Published on Nov 18th, 2021 |


Establish A Plan Of Action For 2022 | Vigilant Insights


Preparing for 2022

With the new year rapidly approaching, it is important (as life moves back to normal) to have a strong focus on your Compliance budgets to meet regulatory and investor obligations.

Prioritizing a plan for your 2022 compliance budget is crucial for staying ahead of Rule changes and other unique challenges.

Looking at things in action and preparing for the unexpected are elements worth planning ahead for.

Contact us if you need assistance!

Below is 5 key tips when preparing for your 2022 compliance budget:

  1. Examine and Evaluate 2021
    • Reviewing your past year and conducting an internal audit: doing so will allow you to help establish your needs more specifically for 2022.
    • If you need assistance for an external audit or mock exam, Vigilant offers Mock SEC Examinations by conducting risk assessments, review of policies and procedures, gap analysis, interviewing your associates with questions, reviewing the compliance annual review, and providing a written summary of findings. This is essential to accurately discover potential gaps or deficiencies that should be a high priority in 2022.
  2. Make Sure to Properly Evaluate Regulatory Changes
    • The Marketing Rule is an utmost priority to be aware of, as it takes effect on May 4th, 2021. Setting aside a budget to focus on the Rule and complying with it is going to be essential for 2022.
    • Vigilant now offers Marketing Rule Review Services where we provide full gap analysis and implementation support to help your Firm comply with the Rule. Other regulatory changes that look to make an impact in 2022 are Cybersecurity, ESG, and the threat of ransomware. Are you prepared for these changes that are on the horizon? Contact us to comply with these new Rules and Regulations.
  3. Complete Outstanding Items and Update the Compliance Calendar
    • You need to make sure your Compliance Calendar is up to date for next year and be sure to close out any remaining regulatory examination items before establishing your budget for next year.
  4. Formulate a Framework for your Compliance Program
    • As discussed previously, it is important to take into account what specific elements will be involved in your Compliance Budget for 2022. Determining how much will be needed to allocate for things such as the Marketing Rule, Cybersecurity, ESG, Performance, and more is crucial to be prepared for.
  5. 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.

To learn more about how Vigilant can help you and your firm, see the following takeaways below:

  • We can assist in helping your Firm complete overdue tasks before the end of 2021 and allow you to focus on top priorities for 2022. At Vigilant, we are here to help support you and build a long-lasting relationship 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 Support. This provides you with an array of options to hand off certain Compliance tasks to us or have us take care of all of it!
  • Staying up to date with upcoming changes is going to be crucial. A great way of doing that is by implementing a best-in-class Gap Analysis of your Firm’s current state. As discussed previously, we offer Mock SEC Examination Solutions and Marketing Rule Gap Analysis and Implementation Support to help you comply with the new Rule.

If you would like to schedule a call with one of our Directors, click here to contact us!