Have you considered a mock regulatory examination or training audit?

February 02, 2007

As the new business year begins, many firms are constructing their compliance budgets and initiatives for 2007. A tool we feel can be vital for measuring your firm’s compliance barometer is to hire an outside consulting firm to conduct mock examinations or training audit. Such a visit from an outside consulting firm, such as RIA Compliance Consultants, can provide numerous benefits for a firm, regardless of its size. A mock examination provides an objective look at the compliance and regulatory structure of your advisor firm. It can help assess whether or not your firm is prepared for an actual regulatory visit and what the firm needs to do to shore up its compliance policies and procedures. Such a visit also provides an opportunity to receive training from an outside expert who is focused on helping advisor firms meet their fiduciary and regulatory responsibilities. It can also be integrated into your firm’s assessment of its internal policies and procedures. It indicates to regulators that the firm is committed to a culture of compliance.

Ultimately, if you are a CCO you have to ask yourself “Is my firm really ready for an SEC visit?” If you can not provide an assertive positive response, it may be time to seek help from an outside consulting firm such as RIA Compliance Consultants. If you would like to learn more about our mock audits, training audits, or our different levels of engagement, please contact us today.

Posted by Bryan Hill
Labels: Compliance Program, Regulatory Inspections