Are there times when as a Financial Industry Regulatory Authority (“FINRA”) approved and registered broker dealer that you feel your broker dealer is lost in an ocean of overwhelming rules and regulations? You may feel as though your firm is drowning in a plethora of obligations and tasks.
It is times like this when broker dealers can find drastic benefits of outsourcing some of its compliance functions. Having outside compliance is not a requirement of FINRA, but it is understandable given the constant stream of changes in the world of the broker dealer industry. There is a level of comfort that comes from having an experienced team of compliance professionals to help guide your broker dealer through the ever-evolving seas of change that come along with being a broker dealer.
An outsourced compliance firm, such as Securities Compliance Management (“SCM”) is available to guide, train, and help the broker dealer build processes and procedures to be successful so that upon a FINRA audit, the broker dealer should not have significant deficiencies. The key is for the broker dealer to invest time to train and learn the processes and procedures that are applicable to their broker dealer. A deep understanding of what is needed to succeed is imperative, and there is no price tag on this knowledge. Securities Compliance Management has a team of consultants ready to train and build the confidence of your broker dealer team with the knowledge to apply the proper processes, programs, and controls so that your broker dealer will not be overwhelmed with this task.
Even with outsourced compliance, it is important to note that ultimate responsibility falls on the broker dealer, not the outsourced compliance firm. Compliance is the responsibility of the broker dealer and no one else. Should a FINRA regulator comes in and finds deficiencies and failures within the broker dealer, the broker dealer is held responsible. But rest assured, your broker dealer will be on solid ground with the professional team of compliance consultants at Securities Compliance Management to continuously guide you through new regulations and various internal audits to ensure you are meeting your broker dealer’s necessary requirements. Contact SCM here to discuss outsourced compliance consulting, and how the Securities Compliance Management team can help you get your broker dealer in control of its compliance program.
