IAA 2022 Investment Adviser Compliance Conference

Top Takeaways from the SIFMA C & L Annual Seminar

Recently, two lucky colleagues got to travel down to beautiful Florida to attend the SIFMA C & L Annual Seminar. Since we couldn’t all tag along, they brought back some key takeaways to help our entire audience elevate their compliance program this year.

Top 5 Takeaways

1.Remote Work

Remote work has changed how business is run and risk is mitigated. In this remote world, with the lack of physical office presence, tolerance for risk is at an all time low. In order to maintain your standard of compliance, there needs to be a level of individual responsibility paired with thorough supervision. After all, just because work is remote doesn’t mean compliance has changed the channel.

2. Vendor Management

While the actual session focused more on cloud-based vendors and solutions, the key takeaway could be applied to any and all Fintech solutions on the market today. Firms must create scalable processes and procedures that allow them to succeed with their vendor. And along the way, they need to select vendors that will match their effort and their security.

3. Regulatory Examinations

Possibly one of the most stressful aspects of a CCO’s job? Managing a regulatory examination. And in today’s world of heightened regulations and remote work, successfully managing your examination has never been so complex. So how can you navigate the cybersecurity risks and ESG-related exam questions? Thorough processes that continuously self-examine your own compliance program on a regular basis – with documentation of compliance or proof of improvement along the way.

4. Culture of Compliance

Between the increased complexity of regulations and the evolving nature of the financial landscape, a culture of compliance has proven to be paramount to a firm’s ongoing risk mitigation. While level of responsibility may vary, each individual within a firm has a certain degree of accountability towards your compliance. And ensuring everyone does their part is just one more piece of the puzzle put into place.

5. Cybersecurity

It seems these days like cybersecurity is all anyone can talk about. And for good reason. Increased risk and heightened regulations call for a cyber compliance overhaul. Understanding the risk, and how to properly mitigate it, will keep your firm and your clients protected from running afoul of data breach damages.

Ready to transform these takeaways into tactical strategies for your compliance program? Schedule a demo today!