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Compliance Management

RegEd.com|  Updates|  Compliance Management
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Advertising Review: Is Your Marketing Collateral Review Process 17a-4 Compliant

Is Your Marketing Collateral Review Process 17a-4 Compliant?

RegEd’s Advertising Review solution is built to support firm’s marketing collateral approval process. In addition to robust workflows, Advertising Review is designed with compliance in mind including Worm and D3P support per SEC requirements.

Many regulations imposed by FINRA and the SEC have to do with the archiving of electronically stored information (ESI). Therefore, to ensure compliance firms are required to archive all necessary ESI. However, just archiving the data is not enough. SEC Rule 17a-4 mandates it must be archived in the proper format to meet compliance standards.

Write Once Read Many (WORM)

WORM describes a data storage device in which information, once written, cannot be modified, overwritten or deleted. This write protection affords the assurance that the data cannot be tampered with once it is written to the device.

The SEC defines which books and records to WORM such as purchase and sale documents, customer records, associated person records, customer complaints, and certain other matters. Additionally Rule 17a-3 and Rule 17a-4 specify minimum requirements with respect to these records that broker-dealers must make, and how long those records and other documents must be kept. 

Designated Third Party (D3P)

Broker-Dealers are required to have at least one Designated Third Party (D3P) Compliance Provider for each electronic records archive. RegEd’s D3P service bridges the compliance gap.

D3Ps agree that in the event of the failure or inability of the Broker-Dealer to download requested records, they will undertake that effort to provide to the requesting regulatory or legal body. As your designated D3P provider, RegEd will take the lead on providing the records it holds for you as your WORM storage provider and supply them to regulators if you cannot do so.

Penalties for Non-Compliance

It’s concerning how many firms fall into non-compliance with existing regulations. FINRA is becoming more and more focused on imposing fines and penalties. In 2017 FINRA fined 12 firms for a total of $14.4 million for, “…significant deficiencies relating to the preservation of broker-dealer and customer records in a format that prevents alteration.”

In a statement about the sanctions, the SEC pointed to the importance of record keeping in protecting investors, saying that records are the “primary means of monitoring compliance with applicable securities laws, including anti-fraud provisions and financial responsibility standards.” FINRA further explains how WORM storage is critical due to the increased volume of sensitive data being stored electronically.

WORM Compliance with Advertising Review

RegEd offers a robust, scalable, and configurable WORM storage solution that enables firms to fulfill their books and records obligations.

RegEd’s Advertising Review WORM storage device offers the ability to automate retention events and periods based upon workflow configuration within the application to ensure your data is captured at the required points of submission, revision and approval. Once deployed with your firm, no additional steps must be taken to ensure your data is sent to the WORM storage device with its appropriate metadata and attachments. 

Even if your firm’s marketing team uses a different front-end to create content, Advertising Review can easily integrate with APIs to automatically push content to the compliance review process where final approved files can be properly stored in a WORM compliant format.

Stay Compliant

Using a product like RegEd’s Advertising Review ensures firms interweave compliance within their processes. Compliance is always more cost effective & protective of your business reputation than alternative fines and sanctions. Firms that research, understand, and apply best practices in their marketing collateral review process avoid negative publicity and profit-loss.

RegEd to Showcase Enterprise Compliance Solutions at 2018 NSCP National Conference

RegEd to Showcase Enterprise Compliance Solutions at 2018 NSCP National Conference

Attendees will learn how RegEd enables hundreds of clients to efficiently meet compliance obligations associated with conflicts of interest, advertising review, branch audits, employee risk monitoring, onboarding and licensing and registration

RegEd, the leading provider of compliance technology solutions to the financial services industry, is pleased to announce its participation in the 2018 National Society of Compliance Professionals (NSCP) National Conference in Atlanta, GA, on October 29-31, 2018.

Recognized as one of the most comprehensive educational offerings within the securities compliance industry, the NSCP National Conference offers more than 60 sessions, covering topics that are relevant to investment advisers, broker-dealers, private funds and investment companies. This year, the conference agenda will focus on recent regulatory developments and hot-topics such as enforcement trends, cybersecurity, and compliance best practices.

