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Regulatory requirements, logistics and challenges of conducting an effective field audit programme
Journal of Financial Compliance,
5
(1),
55-65
(2021)
Abstract
This paper reviews internal compliance examinations for broker-dealers and investment advisers in the light of emerging work trends and regulatory guidance stemming from the coronavirus pandemic. It pays special attention to internal compliance practices, the use of technology and staffing needs before examining factors for firms to consider in determining whether to conduct internal examinations remotely or on-site. It pays particular attention to branch-office examinations. The paper concludes that the most successful firms in adapting to changing workplace conditions and regulatory guidance not only will remain at the forefront of compliance but also can drive their own business forwards.
Keywords: compliance programme; audit; inspection; examination; branch exam
The full article is available to subscribers to the journal.
Author's Biography
Jim Hooks is Managing Director and Chief Compliance Officer at Private Advisor Group. He seeks to manage risk and drive value for advisers and their clients through innovation, strategic planning and continuous process improvement. He joined Private Advisor Group in 2019 after holding executive-level and leadership roles for more than 30 years in the financial services industry. Most recently, he had been the Senior Vice President of Compliance, Legal and Risk at LPL Financial, where he was responsible for leading the creation and management of a comprehensive branch exam programme that enabled a team of more than 100 employees to appropriately identify and manage risk. Prior to that, he spent 18 years progressing through the ranks at Raymond James, where he ultimately served as Vice President of Compliance and had broad responsibilities for the company’s compliance programme. Jim is a member of the National Society of Compliance Professionals (NSCP), is designated as a Certified Regulatory and Compliance Professional (CRCP) by the Financial Industry Regulatory Authority (FINRA) Institute at Wharton, and holds FINRA Series 4, 7, 9, 10, 24, 63 and 66 FINRA licenses.
