Adam Schaub

  By Adam Schaub, Vice President, Platform Product Management, RegEd

FINRA will continue to emphasize investor protection when examining broker-dealers in 2022. It is helping firms strengthen protections in the meantime by providing them with information that may help inform their compliance programs.

The 2022 Report on FINRA’s Examination and Risk Monitoring Program gives firms insights into 21 topics covered by examiners. As it addresses each topic, FINRA identifies the relevant rule(s), highlights key considerations for firms’ compliance programs, summarizes noteworthy findings from recent examinations, outlines effective practices that FINRA observed during its oversight, and recommends additional resources that may help firms in reviewing their supervisory procedures and controls and fulfilling their compliance obligations.

“FINRA’s Risk Monitoring and Examination Programs evaluate member firms for compliance with relevant obligations and consider specific risks relating to each firm, including those relating to a firm’s business model, supervisory control system and prior exam findings, among other considerations,” the regulator reminds firms in its annual report on examinations. “FINRA advises each member firm to review the Report and consider incorporating relevant practices into its compliance program in a manner tailored to its activities.”

In releasing the report, FINRA also noted that it will adapt its areas of focus throughout 2022 to address emerging regulatory concerns and risks for investors that may arise throughout the year. FINRA CEO Robert Cook has separately stated that FINRA’s 2022 priorities include revisiting rules and regulations in light of changes brought about by the COVID-19 pandemic and the industry’s shift to remote work, for example.

On whole, the 2022 Report on FINRA’s Examination and Risk Monitoring Program reflects an evolving securities industry. Focus areas highlighted in the report include:

  • FINRA’s initial findings from its Reg BI and Form CRS reviews
  • The increasing number and sophistication of cybersecurity threats faced by firms and their customers; and
  • Firms’ communications and disclosures made to customers regarding complex products.

The report also addresses trusted contact persons for the first time.

This analysis covers these four topics in-depth, addressing FINRA’s guidance and offering best practices for compliance.

Table of Contents


In addition to sharing insights into 21 examination topics, FINRA offers suggestions for using FINRA reports in compliance programs. For example, FINRA encourages firms to consider the following practices if they apply to their business model.

  • Review FINRA’s findings, observations, and effective practices for applicable guidance.
  • Incorporate relevant topics into the firm’s overall risk assessment process and focus on them during compliance program reviews.
  • Identify any gaps in the firm’s compliance programs and WSPs that could lead to the types of findings noted in a FINRA report.
  • Share copies of the publications or summaries of relevant sections with the firm’s compliance departments.
  • Present action plans to business leaders, addressing questions, findings, observations, and effective practices.
  • Add questions, findings, observations, effective practices, and guidance from the firm’s policies and procedures to the firm’s Firm Element and other firm training.

FINRA also regularly publishes Notices to provide firms with timely information on a variety of issues. Reviewing FINRA’s 2022 Report on FINRA’s Examination and Risk Monitoring Program and subsequent notices can help firms improve their compliance, supervisory, and risk management programs – thereby enabling the investor protection that FINRA looks for in its exams.

About RegEd

RegEd is the market-leading provider of RegTech enterprise solutions with relationships with more than 200 enterprise clients, including 80% of the top 25 financial services firms.

Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation, and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables our clients to cost-effectively comply with regulations and continuously mitigate risk.

Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and amplifying the value proposition delivered to clients. For more information, please visit

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