“Regulators are increasingly holding firms accountable for maintaining a holistic program for rigorous rep supervision. At the same time, the war for talent acquisition and retention creates pressure to deliver a seamless rep experience when it comes to compliance,” stated John M. Schobel, CEO & Founder of RegEd. “As a result, we see the industry moving toward a single platform approach that delivers a comprehensive set of tools to manage compliance, automates risk identification and delivers a simplified user experience. We look forward to the chance to meet with attendees and discuss the ways that RegEd enables our clients to manage these challenges.”

RegEd representatives will be on-site during the conference to highlight the firm’s innovative enterprise compliance solutions:

Advertising Review: Streamlines the end-to-end processes for advertising and customer communication submission, review, collaboration and approval, reducing time to market for marketing and sales initiatives. The solution fully supports SEC 17(a)-4 compliance.

Branch Audits: Enables firms to fully plan, schedule, conduct, resolve and report on branch audits. Significantly reduces manual and paper-driven processes, creating a seamless and efficient end-to-end process for branch audit reviews.

Conflicts of Interest: Integrated solutions that enable firms to seamlessly monitor, identify and remedy conflicts of interest and code of conduct issues among the firm’s registered population. Includes expanded, industry-leading capabilities to manage Gifts, Gratuities & Contributions.

Onboarding, Licensing and Registration: Unified solution is powered by an extensive compliance rules engine, and enables firms to seamlessly manage and track representatives’ licensing and registration, compliance and education requirements. Data-reuse, automatic validations, and complex hierarchy management simplify onboarding across distribution channels.

RegEd SCORE® Risk Control Center: Configurable compliance dashboards deliver clear, comprehensive views into the status of compliance requirements at the company level or specific to the individual.

RegEd is exhibiting at the conference and can be located at Booth #8 in the main exhibit hall of the Omni Atlanta Hotel. For more information on RegEd or its attendance at the 2018 NSCP National Conference, please call 800-334-8322 or email sales@reged.com.

RegEd to Showcase Enterprise Compliance Management Solutions at AICP Annual Conference 2018

RegEd to Showcase Enterprise Compliance Management Solutions at AICP Annual Conference 2018

Annual conference is the premier event for insurance compliance professionals, attracting more than 700 attendees

RegEd, the leading provider of compliance technology solutions to insurance companies, broker-dealers and other financial services firms, is pleased to announce its participation in the Association of Insurance Compliance Professionals’ (AICP) Annual Conference 2018 in Nashville, TN, Sept. 23-26, 2018.

The 31st AICP Annual Conference will host over 700 insurance compliance professionals from Property and Casualty and Life and Health companies. The program will offer more than 60 educational sessions including the evolving regulatory environment, cybersecurity, and market conduct. Presenters and panelists include senior compliance executives from leading insurers, as well as subject matter experts and industry regulators.  Michael Pouliot, Senior Vice President, Sales, RegEd, will moderate a panel discussion on “The Compliance Department of the Future,” where panelists will discuss NAIC innovation and technology initiatives and working groups exploring the impact of innovation and advanced technologies on compliance programs. The discussion will also showcase some of the technology programs underway at the Virginia Bureau of Insurance.

During the conference RegEd will showcase its Enterprise Compliance Management Platform. The platform supports an integrated suite of compliance management solutions, including:

  • Regulatory Change Management. Facilitates a workflow-enabled, closed loop process that provides insurers with everything they need to be aware of, comply with, and demonstrate compliance with relevant regulatory changes. 
  • Policies and Procedures Management.  Fully manage the development, approval cycle and management of policies and procedures across their lifecycle.
  • Consumer Complaint Management. Systematically capture, track and manage the resolution of consumer complaints.
  • Market Conduct Exam Management. Enables firms to effectively prepare for and efficiently manage tasks related to market conduct exams, significantly reducing the time and resource commitment required during a market conduct exam.

“The effective management of Regulatory Change, Policies and Procedures and Consumer Complaints is the cornerstones of a strong compliance program,” commented Debra Freitag, Chief Strategy Officer at RegEd. “Technology-enabled processes ensure that the compliance loop is closed on requirements implementation and complaints resolution, while capturing audit trails that provide evidence of compliance to examiners.”

