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Washington, DC (Thursday, June 18, 2015) – Cybersecurity continues to top the list of compliance concerns for federally registered investment advisers – with nearly 88 percent of respondents in a new survey identifying “cybersecurity/privacy/identity theft” as the “hottest” compliance topic for 2015.
The 474 firms participating in the 2015 Investment Management Compliance Testing Survey placed cybersecurity far above other compliance “hot” topics, such as custody (identified by 18 percent), advertising/marketing (23 percent), fraud prevention (13 percent), disaster recovery (17 percent) and FATCA (12 percent).
The Compliance Testing Survey has been conducted annually by the Investment Adviser Association (IAA), ACA Compliance Group and OMAM since 2006.
The 2015 survey was conducted online from April 27 through May 22. Respondents were compliance professionals representing a wide range of SEC-registered investment advisers. Survey results are publicly available on the IAA website and the ACA Compliance Group website.
Key findings include:
“Our hope is that the results of our Compliance Testing Survey will help firms benchmark their compliance practices against other firms,” said IAA Assistant General Counsel Sanjay Lamba. “The findings should give firms a strong sense of the compliance topics and concerns they may want to focus on, as well as a sense of how current regulatory issues can impact their operations.”
“In past surveys we have been able to pinpoint trends based on asset size, number of employees or types of accounts under management. We are seeing that is no longer the case,” commented Lynne M. Carreiro, Managing Director of ACA Compliance Group. “Advisers are taking a very customized approach to their compliance programs and addressing the risks present without regard to their demographics.”
”Once again the survey results offer a view into an industry that self-polices itself well and takes its compliance responsibilities very seriously,” observed Amy Yuter, Senior Compliance Manager for OMAM. “The industry stands with its regulators with the same focus areas top of mind and dedication of resources appropriately aligned with perceived risks.”
ACA Compliance Group
ACA Compliance Group ("ACA") is a leading global provider of regulatory compliance products and solutions, cybersecurity and technology risk assessments, performance services, and technology solutions to the financial services industry. Founded in 2002 by former SEC examiners and state regulators, ACA develops and provides its products through a world-wide team of former SEC, FINRA, FSA, NYSE, NFA, and state regulators, as well as former senior in-house compliance professionals and technologists from prominent financial institutions. ACA serves a diverse base of leading investment advisers, private fund managers, commodity trading advisors, investment companies, and broker-dealers. ACA’s products include standard and customized compliance packages, cybersecurity and technology risk assessments, GIPS® verifications and other performance services, and a wide variety of technology solutions for financial services firms. For more information, please visit
Investment Adviser Association
The Investment Adviser Association (IAA) is the leading trade association representing the interests of SEC-registered investment adviser firms. The IAA’s more than 550 member firms collectively manage assets in excess of $16 trillion for a wide variety of institutional and individual investors. For more information, visit www.investmentadviser.org or follow us on LinkedIn and Twitter.
OMAM is a global, multi-boutique asset management company with $224.0 billion of assets under management as of March 31, 2015. Its diverse Affiliates offer leading, alpha generating investment products to investors around the world. OMAM’s partnership approach, which includes equity ownership at the Affiliate level and a profit sharing relationship between OMAM and its Affiliates, aligns the interests of the Company and its Affiliates to work collaboratively in accelerating their growth. OMAM’s business model combines the investment talent, entrepreneurialism, focus and creativity of leading asset management boutiques with the resources and capabilities of a larger firm. For more information about OMAM, please visit the Company’s website at www.omam.com.