Fill the Gaps this Summer with Additional Compliance Support

Summer is finally here! After the challenges of the past year, many people are looking forward to a return to normalcy and preparing to return to the office. Across the industry, many firms are dealing with an increase in staff turnover as we turn the corner post-pandemic. Other firms, including ACA, are gearing up for summer breaks to recharge. As compliance officers look to fill positions and establish coverage, assistance may be needed to stay on top of your regulatory and client responsibilities.

In the compliance industry, taking a break from work isn’t as simple as turning on your “out of office” message and walking out the door. Compliance officers 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.

Hiring knowledgeable and experienced compliance professionals can be difficult, whether you’re permanently adding them to your team or needing to provide temporary coverage. At ACA, we’ve seen the challenges firsthand when there are gaps in compliance staffing. 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: On-site staffing support following a key person departure

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

Client B: Compliance testing support during a temporary staffing gap

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

We provided temporary support that allowed the remaining members of the compliance team to focus on managing some the additional responsibilities without the need to hire or risk burnout. 

How we help

We offer compliance and risk managed services that help investment advisers bridge staffing gaps, ensure coverage, and provide relief through periodic compliance program testing and monitoring. Our experienced compliance professionals have a diverse range of knowledge and experience and can support your firm’s compliance efforts during times of need.

Our managed services team 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 your ACA consultant or connect with our team here. 

Contact us