RegEd representatives will be on-site to meet with conference attendees to understand their compliance challenges and discuss solutions that enable insurers and other financial services firms to meet compliance requirements and proactively manage their compliance program.

The RegEd conference exhibit will be located at booth #112 in the conference’s main exhibitor hall at the Gaylord Opryland Resort & Convention Center. For more information on RegEd or its attendance at the AICP Annual Conference, please call 800-334-8322 or email sales@reged.com.

About RegEd

RegEd is the market-leading provider of RegTech enterprise solutions with relationships with hundreds of 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.

Advertising Review: 4 Ways to get the Most From Your-Reports

4 Ways to get the Most From Your Reports

Reports show trends on how well your firm did in the past, as well as what’s coming down the pike. These are key factors that drive success for the firm. Information provided by reports is especially important in today’s compliance environment, where it’s critical to be proactive instead of reactive.

To make the most of RegEd’s Advertising Review reporting capabilities, follow these proven steps to improve your process.

1. Determine what's important to your firm

Executives consider reporting vital to find answers to questions regarding their business.

Start by asking questions at the top. When prototyping your reports, it’s important to first define what executives (especially your CCO and CEO) want to see. Are they concerned about turnaround time or just general data regarding the advertising review compliance process? What are their key metrics? What behaviors do they want to encourage or discourage?

Align with your team’s vision. Take your business goals and map those metrics to the capabilities of Advertising Review reports. For example, if the firm wants to know how long a certain item takes to be reviewed, pull the turnaround time report. Or use the Search All Requests tool to create custom reports based on a variety of metrics – including timeframes, standard metadata fields, FINRA-specific fields, and custom metadata fields.

2. Capture the right data

Your reports are only as good as the data behind them. Planning and setup are the keys to capturing the right metrics. The RegEd implementation process takes data in to consideration during the workflow creation process, but sometimes years have passed since a firm has reviewed their setup. If you’re just about to start an implementation, be sure to look at your custom fields and configurations to see if it will provide the reports you want. If your workflow is well established, it may be a good time to audit your process to find ways to optimize. In either event, we suggest working backwards – plan your reports first and then configure the application accordingly.

Keep your scope focused and only measure what matters. Pick a limited number of key performance indicators and metrics. A third-party survey of the number of metrics used by CEO’s showed that over half use only 5–10 metrics to manage their entire firm. It is also a good idea to limit the number of reports. Focus on those tied to specific business objectives.

3. Create your reports

Most firms start with existing reports from previous applications or processes as a baseline. As you begin to build workflows, and subsequently your reports in Advertising Review, there are several resources to help you get started.

Begin with standard reports. Advertising Review offers standard reports across all versions. See the following standard the filtering options. Note that not all reports have the same filtering options.

  • Completion Date: Allows for filtering based on date values (YTD, Last 12 months, etc.). Use this to target important data.
  • Grouping Options: How should reports be grouped? This filter will be report-specific and could include status, originator, branch, and/or format.
  • Rep Attributes: Filter by up to four (4) different rep attributes such as title, position, or hire date (as well as many more).

Next take a look at the Search All Requests reports tool. This allows you to create ad hoc reports using over 25 standard metrics as well as any custom metadata fields in your workflows. Configure, save, export, and repeat as often as needed. Don't reinvent the wheel! Talk with your Relationship Manager to see what other firms have implemented and learn more about best practices so that you and your team are working with data that helps you make more informed decisions.

4. Use data to drive behavior and produce results

Reports are designed to be iterative, it’s important to keep them current and relevant. To successfully roll out business metrics, good communication is key. Use the My Reports feature to easily find your favorite reports.

Manage from the top down. Encourage managers to run meetings directly from their reports. Many customers also have the following mandate for compliance and marketing: “If it’s not in Ad Review, then it doesn’t exist.” This directive proves to be extremely motivating for teams.

Finally, engage your user community. Don’t make the mistake of tracking metrics only at the executive level, make sure your users can access the reports that are important to them. What do your users want to see? What will help them do their jobs faster and smarter? Those are the metrics that matter.

