As a new Chief Compliance Officer (CCO), Chief Operating Officer (COO), or Chief Technical Officer (CTO) in today’s rapidly evolving asset management industry, you are constantly confronted with a myriad of responsibilities. Among these, ensuring robust compliance systems is crucial to safeguard your firm’s reputation and operational integrity. While the temptation to focus solely on immediate operational or technical issues might be high, it is imperative not to overlook the overarching benefits that an investment compliance consultancy can bring to your organization.
The Single Most Important Advice
If there’s one piece of advice we could offer to new C-level executives in asset management, it is this: Never underestimate the value of periodic external reviews of your investment compliance framework, especially by seasoned consultants who are experts at what they do.
Why Consider an Investment Compliance Consultant?
“Having served in the compliance space at CRD, a leading provider of compliance solutions, I have conducted numerous Compliance Assessments or “Health Checks” on client’s Rule Libraries. These assessments have been incredibly valuable for CCOs, as they offer insights not readily apparent through internal reviews.”
– Charles Lee, Investment Compliance Consultant at TillieStar
Here’s a deeper look at why engaging with consultants can be transformative:
Comprehensive Benefits of Compliance Consulting
- Expert Evaluation: Consultants bring specialized expertise and an external perspective that can pinpoint issues which might be invisible to internal teams who are too close to the daily operations.
- Enhanced Efficiency and Profitability: A streamlined and compliant operation reduces the risk of violations that can lead to fines and reputational damage. It also improves overall efficiency, thereby enhancing bottom-line profitability.
- Risk Assessment and Mitigation: Regular health checks of your compliance systems and rule libraries help in identifying hidden risks, ensuring that minor issues don’t turn into major violations.
- Adaptability to Regulation Changes: With the constant evolution of regulations, experienced consultants keep you ahead of the curve by implementing necessary changes proactively.
- Training and Development: Consultants not only fix problems, but they also transfer knowledge, ensuring your team is better equipped and enabled to handle compliance tasks in the present and future.
How to Engage with a Compliance Consultant?
Engaging with a consultancy involves several steps, tailored to maximize benefits for your organization:
- Initial Consultation: This involves discovery of your current compliance framework, challenges, and objectives.
- Assessment Phase: Detailed evaluation of your existing compliance systems and processes to identify potential improvements.
- Implementation of Recommendations: Based on the assessment, consultants will help implement necessary changes, including adjustments in software, rules, and processes.
- Training and Handover: To ensure sustainability, consultants provide training sessions for your internal teams on new procedures and technologies.
- Follow-Up and Ongoing Support: Compliance is not a one-time task. Ongoing support ensures that your systems remain robust against emerging risks.
To the new C-level executives in the asset of management, remember this: while handling daily operational pressures, do not overlook the health of your compliance function. The consequences of compliance failures can be severe. Periodic reviews by external consultants are not just beneficial; they are essential to maintaining the compliance integrity of your organization.
By investing in such expert services, you safeguard more than your operations; you protect your firm’s future. The upfront cost of compliance consulting is indeed an investment towards operational excellence and strategic success.
Ready to take the necessary next steps to enhance your compliance strategy? The experts at TillieStar are here to help.
For tailored advice and in-depth consultation, reach out to TillieStar today, and ensure your asset management operation exceeds every compliance metric.