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Creating effective compliance oversight structures for investment advisers
Journal of Financial Compliance,
5
(2),
144-153
(2021)
Abstract
Creating an effective oversight structure is no easy task. Investment advisers face challenges based on growth of the business, changes in regulations, new initiatives from senior management, product and service evolutions and potentially limited budget and resources to support increasing compliance needs. The purpose of this paper is to address how to create an effective supervisory structure. Focusing on recent guidance by the SEC in the form of speeches, Risk Alerts and a case study, we will explore how to identify and address potential gaps that exist in the supervisory structure, including considerations for building a strong culture of compliance and advance effective oversight, considering both teleworking and in-office environments.
Keywords: Oversight structures; culture of compliance; compliance programme; surveillance and supervision
The full article is available to subscribers to the journal.
Author's Biography
Michelle L. Jacko Esq, CSCP, is the Managing Partner and CEO of Jacko Law Group, PC, which offers securities, and corporate law to investment advisers, investment companies, broker-dealers, hedge/private funds and financial industry professionals. In addition, Ms Jacko is the Founder and CEO of Core Compliance & Legal Services, Inc., a compliance consultation firm headquartered in San Diego, CA. Ms Jacko specialises in regulatory compliance matters, internal control development, regulatory examinations, transition services and operational risk management. Her practice is focused on areas including regulatory exams and formal inquiries, mergers and acquisitions, annual reviews, policies and procedures development, testing of compliance programmes (including evaluation of internal controls and supervision), mock exams, marketing reviews, cybersecurity and Regulation S-P. As a frequent presenter at national financial industry conferences, Ms Jacko delivers insightful and thought-provoking sessions related to the latest regulatory hot topics and rising compliance issues. She also is a frequent contributor to various industry journals.
Janice Powell IAACP, is a Senior Compliance Consultant at Core Compliance & Legal Services, Inc. Ms Powell has dedicated her career to the continuous collaboration with firms throughout the industry in an effort to enhance their risk-based compliance programmes and understanding their fiduciary responsibilities to their clients. Her dynamic approach and experience working with C-Suite executives to mitigate conflicts of interest and regulatory scrutiny, while developing solutions to help firms expand and grow their business in a compliant way, has made her a rising star in the compliance arena. Throughout her career, Ms Powell has focused on perfecting custom methods on how to build and develop a culture of compliance. Ms Powell provides compliance consultation to multiple business models from hybrid advisers, multi-family offices, dual registrants, bank-owned advisers and broker-dealers, advisers to mutual funds, trust companies and independent advisers. Her consultation practice areas include investment adviser, investment company, broker-dealer and private fund compliance programmes, marketing reviews, Code of Ethics and Compliance Programme development and training, policy and procedure, surveillance and internal control development, risk assessment and, annual reviews.
