate some of this burden?

And in fact, a recent ComplySci webinar proved just how inefficient many compliance teams’ processes really are, with only 35% deeming their annual review process sufficient and efficient.

Everything You Need to Know for Your Next Annual Review

Thanks to Rule 206(4)-7, annual reviews are here to stay. But that doesn’t mean they need weigh down your department.

To fulfill your annual requirements, you’ll need to:

  1. Adopt and implement written customized policies and procedures
  2. Designate a chief compliance officer
  3. Conduct annual review of policies and procedures
  4. Maintain records of policies and procedures and your annual reviews

So how can you make sure you’re checking all the boxes? Download our complete Annual Review checklist to stay on top of your annual review, year-round.

Avoiding the Annual Headache: Finding a Solve for the Annual Review Challenge

According to a poll conducted in that same webinar, only 40% of compliance professionals have integrated a technology to help with their annual review processes, while 64% of professionals/teams have brought in an outside expert to help assist in their process.

Clearly a variety of solutions exist to help alleviate some of the annual review burden but finding the right solution for your firm can be a little daunting. How do you know you’ll find the right fit? Will it be a waste of money?

To help you in your search, we’ve put together a couple of questions that might indicate when you should go with a technology vs. an expert and vice versa.

  1. Do you need a “right now” solution or are you looking for a longer-term, integrated solution?
  2. What kind of resources do you have internally? Will you have enough team members to be thorough in your review process?
  3. Do you have an existing technology in place that can assist your annual review data aggregation and year-round compliance?

To put it simply, your annual review shouldn’t cause an annual headache. Discover how our suite of solutions can help you sufficiently and efficiently conduct your annual review this year and the next.