RegEd CEO & Founder to Speak at FSI Forum in Salt Lake City, Utah

RegEd CEO & Founder to Speak at FSI Forum in Salt Lake City, Utah

John M. Schobel will speak as part of the event’s Executive Track, on the topic of innovation and automation in the financial services industry

Financial services professionals will gather at the FSI Forum at the Grand America Hotel in Salt Lake City, Utah, on September 24-26 to discuss the foremost challenges facing advisors and executives in the industry. RegEd CEO & Founder John M. Schobel will speak at the event, on the topic of technology innovation and automation, and how technology will impact the industry in the future.

The FSI Forum is an in-depth, issues-focused educational conference that includes both advisor-focused and firm executive-focused sessions, built by and for their members. At FSI Forum 2018, attendees will be given the chance to network and engage with their peers from across the independent financial services industry, in educational sessions and discussions focused on the hottest issues facing advisors and executives.

Mr. Schobel will speak as part of the panel, Innovation & Automation to Increase Service Levels & Profit Margins, which is scheduled for Tuesday, September 25 from 9:30 to 10:30 a.m. “Leveraging new technology, the compliance and operations functions can evolve to deliver new levels of value creation and competitive advantage. Technologies such as Robotic Process Automation and AI automate repetitive, routine and manual tasks, enabling compliance resources to undertake higher value activities and increase the quality of their contribution to the business. I look forward to discussing this topic with my fellow panelists,” he stated.

The session will address ways that companies are using these new technologies to simplify business submissions, improve service levels, reduce NIGOs (not in good order) and increase profit margins. The session will also explore how companies can support the transition to new technologies and implement best practices for creating an optimized customer experience. In addition, the panelists will discuss how firms can combine technology with human interaction to preserve the value of advice, which is integral to continued industry growth.

To learn more about the FSI forum, please visit here. Registration is now open.

About RegEd

RegEd is the market-leading provider of RegTech enterprise solutions with relationships with hundreds of 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.

Efficiencies with Advertising Review’s Two-Way FINRA Integration

Efficiencies with Advertising Review's Two-Way FINRA Integration

Firms filing their advertisements with FINRA know how time consuming and cumbersome the process can be. Not only does the firm need to review collateral based on internal processes, but they also need to organize and send firm-approved files to FINRA based on FINRA 2210. FINRA offers two ways to initiate the review process – either manually through their web portal, or by integrating with its Advertising Review Electronic Files (AREF) system.

Since AREF was introduced with RegEd’s Advertising Review solution in 2010, firms had the ability to automate the sending process. As of the spring 2018 release, firms can now take advantage of full automation with our two-way integration – send and receive FINRA results, and automatically WORM content (for firms that have RegEd WORM enabled on their workflows). The enhancement provides a holistic solution for end-to-end FINRA filing support. See the following three most exciting features included with Advertising Review’s AREF integration.

Two-Way Integration

Use the built-in AREF integration to send content to FINRA and receive notifications when the status and letter are returned. We’ve done away with waiting or having to manually check FINRA’s portal to see if a decision was made. Advertising Review’s AREF integration takes care of that for you. Not only does it automatically WORM the content (when enabled), it retrieves the status and letter when a decision is made, and notifies the applicable user(s) by email.

FINRA AREF 1

Effortlessly Manage Multiple Filings per Submission

What happens if a file is returned with a status other than ‘OK’ or ‘LIMITED’? How can you track the progress of updating the collateral and resubmitting to FINRA? That’s easy with Advertising Review’s history log. Directly in the submissions, users can view the snapshot of FINRA correspondence. Then with a few clicks, users can dive deeper to view individual filings, fee estimates, current status, and more.

FINRA AREF 2

Actionable & Accurate Reporting

Due to FINRA’s 2210 requirements, it is important that firms adhere to the rule to avoid being penalized. One way RegEd’s Advertising Review solution makes this easier is with the dedicated FINRA report. In addition to metadata directly related to FINRA filings, the export includes result details, status information (including applicable dates), fee amounts, as well as any Additional Documentation notes included with the submission. The report provides firms the power and flexibility to mitigate or eliminate gaps in their FINRA filing process.

FINRA AREF

Not using RegEd’s Advertising Review solution? Contact sales@reged.com or 888.334.8322 today!

