"Previously, like many consultants, we relied on manual processes and spreadsheets, but we have found the BasisCode Compliance software does a better job helping us aggregate and manage compliance data across our varied clients," said Hardin Compliance Managing Director Jaqueline Hummel. "Now our staff can be more productive and we can document compliance management activities in a more structured way, for internal and external reporting."
Titan Regulation announced in October it also selected BasisCode to improve compliance processing across the Chicago-based consultant's clients. Previously, Titan used various compliance management solutions, including Microsoft Excel. Said Julie Dixon, managing principal of Titan Regulation, "Now we have an integrated platform developed by software experts so we can spend more time monitoring regulatory developments for our clients."
Regulatory pressures are putting consultants' compliance management processes in the spotlight. In November, the Securities and Exchange Commission (SEC) issued a risk alert based on recent examinations of advisers that outsource their chief compliance officers. Among other findings, the SEC cited "significant compliance-related issues" at registrants that relied on an outsourced CCO that served numerous unaffiliated firms without sufficient resources.
The staff also observed in deficient firms "a general lack of documentation evidencing the testing of existing policies and procedures." The new BasisCode Compliance software for consultants was designed to help consultants more effectively and efficiently manage multiple compliance programs while documenting testing and controls of client policies and procedures.
"Regulators are more closely scrutinizing the quality of outsourced compliance services, including the tools and resources consultants use," said BasisCode Compliance president and CEO Carlos Guillen. "We think consultants will soon come to see software as a strategic and differentiating source of added value when offering their services to clients and prospects."
About BasisCode Compliance
BasisCode Compliance offers the industry's broadest set of integrated software that improves compliance management for asset managers, investment advisors, broker/dealers, insurance companies and other financial services providers. BasisCode Compliance was named a finalist in the compliance technology category of WealthManagement.com's 2015 Industry Awards, which honors outstanding achievements by companies that help advisors better manage their businesses through innovation. The intuitive BasisCode Compliance software spans functionality, from testing and risk assessment to personal trading and certifications, enhancing compliance controls and decision-making for financial services firms and their clients. To learn more about BasisCode Compliance, visit www.basiscode.com.
About Hardin Compliance Consulting
Hardin Compliance offers expert regulatory compliance services and solutions to investment advisers, broker-dealers, private funds and investment companies. Our expert consulting team consists of former in-house securities attorneys, senior compliance managers, compliance professionals and senior audit professionals from prominent financial institutions. To learn more about Hardin Compliance Consulting, visit www.hardincompliance.com.
About Titan Regulation
Titan provides regulatory consulting services to SEC, CFTC, FINRA and exchange regulated financial services organizations. Our team of professionals comes from leading financial services and professional services organizations. This provides us with in-depth experience in managing compliance programs for complex financial services organizations. To learn more about Titan Regulation, visit www.titanregulation.com.
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SOURCE BasisCode Compliance