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COMPLY PUBLISHES ANNUAL REVIEW GUIDE TO AID FIRMS NAVIGATING NEW REGULATIONS AND RULES
News provided byComply
Nov 20, 2023, 12:25 PM ET
The 2024 Annual Review Guide Helps Programs Test Accuracy and Effectiveness of Compliance Policies and Procedures Amid Year of Heightened Regulatory Enforcement
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- COMPLY, the global market leader of compliance software, consulting and education resources for the financial services sector, has published its 2024 Annual Review Guide, which aims to support advisory firms of all sizes in successfully managing the annual review process.
Annual reviews have been part of the regulatory landscape for nearly 20 years, with firms often choosing to conduct this process in the fourth quarter, in line with calendar year-end. However, recent changes impacting private fund advisers and documentation for RIAs have brought the spotlight back to the rules and requirements regarding testing a firm's compliance program.
"We're in a time of unprecedented regulatory change and heightened examination and enforcement by the SEC. Our guidance to our clients is that they need to increase their efforts to review and update their compliance programs to ensure they meet current regulatory expectations and are resilient enough to implement the numerous new requirements that will become effective in the next year," said John Gebauer, COMPLY's Chief Regulatory Officer. "Additionally, with the recent publishing of the SEC 2024 Exam Priorities and newly adopted rules and amendments, compliance executives and teams need to ensure they understand the detailed nuances of regulators' expectations. Our guide carefully outlines the new and established rules and how to ensure firms across the industry fulfill these annual reviews in a comprehensive, exhaustive manner."
According to a survey run by COMPLY, when asked what aspect of the annual review process firms find the most difficult, 37% stated finding the time to conduct a review, 24% stated reviewing regulatory updates and 20% stated assembling the necessary documentation. In releasing the 2024 guide, COMPLY aims to support firms with a resource to empower more efficient and effective annual review processes.
COMPLY's guide provides financial services firms with:
- An overview of the regulatory requirements for annual reviews, including the recent amendment
- A highlight of the review and testing process, including recommendations regarding what areas of compliance to include
- An analysis of regulatory updates from the past year
- Insight into how your firm can meet new documentation requirements
- How best to utilize resources, both within a firm and from outsourced providers, to ensure ongoing compliance
The 2024 Annual Review Guide is available for free download.
Additionally, COMPLY will host a live webinar on December 13 at 2 p.m. Eastern, detailing best practices firms can utilize to conduct their annual review and test their compliance program to ensure effectiveness and accuracy. Registration is open now.
As a global market leader in regulatory compliance solutions, COMPLY combines the power of regulatory technology, services and education to empower Chief Compliance Officers (CCOs) and compliance professionals to easily navigate the regulatory landscape. COMPLY enables firms to scale their growth, while remaining vigilant in their compliance efforts by providing solutions designed to manage the burden of complex compliance tasks. Our deep bench of industry expertise – which includes expansive knowledge in technology enablement and regulatory compliance protocols and processes from our product portfolio offerings ComplySci, RIA in a Box and NRS – supports more than 7,000 clients, including investment management, private equity firms, hedge funds, broker-dealers, registered investment advisers and other financial service sector participants.
COMPLY continually supports clients in their work to proactively address core compliance challenges – minimizing risk, addressing critical priorities and meeting new demands as the industry evolves and the firm scales.
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