Compliance Vendor Solutions for 2021

As the industry continues to become more intricate and evolve with technological advancement, it is imperative for firms to evaluate their critical resources to stay ahead of the curve. To reduce potential risk, access subject matter experts, comply with regulatory requirements and/or improve efficiencies, many firms use third-party service providers to meet these needs. Moreover, many of these service providers can help firms to advance their compliance program by introducing an additional layer of internal controls.

Compliance Vendor Solutions for 2021

Core Compliance & Legal Services, Inc.SM (“Core Compliance”) regularly receives requests for resources that firms should consider, which is the topic of this month’s Risk Management Update. Our clients have shared their positive experiences of working with the following vendors. As we stay abreast of the industry, we recognize that the needs, budgets, and experiences from one investment adviser to another can materially differ; therefore, it is essential that financial industry firms conduct the proper vendor due diligence in a thorough and ongoing manner prior to engagement.


Compliance Technology Solutions

BasisCode ComplianceTM – BasisCode Compliance™ delivers a simple, centralized compliance platform, enabling compliance personnel to focus on high-risk areas while meeting critical regulatory and documentation requirements. The dashboard-driven system consists of a flexible menu including compliance calendar customization, testing, certifications and attestations, gifts and entertainment monitoring, risk assessments, form builder tool, personal trading, whistleblower, and document library management.

www.basiscode.com / (678) 819-1991

Contact: Carlos Guillen & Leslie Hatcher

 

MyComplianceOffice – MyComplianceOffice (MCO) provides a software system for compliance requirements and employee trading activity management, as well as task management and workflow, compliance calendar building, attestation management, disclosure management, gifts and entertainment monitoring, case and document management, risk management and more.

www.mycomplianceoffice.com / (866) 951-1558

 

Schwab Compliance Technologies® - Schwab Compliance Technologies® offers web-based compliance monitoring and surveillance software for the financial services industry. It enables organizations to reduce their regulatory compliance spend by automating labor intensive compliance tasks, such as employee personal trading monitoring and reporting, gift and political contribution oversight, maintenance of a compliance calendar, and project management for completing a variety of compliance requirements.
workplacefinancialservices.schwab.com / (312) 517-4060
Contact: Karen Zenisek, Managing Director  


Custodians

Charles Schwab | Advisor Services – Charles Schwab Advisor Services (Schwab) offers Registered Investment Advisors three things; experience, partnership and investment. Schwab knows that firms value their independence but crave advocacy. Within their custodial services Schwab offers RIAs support, service, technology, access to tools and products, education and training, and more.

advisorservices.schwab.com / (949) 720-4965

Contact: Barry Nicholson

 

Fidelity | Fidelity Institutional SM– Fidelity acknowledges that operating in today’s industry requires the right tools, resources, and support to drive future results. With Fidelity Institutional, firms have access to innovative technology and dedicated service to help evolve their business.

clearingcustody.fidelity.com / (949) 720-4965

Contact: Barry Nicholson

 

Interactive Brokers – Interactive Brokers (IBKR) services make them a gateway to the world’s markets. Their services include multiple trading products and tools, custom trading technologies and platforms, and more.

www.interactivebrokers.com / (707) 559-3258

Contact: Emmet Peppers

 

TD Ameritrade | TD Ameritrade Institutional – In combination with Schwab Advisor Services, TD Institutional offers Registered Investment Advisors a comprehensive approach to service. Aimed to innovate and break new ground in order to help promote growth, they offer RIAs support, connection and networking, technology (iRebal® and thinkpipes®), industry insight and training, and more.

www.tdainstitutional.com / (949) 366-4105

Contact: Greg Mayes


Continuing Education/Compliance Certifications/Training

FINRA Institute at Georgetown (CRCP)® Certification – The FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® program provides compliance, legal and regulatory professionals with an in-depth understanding of the foundation, theory and practical application of securities laws and regulation.
www.finra.org / (301) 590-6500

 

National Society of Compliance Professionals: Certified Securities Compliance Professional (CSCP) Certification – A CSCP designation distinguishes individuals with intermediate to advanced proficiency and a commitment to advancing securities compliance practices.  The focus of the course will be on Securities and Exchange Commission and Financial Industry Regulatory Authority regulated financial services firms with a particular emphasis on Investment Advisers and Broker Dealers.

