Don’t Get Burned. Do You Have Compliance Coverage this Summer?

Summer is finally here! With Memorial Day marking the unofficial start to summer it’s time to take a break, but in the compliance industry it’s not as simple as turning on your “out of office” and walking out the door. Compliance officers and managers need the assurance that they can leave the office and still have the resources available to fulfill both their regulatory obligations and their fiduciary duty to clients.

In a crunch, it can be difficult to identify and recruit knowledgeable and experienced compliance professionals to add to compliance departments or to provide temporary service to cover for an employee that is out of the office. At ACA, we’ve seen the challenges first hand that compliance professionals face when there are gaps in staffing, whether the gap is the result of summer vacations or the planned absence of a key team member. Below are some examples of ways we have helped our clients bridge the staffing and resource gap in times of need.

Client Case Studies

Client A: Challenge & ACA Solution

A three-member compliance team at a multi-strategy investment adviser with approximately $3.5 billion in RAUM had a key departure, leaving the adviser’s compliance department unable to complete their day-to-day responsibilities.

During the search process for a new compliance officer, ACA provided immediate staffing for a period of four months. ACA moved quickly to provide on-site assistance with a knowledgeable team member, a former regulator, who could support the firm’s compliance department. ACA’s full-time support included personal trading reviews, marketing material reviews, and ad hoc compliance testing and tasks. ACA also assisted with the firm’s annual compliance program testing efforts.

Client B: Challenge & ACA Solution

A private equity fund manager with over $20 billion in RAUM had a member of the compliance team leaving for maternity leave. ACA conducted an inventory of testing responsibilities with the adviser and identified five areas of quarterly testing that could be assigned to ACA’s Analysis and Review Center. 

ACA was able to provide temporary support, allowing the remaining members of the compliance team at the adviser to focus on managing some the additional responsibilities, without the need to hire or risk burnout. 

How ACA Can Help

To assist our compliance clients, we offer compliance support solutions solutions that actively help investment advisers bridge staffing gaps and ensure coverage. Our experienced compliance professionals have a diverse range of knowledge and experience and can support your firm’s compliance efforts on a full- or part-time basis, at any level of seniority. In addition, ACA’s off-site support solutions provide relief with periodic compliance program testing and monitoring.

ACA’s Secondment and Staffing Assistance Solutions can support your firm with many compliance tasks, including:

• Compliance testing and assistance with annual compliance reviews
• Routine monitoring and surveillance, including:
  • Marketing and advertising reviews
  • Code of ethics administration
  • Personal account dealing
  • Electronic communication reviews
  • Trade surveillance
• Secondment assistance including short or long-term loaning of compliance professionals
• Periodic customizable CCO support arrangements
• Review and enhancement of your policies and procedures
• And more.

For More Information

To learn more contact Sean McKeveny or your ACA Consultant.

About the Author

Sean McKeveny rejoined ACA in September 2014 to support the launch of the Analysis and Review Center (“ARC”) in Pittsburgh. Sean had previously worked as a Compliance Analyst in ACA’s Morristown, New Jersey office. After spending three and a half years in Pittsburgh, Sean returned to Morristown, where, as a Consultant, he oversees select ARC projects, provides support during mock exams, and serves as a practice specialist supporting sales and business development initiatives for ACA’s Business Process Outsourcing segment.