5 Tips for Simplifying Compliance and Creating a Better Program

With the ever-changing regulatory compliance guidelines, staying up to date on the latest regulations can be overwhelming to business owners. Rather than looking at updates as a large project that must be tackled in one go, approaching updates as though they are “housekeeping” items within your business can improve organization and simplify the process of meeting new requirements. To help keep your business up to date, Protelligent^® recommends the following items be added to your compliance program.

1. Use a digital filing system to store outside business activity, written policies and procedures, client information and other sensitive documentation. Not only does this help eliminate the need for filing cabinets and/or storage space, utilizing a program such as Cloud Backup | CloudDR secures the information on three different levels to protect against unforeseen disasters. The system also allows quick recovery of data for ease of access.
2. Ensure your company is covered by a reliable cybersecurity system to help guard information against cyber attacks. Utilizing Protelligent’s Premonition Security Suite helps mitigate your cybersecurity risk by continually monitoring your compliance controls and capabilities. The program can detect emerging threats and prevent them before they become an issue. It is also crucial to ensure all employees are familiar with cybersecurity and know how to quickly recognize ransomware and phishing attacks, as well as how to prevent them.
3. Ensure all programs, technology installations and security practices are up to date. Additionally, implementing new programs to enhance your compliance department and streamline internal processes will have a lasting positive impact on future compliance measures. Now is also the time to review internal compliance operations and identify areas of overlap between departments. Eliminating these overlaps where possible can help simplify your company’s approach to meeting compliance regulations.
4. Ensure reviews of policies and procedures are completed according to compliance regulations. For example, the Investment Advisers Act Rule 206(4)-7 requires SEC-registered advisers to review their policies and procedures at least once each year and make improvements. Ignoring such policy and procedure updates could be detrimental to your company and clients, and could also result in additional costs associated with not maintaining proper compliance operations. To make this process easier, schedule a set day upon which compliance reviews will take place, and make it a policy to complete the reviews as scheduled.
5. As licensing and registration forms change from year to year, it is important to verify your company remains current. Conduct an annual review of compliance forms to ensure your company is using the most up-to-date versions available, and make certain the changes are properly implemented within your business.

As compliance regulations continue to advance, it is important to stay ahead of new requirements and remain in compliance. Create a better program now by setting aside time to modify your compliance practices and policies to meet the most current regulations and lay the groundwork for future changes. A little extra effort now will save you time and money in the future.
For more information on implementing a compliance program, contact Protelligent at (855) PRO-TELL.