RegEd.com|  Complaint Management

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Our solution and subject matter experts will provide an overview of how RegEd’s enterprise solutions enable our clients to improve efficiency, effectiveness and transparency across the enterprise.

Industry Challenge

Complaint management procedures are increasingly falling under the scrutiny of regulators of the financial services industry. As a result banks, insurers, broker-dealers and other financial services firms must demonstrate a systematic methodology for addressing customer complaints in a timely fashion. A manual process in which email, spreadsheets and decentralized communication are the primary tools for execution is difficult to manage to deadlines imposed by regulators, and is unlikely to produce adequate responses and resolutions. Such an approach unnecessarily increases exposure to risk.

Firms must establish an optimized process for complaint management that is efficient for Compliance and business owners, while reducing non-compliance and reputational risks.

RegEd Solution

Complaint Management, powered by the RegEd Enterprise Compliance Management Platform, streamlines the end-to-end process of complaint resolution throughout the organization. The solution installs a best practice methodology for complaint management that mitigates reputational and non-compliance risks associated with complaints. Complaint Management enables the firm to systematically capture and track complaints that are reported directly to the firm or to regulators. Robust workflow and task management capabilities enable an efficient process for the timely resolution of consumer complaints. Full documentation related to complaints and their resolution, along with a full audit trail of the firm’s complaint management practices, is captured in a central repository, enabling preparedness for regulatory exams.

To satisfy internal stakeholders and examiners, the solution provides comprehensive reporting, including standard and ad-hoc reporting capabilities. Customizable dashboards give Compliance and business stakeholders real-time visibility into complaint resolution activities, enabling the identification of potential risk. Prediction and trending are supported with powerful search and reporting tools, and dashboards that allow users to find and monitor “hot spots.”

Distinguishing Capabilities

  • Single repository for complaints, disclosures, supporting documentation.
  • Retain, search, update, report on active / historical event and complaint data from a central location.
  • Hierarchy-driven reporting enables reporting at any level of the firm’s structure.
  • Associate representatives with events or complaints directly from firm hierarchy.
  • Assign internal investigators to enable a central point of contact for open items.
  • Receive systematic warnings for missing required fields and default filing values.
  • Configure email notifications based on filing requirements.
  • Generate and analyze a statistical summary of complaints by a specified date range.
  • Measure turn-around by elapsed time at each stage of the investigation and resolution process.
  • Systematically capture and track complaints that are reported directly to the firm or to regulators.
  • Robust workflow and task management capabilities enable an efficient process for the timely resolution of consumer complaints.
  • Configurable communication templates facilitate consistent and compliant communications with customers.
  • Central repository maintains all documents and communications related to complaints.
  • Report on the status of pending complaint resolutions, including deadline notifications.
  • Data in the application is structured to provide the transparency required for responsive trending and analysis.

For Broker-Dealers

  • Allows firms to adhere to FINRA Rule 4530(a) and promptly report specified events to FINRA.
  • System integration enables the ability to electronically report complaints and disclosures to FINRA, eliminating the need for redundant data entry across firm, internal and FINRA databases.
  • In accordance with FINRA Rule 4530(d), statistical and summary information related to complaints and disclosures can be exported via .XML from the Complaint Management system and uploaded to meet quarterly filing requirements.
  • Configure internal identifier codes for reporting, in addition to FINRA codes.
  • Identify the universe of U4/U5 forms that require updating within specified date ranges.

Key Benefits

  • Ability to track an event or complaint from discovery date to disposition, ensures that the loop is closed, reducing the risk of regulatory, reputational and financial consequences.
  • Captures full complaint and event documentation, filing and resolution details, enabling the firm to readily fulfill document requests from regulators, demonstrating a strong compliance posture.
  • Establish a streamlined, consistent process for complaint tracking and handling.
  • Ensure timely complaint responses and remediation, avoiding missed deadlines and regulatory scrutiny.
  • Mitigate risks associated with decentralized communication and insufficient accountability.
  • Ensure ready preparedness for regulatory exams, and improve the firm’s ability to withstand scrutiny of its complaint management practices.
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