It’s no secret that customer satisfaction scores go up when customers consistently get what they want. When they have unanswered questions about your products and services, they’re not likely to become your biggest cheerleaders. And, chances are that if your prospects find themselves with questions that can’t be answered, they’re not going to convert. We […]
Posts Tagged ‘regulatory compliance’
Banks Might Not Have To Cover Fraudulent Activity
I recently received a letter from American Express, warning me about a data breach that occurred with a third-party service provider several years ago. Although the letter doesn’t name the company who suffered the breach, it does mention that I’ve done business with them. The letter goes on to say American Express will continue to […]
The DOL’s New Conflict Of Interest Rule, In A Nutshell
In April of this year, the U.S. Department of Labor finalized a new rule that is meant to protect individuals from receiving retirement investment advice that, in reality, may not be in their best interest. It’s a complicated rule that addresses the conflict of interest that financial advisors frequently encounter, such as receiving commission or […]
$17 Million For An Inadequate AML Program
Recent news from the Financial Industry Regulatory Authority (FINRA) reminds us of the importance of having a solid anti-money laundering (AML) compliance program. A well-known financial services company was fined $17 million for not having sufficient processes that could enable them “properly prevent or detect, investigate, and report suspicious activity.” While the organization significantly grew […]
Financial services firms challenged in using data to serve customers
“Retailers are light years ahead of Wall Street in analyzing their data to find out what their customers want,” said to Peter Giordano, managing director at Oppenheimer & Co. “Instead of analyzing customer data, the industry still relies on salespeople, relationships and actual trades to tell us what clients want.” Big data might be a […]
The 5 Most Significant Compliance Issues in Financial Services
ThinkAdvisor recently published a list of the top 5 compliance headaches faced by advisors and BDs. Mandatory Succession Planning Rules for RIAs, which could require advisors to “plan for market stress and other events that may prevent an advisor from serving its clients.” These new rules are expected by the end of 2015. Form ADV – […]
Leverage data to improve compliance like the SEC and FINRA
The SEC’s Office of Compliance Inspections and Examinations (OCIE) is responsible for protecting retail investors and assessing market-wide risks, but now is shifting its attention also toward figuring out how to leverage data analytics to identify potential for illegal trading activities, conflicts of interest or other misconduct, according to a recent article by ThinkAdvisor, Compliance Data Analytics: Do […]
Financial services customers are now expecting compliance expertise
A recent survey of asset managers, broker/dealers, alternative managers and wealth managers found that compliance is now a core business practice of financial services firms, yet many are not yet devoting the financial resources toward making these programs truly effective. Firms have been facing enhanced scrutiny for years: 81% of respondents stated that they are […]
How to drive the most value from your compliance investments (WEBINAR)
Compliance has become a strategic and executive-level imperative for financial services organizations. Capturing data to meet regulatory requirements in reporting, risk management, and compliance is timely, expensive and challenging because it requires gathering, enhancing, and reporting the required data from multiple data sources. Thomson Reuters’ sixth annual “Cost of Compliance” study was just released this past […]
SIFMA AML Highlights: Compliance, Enforcement and Preparing for Tomorrow
We attended SIFMA’s Anti-Money Laundering & Financial Crimes Conference last month where experts in the industry discussed legal and regulatory developments, enforcements, and industry perspectives. There were many discussions around whistleblowers, anti-bribery & corruption, securities fraud and even marijuana related securities legislation. Andrew J. Ceresney, Director of Enforcement at the U.S. Securities and Exchange Commission, gave a […]
Deflategate: Lessons Learned for Financial Services Firms (and the NFL)
If you had not heard about the latest NFL scandal with the New England Patriots leading up to the biggest football game of the season (the Super Bowl) surely you did during some of the coverage of the game. National news took time out of their normally depressing nightly news to cover the latest developments in Deflategate. I’ll preface […]
Banks Have a Handle on KYC, Lack KYV Guidance
While most banks have a better grip on Know Your Customer requirements than they did years ago, the challenges and risks of non-compliance continue to grow as regulators focus on sources outside the financial institutions’ walls. What is the impact of a failed risk management program as a result of actions committed by a vendor or service provider? Your financial institution may be […]