High Demand for Mock Exams
NEWS AND ALERTS
Brief Introduction
Firms continue to face a regulatory environment that has seen a record number of rule releases, billions in financial punishments, and an increase in onsite regulatory examinations.
With little hope that the SEC will slow down, Firms are turning to Mock Examinations as their best hope for attempting to avoid regulatory burdens on their business.
Industry Attitude Towards Mock Exams
- In a recent survey reported by Ignites Magazine, 64% of Advisory Firms have or will conduct a Mock SEC Exam.
- 82% of those who responded said performing a Mock SEC Exam helped them prepare for an actual SEC Exam.
- As the amount of work required from compliance departments expands rapidly, the need for an in-depth and competent risk assessment also increases.
- Mock SEC Exams are seen as an excellent way to check on the policies and procedures of a company and can be insightful when performed by a credible Compliance Firm.
- Some of the major focus exam topics include advertising review, cybersecurity, electronic communications, vendor due diligence, and ESG.
Vigilant’s Conclusion
Vigilant recommends that Firms perform the due diligence required to help limit their risk of regulatory burden.
Of the many compliance solutions available, we highly suggest Firms conduct at least a focused Mock SEC Exam to help ensure that their compliance departments have kept up with all the regulatory changes occurring in the past 2 years.
With a Compliance Firm that performs end-to-end compliance solutions, we also can provide remediation and ongoing support if the Exam finds any deficiencies.
Please reach out to us today for any further questions you may have.