SEC Risk Alert - Covid-19 Compliance Risks

August 17, 2020.  In light of the ongoing pandemic, the SEC Office of Compliance Inspections and Examinations (“OCIE”) issued an alert to identify a number of COVID-19-related issues, risks, and practices relevant to SEC-registered investment advisers and broker-dealers.  View Risk Alert Here

Issues:

• Protection of Investor Assets
• Use of videoconferencing   
• Supervision of Personnel
• Fees, Expenses, and Financial Transactions
• Investment Fraud
• Business Continuity 
• Protection of Sensitive Information

According to the OCIE, "Vulnerabilities around the potential loss of sensitive information are attributed to, among other things: (1) remote access to networks and the use of web-based applications; (2) increased use of personally-owned devices; and (3) changes in controls over physical records, such as sensitive documents printed at remote locations and the absence of personnel at Firms’ offices."

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       FIN Compliance Products and Services 

RIA Registration Services:  New/existing firms.

RIA Compliance Consulting:  Ongoing/annual services.

Compliance Management System: Compliance portal for resources, forms, and checklists.

Business Management System: Business portal for file sharing, e-contracts, and more. 

Advisor Continuity/Solicitor Support:  RIA Succession/continuity/solicitor services.

Business/Referral Network: Inquire about advertising/consulting projects. 

Our Approach

Compliance Management - We work with companies who are seeking to manage their compliance obligations - serving more than 175+ firms with compliance services and a system of SEC and state regulatory resources located on one site.

Business Management - We provide firms with task-management processes and a business directory to connect with other firms for continuity, succession planning, partnerships, and deal flow.  Also, we have a small network of referral partners for practice management, operations workflows, accounting, and website design.

Needs Analysis Workflow - We work with firms in determining their compliance management priorities.  During/after a need’s analysis, we provide firms with compliance/business service options to address those needs and will provide firms with sample workflows for task delegation purposes.

Audit Preparation - We help firms in addressing compliance deficiencies while acting as an intermediary for resolving issues between (you) the advisor and regulators/examiners. We can also assist firms in audit prep measures.

Regulatory Changes - We research regulatory updates from state, SEC, and/or FINRA jurisdictions. We’re here to help as some rules/regulations may be amended over time.

About FIN Compliance 

FIN Compliance  (FinCompliance.io) is a consortium of compliance, consulting, and business management solutions designed to help boutique investment firms to structure, maintain, and develop their internal regulatory review programs.  

Our product line consists of:  RIA Consults-Roberson Consults Group, a compliance consulting firm, RIA Review, a compliance-management system, B-D Review, a Hybrid-management system (est. in 2020)*, and FIN Lancer, a Business/Task Management system. 

Impact/Missions - see website

Contact:  Cory Roberson - Cory@FINCompliance.io