Establishing Relevant, Risk-Responsive Compliance Education

OPPORTUNITY

A mid-sized registered investment adviser’s compliance testing revealed the need for a clear, consistent compliance training program for both new and current employees.

The compliance team wished to revise outdated training materials and establish a transparent process and uniform delivery method that addressed knowledge and process gaps within the context of business needs and industry trends.

PROCESS

We reviewed the compliance program’s current training program and interviewed senior management to determine relevant and appropriate recommendations in light of the firm’s existing business model and potential risks. We then revised existing materials and produced new training materials for both new and current employees, established a training calendar tracking the periodicity of ongoing employee training on a year-over-year basis, scheduled training material updates, and provided best practice recommendations for virtual or personal training based on topic and risk level.

RESULTS

Relevant materials and a functioning compliance calendar establish a uniform, transparent implementation strategy and sustainable process for addressing and mitigating the risks associated with regulatory changes and breaches in employee conduct or federal law. Best practice recommendations guide the compliance team’s ability to negotiate adequate resources towards the continued improvement of the training program.