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Regulatory compliance for registered investment advisors - Include IT in compliance discussions - EY - United States

Regulatory compliance for registered investment advisors

Include IT in compliance discussions

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RIAs should be able to demonstrate that they have plans to fix any processes and systems that are not compliant.

Four to six weeks is the expected timeline for baseline IT diagnostic completion — for companies who have included IT in compliance readiness discussions from the beginning.

After completing these assessments, companies that have the basic IT structures in place needed to support Dodd-Frank compliance initiatives may be able to get by with relatively simple reconfigurations and adjustments. They can hold training and awareness sessions to introduce upgraded processes and address individual compliance issues as they arise.

Begin preparing for Dodd-Frank now

It is time, right now, to become compliant and prepare for an SEC examination and expanded reporting. Companies new to RIA compliance and those getting a late start with the planning process can engage consultants with the knowledge to guide them.

Ultimately, regulators want to see if RIAs possess the right governance model and the right practices to run the business and protect investors. RIAs should be able to demonstrate that they have plans to fix any processes and systems that are not compliant and be able to show their progress against their plans.



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