nscp.org/about-cscp / (860) 672-0843

Contact: Colleen Dorsey, Director: colleen.dorsey@stthomas.edu

 

Quest CE – Quest CE offers compliance education and training opportunities for the financial services industry. In addition to offering continuing education (“CE”) for professionals holding insurance licenses and professional designations like the CFP, CPA, CIMA and CLU/CHFC designations, Quest CE also provides a complete spectrum of compliance training solutions.

www.questce.com/course-catalog (414) 375-3400

 

RegEd, Inc. – RegEd boasts a comprehensive course catalog covering a variety of industry topics and educational needs, including annual compliance meetings, needs analysis, training plans, tracking and reporting, firm element CE, insurance CE, exam preparation licensing training with exam preparation self-study, and online practice exams.

www.reged.com / (800) 334-8322

Contact: Christine Steurer

 

Securities Training Corporation® – The Securities Training Corporation (STC)® offers securities CE, securities licensing, insurance CE, and insurance pre-licensing and exam preparation licensing training in a classroom or self-study format. Their offerings are aimed for professionals looking to start a career in financial services or insurance, with their wide range of study products designed to prepare.

www.stcusa.com / (800) 782-1223


Electronic Books & Records Solutions

Broadcom Inc. – Broadcom® offers a comprehensive portfolio of identity-centric data loss prevention for IT security professionals. Broadcom offers a variety of technology solutions to protect all types of sensitive information and assets to help minimize accidental, negligent, and malicious misuse of data, as well as to help you remain compliant with regulations, corporate policies and reduce overall business risk.

www.broadcom.com / (800) 225-5224

Contact: Joshua Johnson

 

Bloomberg Vault – As part of Bloomberg professional services, Bloomberg Vault is a cloud-based information management service that delivers compliance, eDiscovery, and enterprise archiving by leveraging the scalability and reliability of Bloomberg’s global infrastructure, which distributes up to 250 million daily messages and manages more than 70 billion archived records on behalf of Bloomberg Vault subscribers.

www.bloomberg.com / (212) 617-6580

Contact: Nick Polychronopoulos


Electronic Mail Archiving & Surveillance Tools

Global Relay® – Growing up with the financial industry, Global Relay offers scalable messaging services that provide the foundation for mail management, compliance, eDiscovery and business continuity. Ask a Core Compliance consultant about preferential pricing available to Core Compliance clients.

www.globalrelay.com / (604) 484-6630

Contact: Chris Hartley, Regional Director of Business Development

 

Intradyn – Understanding the industry is overrun with options, Intradyn is a recognized archiving leader in the eDiscovery and email archiving markets, producing leading edge products for businesses, organizations, & governments.

www.intradyn.com / (651) 203-4600

Contact: Monique Gillard

 

Smarsh – Smarsh offers companies their approach to capture, store, and monitor their communications, specializing in email and instant message archiving, WORM Optical Storage, attachment archiving, virus protections, review and reporting tools, and spam filtering.

www.smarsh.com / (866) SMARSH 1 & (503) 946-5980

Contact: Richard L. Ring


Errors & Omissions (E&O) Insurance

Chubb  As a global provider of insurance products, Chubb provides solutions and coverage for property and casualty, accident and health, reinsurance, and life insurance and are the largest publicly traded property and casualty company in the world.

www.chubb.com / (866) 324-8222

 

Marsh McLennan – Marsh McLennan is a global risk and insurance service firm, providing coverage for a variety of exposures, including crisis management, mergers and acquisitions, business continuity and operational risk.

www.mmc.com/solutions / (212) 345-6750

Contact: Sarah Dewitt, Head of Investor Relations

 

Starkweather & Shepley Insurance, Brokerage Inc. – Starkweather & Shepley offers a full range of cost-effective commercial insurance and risk management solutions, including a variety of financial insurance, risk management, and related services worldwide.

www.starshep.com/services / (800) 854-4625

Contact: Jessica Thayer


GIPS® Verification and Performance Services

CAPS Inc. – CAPS provides a unique approach to investment data organization and analytics by designing and deploying unparalleled software solutions, specifically a GIPS® composite and management reporting workflow software solution for GIPS compliance and reporting.

