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Regulatory compliance trends: insight from ComplySci’s Customer Summit

Last week, the ComplySci family of companies hosted its first virtual customer summit, bringing together top chief compliance officers (CCO), financial compliance experts and product specialists to provide our audience with a perspective on regulatory compliance trends in 2022 and the roadmap for successfully mitigating risk with ComplySci.

While the event spanned over two and a half hours and culminated in multiple nuggets of gold, we’ve gathered the top five insights that are sure to help financial firms shape a culture of compliance now and successful compliance program in the future.

Top 5 regulatory compliance trends from ComplySci’s 2022 Customer Summit

Compliance may never have been “simple,” but today, it’s more complex than ever. Mitigating risk in the 2022 compliance environment requires collaboration, context and a culture of compliance. 

1.Compliance + IT = Success.

Your role as a CCO has evolved dramatically over the last five years, expanding to include new responsibilities and new points of liability. One of the most critical aspects in this evolution? The integration of Compliance and Information Technology (IT). While the two functions may still be counted as separate departments, the focus from the Securities and Exchange Commission (SEC) on cyber-related issues has ensured a critical overlap between compliance and IT that relies on a cohesive working relationship.

2. Have you considered office hours?

3. The Marketing Rule is topping the charts.

According to a poll conducted during the Virtual Customer Summit, 40% of respondents stated that the upcoming SEC Marketing Rule is one of their biggest compliance concerns, beating out the newly proposed cyber rule, Environmental, Social and Governance (ESG) rule and the focus on cryptocurrency.

So how can you prepare? Remember that firms must adopt the rule in its entirety by November 4, 2022. Read the rule thoroughly and tread lightly. While the SEC has provided an FAQ page, it only has two questions and answers, so it is critical for firms to ensure a holistic understanding of the rule as stated and are prepared to implement it sooner rather than later.

4. Compliance is all about relationships.

If we’ve said it once, we’ve said it 1,000 times – compliance isn’t a solo operation. To successfully mitigate all points of risk, it’s critical for you to have the trust of your firm and its employees. Providing the “why” behind your policies and procedures and continuing to prioritize cultivating relationships with new and existing employees opens the lines of communication to help prevent risk…and, should the worst occur, understand when compliance errors or potential regulatory deficiencies are occurring.

5. The ComplySci portfolio provides one of the most exacting compliance solutions on the market.

ComplySci understood that in order to holistically serve our clients, we needed to provide more than just technology. Because in the end, compliance requires three core tenets for success: culture, technology and education. By acquiring our portfolio of organizations, we have been able to build out a solution that serves every aspect of your regulatory compliance program. And we’re just getting started.

Trends may come and go, but compliance is forever. Stay up to date on all the latest regulatory compliance trends by registering for our upcoming events or watch replays of some of our most insightful compliance webinars today!