7 Effective Compliance Strategies for 2024
Establish a Plan of Action for 2024
Preparing for 2024
With the new year in effect, it is important to have a strong focus on your Compliance budgets to meet the consistently aggressive regulatory environment and investor obligations.
Prioritizing a plan for your compliance budget is crucial for staying ahead of Rule changes and other unique challenges.
With new Rules and Regulations taking effect this year like the new Private Fund Rule and the potential updates on “high ticket item” Proposed Rules such as the Predictive Data Analytics and Cybersecurity Rule for RIAs and Funds, it is important develop an effective Compliance Strategy to comply with these new, and potentially upcoming changes.
7 Effective Compliance Strategies
- Determine your goals.
- Set a list of goals for your Compliance Program and determine areas that may be in need of enhancement or heightened supervision over.
- Properly evaluate Rules and Regulations that could apply to your business.
- Whether this is having third party support or in-house support, having an experienced individual in Compliance to help monitor new Rules and Regulations is a crucial aspect for your Firm.
- Build an effective Training Program for your employees.
- Staying up to speed with the regulatory environment is one challenge but also providing your team with an effective Compliance Training is another obstacle as well. Vigilant provides a hands on and customized compliance training program to fit your firm and align with its focused needs.
- Plan ahead to ensure you are prepared for a Regulatory Examination.
- As the SEC continues to add to their Examination team and start to perform on-site examinations, making sure your Firm is prepared is crucial.
- Performing a Mock Exam will help provide a “fresh set of eyes” on your Compliance Program and allows for a detailed assessment of it.
- Complete Outstanding Items and Update the Compliance Calendar
- You need to make sure your Compliance Calendar is up to date and be sure to close out any remaining regulatory examination items before establishing your compliance budget.
- Formulate a Framework for your Compliance Program
- Determining how much will be needed to allocate for things such as the Private Fund Rule, Marketing Review, Cybersecurity, and more is crucial to be prepared for.
- Delineate Priorities and Calculate a Timeline
- It is important, after digesting all of this information, to make sure you have a determination of what is going to be the most important thing for your Firm, and developing a timeline around when those decisions should be made.
How Vigilant Can Help?
Staying up to date with upcoming changes is going to be crucial and can be challenging. A great way of doing that is by implementing a best-in-class Gap Analysis of your Firm’s current state.
We can assist in helping your Firm complete overdue tasks and allow you to focus on top priorities for 2024. At Vigilant, we are here to help support you and build a long-lasting partnership for many years to come. Having that extra support to ensure tasks are getting completed on time can provide a huge sigh of relief.
We offer the ability and flexibility to provide Fully Outsourced CCO Solutions, CCO Support, and Interim CCO/CCO Support for the following types of advisers below:
Vigilant’s Conclusion
Building an effective Compliance Strategy is crucial, and is something that can be a big lift for some Firms.
At Vigilant, we have been in the industry for nearly two decades and have over 500+ years of experience uniting Regulatory Compliance, Legal, and Financial Expertise.
We are flexible in our ability to support or fully take over your Compliance responsibilities.
If you would like to learn more about Vigilant, contact us clicking on the button below.