www.capsinc.com / (407) 930-3590

Contact: Tim Lentine

 

Deloitte – As a multiservice company, Deloitte offers a comprehensive suite of services to a multitude of industries, some of which include audit, tax, consultant and financial advisory services, including GIPS® verifications.

www.deloitte.com / (213) 688-0800


Private Fund Administration

Hedge Solutions, Inc. – Hedge Solutions provides specialized accounting services for fund structure or investment strategy, and offers consolidated online investor access to key information, reporting and documents in a protected and secure environment.

www.hedgesolutions.com / (603) 644-3343

Contact: Katie Cronin

 

Opus Fund Services, LLC – Opus Fund Service provides hedge fund administration, including fund accounting/NAV calculations, partner allocations, and year-end reporting services – regardless of complexity or fund size.

www.opusfundservices.com / (415) 762-8749

Contact: Mike Canni & Gregory Knapp

 

SS&C Technologies Holdings, Inc. – SS&C Technologies Holdings (NASDAQ: SSNC) provides fund administration services for hedge funds, fund of funds, private equity funds and managed account managers. SS&C also offers back office, middle office, and front office software for alternatives investment managers.

www.ssctech.com / (800) 234-0556

Contact: Brandon Fahy & Bob Wright


Private Fund Auditing Firms

EisnerAmper, LLP – As a global firm serving a broad spectrum of financial services and high net worth clients, EisnerAmper offers a full range of audit, accounting, taxation, and consulting services. Hedge fund advisory services include hedge fund audit and tax services as well as support for fund of funds, multi-strategy funds, and PIPES.

www.eisneramper.com / (415) 357-4216

Contact: Todd Hankin & Keith Miler

 

KPMG, LLP – With their worldwide presence, KPMG is an international firm that provides audit, tax and advisory services and industry insight to help organizations negotiate risks and perform in the dynamic and challenging environments in which they do business.

www.kpmg.us/ / (201) 307-7000

Contact: William Tomazin

 

Marcum, LLP – As a national accounting and advisory services firm, Marcum provides consulting, tax and auditing services for private equity partnerships, hedge funds, off-shore funds, registered investment advisers, and real estate funds, in addition to traditional accounting, assurance and tax, including domestic and international tax planning.

www.marcumllp.com / (212) 485-5510

Contact: Dennis J. Schall, Partner


HR Administration Support

ADP® – ADP offers HR administration and technology solutions for the internal workings of your firm. On top of AI automation solutions, their services include HR services, talent acquisition, time and attendance monitoring, benefits administration, payroll maintenance and more.

www.adp.com / (877) 532-0136

 

Coastal Payroll® – Coastal Payroll specializes in human capital management; which includes Human Resources, Benefits Administration, Time and Attendance, and more. Their suite of offerings also includes payroll, time keeping, talent acquisition, benefits, human resources, and custom integrations for your specific business.

www.coastalpayroll.com / (858) 565-2123

 

Paychex® – Paychex, Inc. (NASDAQ: PAYX) is a provider of integrated human capital management solutions for payroll, benefits, human resources, and insurance services. Paychex also offers an all-in-one HR software, which is customizable and scalable to any growing business.

www.paychex.com / (833) 729-8200

 

TriNet Professional Services – TriNet offers HR administration expertise including payroll processing, risk mitigation, and expense management solutions. TriNet allows your business the opportunity to offload administrative tasks and paperwork associated with HR functions.

www.trinet.com / (941) 744-3445

Contact: Marissa Ross


Portfolio Accounting and Trade Management Systems

Charles River Investment Management Systems – Charles River provides the industry with a unique approach, including their Charles River Investment Management Solution (Charles River IMS). Their platform provides software, hosting, and data services to automate front and middle office investment operations for buy-side firms. On-premises software solutions support portfolio management, compliance and risk monitoring, access to global liquidity, and trade processing.

www.crd.com / (781) 238-0099

 

SS&C | EZE – As one of the many solutions offered by SS&C Technologies, EZE provides comprehensive technology solutions to broker dealers, hedge funds, institutional asset managers, mutual funds, pension funds and wealth managers.

