Managing Compliance Resource Constraints Due to COVID-19

Many compliance teams are finding it difficult to move forward with day-to-day operations due to constraints created by the coronavirus pandemic (COVID-19). This unprecedented environment has resulted in employees trying to juggle working from home while managing family responsibilities such as caring for children and loved ones. In addition, many firms are facing hiring freezes making it difficult to obtain the compliance resources needed.

In the face of these challenges, compliance teams may need to start thinking more strategically about how they achieve their goals and meet their regulatory obligations. Utilization of remote outsourcing or the “managed services model” can provide a much needed extension of the compliance function. Turning to an outside firm, whether for staffing support, outsourced or co-sourced arrangements, or implementing smart technology can provide the resources your firm needs within a short period of time and scaled to the length of time needed.

When implemented appropriately, strategic outsourcing provides a beneficial tool at a firm’s disposal to maintain flexibility and continuity of resourcing. Outsourcing arrangements can provide high-quality expertise while reducing the strain on existing resources.

We have been noticing a shift towards outsourcing tasks like: electronic communications surveillance, trade surveillance, reviews of marketing and advertising materials, code of conduct and employee compliance surveillance, vendor diligence, cybersecurity, regulatory filings, and privacy.

With these crucial (and time consuming) activities in a safe pair of hands, compliance executives are freed up to take a more strategic approach to some of the more significant challenges they face.

We are Here to Help

ACA is here to support your firm as you navigate this uncertain time. Our existing suit of managed services can help firms address and mitigate the new and emerging risks resulting from the COVID-19 pandemic in order to maintain business operations and withstand the crisis.

If you’re feeling short-handed due to COVID-19, we’re here for you. We’re sensitive to the pressures and unique challenges you and your firm are facing. With many years of experience in this area, our team has the regulatory and practical compliance expertise to assist with ongoing responsibilities, such as:

• Secondment and compliance staffing solutions
• Electronic communications reviews
• Marketing and advertising reviews
• Trade surveillance
• Regulatory filings review services
• Vendor diligence and management
• Social media surveillance service

We can offer temporary support to assist your firm during a quarantine period, or provide longer-term solutions. Contact us to discuss your firm’s needs and how we can quickly help to fill gaps.

Contact Us

Additional COVID-19 Resources

Visit our COVID-19 Resource page to access all of ACA’s resources to help your firm manage the new and emerging risks created by the pandemic.