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.
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.
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