By Cory Roberson, Principal at RIA Review and RIA Consults
Stay on
top of your Regulatory Compliance with RIA Review
Financial
penalties, jail time, damage to company’s reputation, and business disruptions
are a few issues to name when it comes to the costs associated with regulatory
noncompliance. Regulatory compliance requires all organizations to follow all
relevant polices, laws, and guidelines. Compliance gives a firm’s clients
the assurance they need to understand that the firm is operating properly.
Violation of these statutes can lead to legal punishments including fines
and jail time.
Small and
mid-sized companies are affected more than large corporations due to smaller
staffing for regulatory compliance. SMBs have to spend their hard-earned
money to make sure they comply with all the regulations as a small mistake
could prove fatal for the company.
Keeping
up with regulatory requirements, generating internal procedures, documenting
and implementing them, SEC compliance, SEC audit prep possesses a
real challenge for firms. Oftentimes, advisors for small and mid-sized
companies remain occupied with competing priorities. As a result,
compliance is neglected or is handed to an attorney who keeps track of these
requirements, but lawyers can be costly. These issues can result in a
complicated situation: (1) advisors have to deal with regulators without the
right resources and/or (2) firms do not have enough time or money to maintain
their compliance programs. This is where we RIA Review comes in.
RIA
Review Compliance Software
RIA
Review provides
user-friendly online compliance management software.
The key
benefit is that firms can manage their entire compliance program and stay up to
date with relevant regulations in one place. The software is geared to break
down compliance requirements and give every user a system to remain prepared
for an examination.
Benefits
of RIA Compliance Software Tools
1.
A
cloud-based compliance directory to store required books and records
2. Review Center to schedule audit
of firm policies/procedures
3. Forms/Agreements to update
documentation
4.
News and
Updates to customize compliance calendar
Compliance
Management
As the
number of regulatory issues has increased in the last decade, adhering to
compliance has become an important part of all organizations. This increasing
trend has led to the growth in chief compliance officer positions along with a
group of employees whose sole effort is to make sure the organization follows
all the mandatory regulations.
Regulatory
compliance is a must for small and mid-sized businesses, as these regulations
protect a business interests and its employees. With RIA Review
documenting and maintain compliance is streamlined and secure.
Compliance and Business Management
FIN Compliance (FINCompliance.io) is a
consortium of compliance services including: RIA Consults-Roberson Consults
Group, a compliance consulting firm, RIA Review, a compliance-management
software tool (SaaS), B-D Review, a RIA/Broker-Dealer compliance management
software tool, and FINLancer is a business
management portal featuring: E-signature tools; Invoicing integration,
Vendor Directory, continuity directory*, business client document portal, and
more (available by Q3 2019). Access all services
on one site: FINCompliance.io.
Impact
FIN Missions (FINmissions.com) provides business support group
sessions for other entrepreneurs. In addition, Cory has volunteered
for more than fifteen youth programs in locations such as like S. Korea, China,
S. Africa, Thailand, and India.
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