The Changing Landscape of Compliance Staffing

The staffing needs for financial services firms are constantly evolving. The ever-changing regulatory landscape combined with the increasing adoption of regulatory technology can make finding and retaining qualified staff with the required proficiencies a challenge for HR departments and recruiters.

However, having the proper staffing and supporting resources in place is crucial to maintaining a strong compliance program. Teams that are over-burdened and stretched too thin are more likely to experience burn out and make mistakes. 

Compliance staffing gaps often occur for firms as a result of:

• Organizational changes and restructuring
• Fee compression and budgetary pressures
• Departures following year-end bonuses
• Family and medical leave 
• Holiday and vacation coverage

Firms are put at risk when these staffing changes occur and gaps are created in managing the ongoing compliance responsibilities. To find and retain knowledgeable employees who are able to keep up with the latest in technology and adept at translating complex regulations takes time and money. 

What You Should Know

A compliance program is only as strong as the people and resources that support it. When faced with waning budgets, staffing challenges, and a growing to-do list, it’s important for firms to understand the support options available. Below are a few tips areas where a little investment can make a big difference. 

1. Bring in short-term help
   Secondment and short-term staffing support can provide a helpful stop gap when looking to enhance a compliance team without long term costs. These short-term engagements can also be valuable in managing one-off projects without derailing day-to-day responsibilities.
    
2. Outsource it
   Giving the tasks that bog you down to a knowledgeable third-party will ensure the tasks gets done quickly and accurately. This will help you to free up your time for higher value internal responsibilities.
    
3. Leverage technology
   Simplify your day to day and make your day more efficient by leveraging technology platforms that can help to automate compliance tasks and streamline communications. 
    
4. Invest in training
   Maximize your team’s efficiency by ensuring they have the right tools and training to get the job done. 

How ACA Can Help

ACA’s Staffing Support Solutions allows clients to gain exposure to peer group best practices, involve little to no ramp up, and shift the risks and costs needed to recruit, retain, and oversee to ACA. ACA’s Staffing Support Solutions provide a scalable option, allowing clients to control the variable cost. The level of support provided can be dialed-up or down with no internal costs involved such as terminating or hiring.

Download our list of services and case studies here to learn more about how you can leverage our staffing support solutions.

Additionally, our team can support your firm with many ongoing compliance tasks such as:

• Compliance testing and assistance with the annual compliance review
• Routine monitoring and surveillance, including:
  • Personal account dealing
  • Electronic Correspondence Reviews
  • Marketing and Advertising Reviews
  • Trading surveillance
• Secondment assistance including short or long term loaning of compliance professionals
• Year-end filings with the SEC, FINRA, CFTC, and NFA
• Regulatory filing support
• Review of your policies and procedures
• And more.

For More Information

Contact our Business Process Outsourcing team if you’d like to learn more.