www.ezesoft.com / (617) 316-1000

Contact: Michael Hutner & Azmi Jafarey

 

SS&C | Advent – Another offering provided through SS&C Technologies, Advent offers innovative investment management solutions that integrate portfolio accounting, reporting, performance analytics, and client relationship management, effectively linking portfolio managers, operations, and client service staff on a single database platform.

www.advent.com / (800) 727-0605

Contact: Brad Hancock & Matt Ahlstrand

 

Envestnet | Tamarac® – As a division of Envestnet® (NYSE:ENV), this company offers scalable web-based portfolio management technology that enables investment managers to provide customized, tax-efficient, individual account management to a multitude of clients.

www.tamaracinc.com / (866) 525-8811

Contact: Brion Valashinas


Proxy Voting Services

Broadridge Financial Solutions – Broadridge provides infrastructure solutions that empower corporate governance, capital markets and wealth and investment management through their supplies tools to help manage proxy votes, keep records, and maintain compliance.

www.broadridge.com / (800) 353-0103

Contact: Amy Reuter

 

Glass Lewis and Co. – As a provider of independent global governance services, Glass Lewis helps institutional investors understand and connect with the companies in which they invest. Some of their offerings include Viewpoint, a vote management platform, and Proxy Paper, a research report with analysis and recommendation on every proxy vote, including M&A and other financial transactions.

www.glasslewis.com / (415) 678-4110

Contact: Mike O’Sullivan & Crystal Milo


 Cybersecurity: Vulnerability Assessments & Penetration Testing

Altius IT – Altius IT is a security audit company with certified auditors to help firms meet their security and compliance requirements. Their unique approach to cybersecurity includes IT audits and penetration testing, privacy and compliance audits, mobile application security, and website security testing. www.altiusit.com / (714) 794-5210

Contact: Jim Kelton

 

Secureworks® | TaegisTM – As a product from Secureworks, Taegis a cloud-native security analytics platform built on 20+ years of real-world threat intelligence and research, improves your ability to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.

www.secureworks.com / (877) 838-7947

Contact: Ian Bancroft

 

Xantrion – Xantrion provides enterprise-grade IT services to midsized businesses. Their custom offerings include IT roadmaps, IT support, proactive monitoring, backup and recovery services, security services, cloud strategy, and more.

www.xantrion.com / (510) 272-4701

Contact: Anne Bisagno


Cybersecurity and CCO Liability Insurance

National Associate of Professional Agents – National Associate of Professional Agents (NAPA) insurance programs provides small businesses and independent contractors with coverage to help protect against the financial burden created by a data breach.
www.napa-benefits.org / (800) 593-7657

 

Starkweather & Shepley Insurance, Brokerage IncStarkweather & Shepley’s preferred carrier for cyber liability insurance is Lloyd’s of London. Since cyber liability insurance is not standardized it is important to work with a good agent to help define the coverage needed and negotiate the terms. The cost will vary widely depending on the coverage.

www.starshep.com / (401) 435-3600

Contact: Andrew Fotopulos

 

The Hartford – The Hartford helps businesses prepare for a cyber breach by providing a suite of comprehensive, flexible coverages that respond to the ever-expanding list of cyber threats.
www.thehartford.com / (866) 467-8730

 

Windermere Insurance Group – Windermere Insurance understands the exposures and inherent risks that threaten your business and personal assets. They aim to help businesses prepare for a cyber breach by providing a suite of comprehensive, flexible coverages that respond to the ever-expanding list of cyber threats.
https://windinsgroup.com / (704) 247-3038
Contact:
Scott H. Shannon  


For more information, please contact us at info@corecls.com, at (619) 278- 0020 or visit us at www.corecls.com.

 

Authors: Ian Ruble, Director of Business Development; Editor: Michelle L. Jacko, CEO, Core Compliance & Legal Services (“Core Compliance”). Core Compliance works extensively with investment advisers, broker-dealers, investment companies, hedge funds, private equity firms and banks on regulatory compliance issues.

 

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This article is for information purposes and does not contain or convey legal or tax advice. The information herein should not be relied upon in regard to any particular facts or circumstances without first consulting with a lawyer and/or tax professional.