Making a List, Checking it Twice: A CCO’s Guide to Finishing the Year Strong and Preparing for 2018

December 4, 2017 by Anonymous (not verified)

Making a List, Checking it Twice: A CCO’s Guide to Finishing the Year Strong and Preparing for 2018

With only 19 business days left in the year, the pressure is mounting to cross those final compliance to-do’s off the list and finish the year strong. 2017 has been filled with a number of regulatory and industry developments that may impact how year end compliance tasks are prioritized and 2018 initiatives are set, including:

What You Can Do

With the above and other developments in mind, ACA recommends that compliance professionals take the following into consideration as they work to meet their 2017 compliance obligations before year end as well as plan for 2018:

  • Surveillance Analysis
    Review all surveillance reports to identify new risk areas and emerging trends that should be further investigated in 2017 and monitored in 2018. Determine whether your firm is adequately resourced to conduct effective surveillance in 2018. Learn more about surveillance technology here.
     
  • Compliance Testing
    Ensure that necessary compliance testing is completed before year end. Revisit your annual compliance program review results and internal risk assessments and incorporate these into the development of your 2018 testing plan.
     
  • Cybersecurity
    Review your cybersecurity risk assessment and work with your IT team or provider to ensure all critical items have been addressed. Develop a plan for further improvements in 2018. Learn more about cybersecurity preparedness here.
     
  • Staff Compliance Training
    Arrange for employees to receive compliance and cybersecurity training. Budget for and schedule continuing education and training for yourself, your compliance colleagues, and the broader staff in 2018. Learn more about cyber awareness training.
     
  • Vendor Due Diligence
    Complete due diligence on key vendors. Revisit and set plans to refresh vendor diligence throughout 2018. Learn more about vendor due diligence.
     
  • Filings
    Confirm all filings have been made in an accurate and timely manner or are on track to be submitted as required. Ensure you are prepared to meet the enhanced filing requirements for Form ADV.  Learn more about required regulatory filings here.
     
  • Reporting
    Complete year-end compliance reporting obligations. Ensure that all required reporting to senior management, clients, investors, and others have been completed or are scheduled to be completed. Learn more about reporting technology solutions here.
     
  • Marketing
    Conduct reviews of websites, social media, and marketing materials to ensure all information continues to be accurate and accompanied by necessary disclosures. Make updates to your disclosure and privacy statements used in client communications and marketing. Learn more about marketing and advertising requirements here.
     
  • Performance
    Revisit calculations for performance information appearing in marketing materials and advertisements. Learn more about independent performance reviews here.
     
  • Anti-Corruption
    Review anti-money laundering practices in light of best practices and protocols. Explore how to better leverage analytics and automation in 2018. Learn more about anti-money laundering analytics here.
     
  • Regulatory Inspection Preparation
    Review all exam summary letters and responses and confirm that all representations made to regulatory authorities have been adhered to. Ensure preparations have been made for regulatory inspections that may occur in 2018. Learn more about mock regulatory inspections here.
     
  • Compliance Budget
    Complete your compliance budget for 2018. Review your firm’s business plan for additions of or changes to business lines, products, services, and headcount, among other things. Take into account all resources needed to enhance current processes, implement new technologies and protocols, and increase efficiencies. Learn more about planning your compliance budget here.
     
  • Staffing and Resourcing
    Establish coverage plans for employees expected to take short-term or long-term leave (maternity, paternity, medical, travel, etc.). If needed, review options for secondment or outsourced tasks in their absence. Learn more about secondment and outsourcing solutions.
     
  • Compliance Calendar
    Add 2018 dates for regulatory filings, trainings, testing, surveillance, reporting and conferences. Consider whether 2018 will require additional resources relative to 2017. Sign up here to receive our 2018 Compliance Calendar

Questions?

For questions on completing end-of-year tasks or to learn more about how ACA can assist please contact your regular ACA consultant or Kelly Santos at ksantos@acacompliancegroup.com for more information.

More Information

Join us on Thursday, December 14th for a live webcast, The Compliance Year in Review to learn more about 2017 trends and developments and what to expect in 2018. Register here.

 

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