2016 is speeding to a close, so to assist advisory firms in preparing for year-end compliance requirements, along with certain upcoming regulations, Core Compliance & Legal Services, Inc. (“Core Compliance”) recently published a Risk Management Update (“RMU”) that contains a year-end compliance checklist. While it’s not all inclusive, the checklist is extensive and provides a risk management tip for each task listed. Our hope is that it will assist Chief Compliance Officers in determining what is needed to close out 2016 and get ready for 2017. A sampling of some of the tasks listed include:
- Examine the firm’s annual review process performed over the last couple of years and make enhancements to help ensure it remains sufficient.
- Ensure all necessary compliance steps outlined in your firm’s policies and procedures have been performed (or will be by end of the year).
- Ensure that all annual compliance reporting has been completed by supervised persons.
- Ensure that applicable required federal and/or state filings have been made.
- Review and test the firm’s business continuity plan and ensure training to employees is provided.
In addition to the checklist, the RMU contains a list of areas the SEC has stated will be on their radar during exams in 2017. These areas are both new and a continuation of certain high priority areas from 2016, such as cybersecurity and their ReTIRE initiative.
Should you need guidance or assistance from Core Compliance on any of these projects or have questions, please give us a call at (619) 278-0020. Thank you.