Already using RegEd’s Advertising Review solution but not AREF? Contact your Relationship Manager today to learn how to add it to your subscription.

The Future of Customer Communications Compliance

The Future of Customer Communications Compliance

We had a blast during the 2018 Advertising Review Client Advisory Board (CAB) meeting! A dozen of our clients and RegEd employees teamed up to review what’s coming down the pike for RegEd’s Advertising Review solution and the industry. During our nearly two-hour meeting, we discussed product features, played innovation games, and explored what the future of the industry could look like. See below for the top takeaways from this year’s session.

Third-Party Integrations

Over the past few years it has become more important than ever to have a fully holistic up- and down-stream review process. This includes connections with Marketing teams, Legal, and Subject Matter Experts (SME). Advertising Review has supported end-to-end compliance since its inception nearly 15 years ago – including integration with internal marketing and legal processes. However, firms are beginning to use a multitude of different software packages within the organization to satisfy siloed needs.

In 2016 Advertising Review started to bridge this gap when it released API web service integrations to allow different software to effortlessly communicate with Advertising Review. Several clients took advantage of this benefit by integrating internal systems, but we continued to receive requests to have turn-key connections with the most popular platforms used by other business groups in their organizations.

We were happy to announce during the CAB that we are indeed working throughout 2018 and 2019 to create “connectors” with other popular software products. Though we are not able to discuss details publicly at this time, please reach out to your Relationship Manager to provide feedback and suggested platforms to integrate with. If it is one we are currently working with, we will be sure to incorporate your ideas and recommendations.

Updated Reporting Metrics

It was clear that firms are consuming more and more data to help make better decisions throughout the compliance lifecycle. In doing so, it is vital that firms have access to reports to make their jobs more efficient. Advertising Review has always had actionable standard reports, and added the Search All Requests ad-hoc reporting tool in 2015.

The CAB members were given an opportunity to highlight other features they would like to see added to report functionality. In general, users would like to see additional filter metrics within the Search All Requests tool – mostly around attributes. CAB members went on to explain that using Rep Attributes that are fed into the RegEd system will help further refine their reports, such as submitter parameters like organizational status or individual distinctions.

The Advertising Review team is currently reviewing the specifications for an upcoming release. If you have any other report-specific suggestions, please reach out to your Relationship Manager.

Artificial Regulatory Intelligence

Artificial Intelligence (AI) has been a buzz word that continues to float around the regulatory industry. Many have a hard time categorizing or articulating what it is and how it should intersect with the compliance industry. Without going into too much detail, it is important to have a general understanding of the concepts. There are essentially two types of AI: Narrow and General. Narrow is what most of us are aware of – Siri, Alexa, Spotify, Amazon Shopping suggestions, etc., – which are really good at one or two processes. While General AI is the belief that machines can function like a human brain and is very good at a multitude of actions, including learning.

After understanding the general definition of AI, most in the industry agree that Narrow AI is what will help streamline firm operations. The Advertising Review team is targeting a future release of an initial Artificial (Narrow) Intelligence feature. If you would like to collaborate on the process, please reach out to your Relationship Manager.

Excitement for 2018

Most of what is covered during CAB meetings are long-term goals, however, we also discussed what is coming in 2018. We have several exciting features including three large enhancements this year:

AREF 2.0: Two-way integration with FINRA’s AREF system. Letters and statuses are automatically ported back in to Advertising Review.

Expiration Extension: Ability to extend the life of a review item without having to copy, clone, or resubmit a submission.

All-New User Interface: Completely redesigned the user interface to improve the user experience by reducing number of clicks and creating a fully-responsive application on desktops, tablets, and mobile devices.

We’re excited about the future of Advertising Review and appreciate our client’s commitment to partner with us today and in the future. For more information, please continue to subscribe to our Did You Know emails and check for upcoming webinars and whitepapers.

Not using RegEd’s Advertising Review solution? Contact sales@reged.com or 888.334.8322 today!

Already using RegEd’s Advertising Review solution but not AREF? Contact your Relationship Manager today to learn how to add it to your subscription.

RegEd to Showcase Enterprise Platform Solution at 2018 FINRA Annual Conference

RegEd to Showcase Enterprise Platform Solution at 2018 FINRA Annual Conference

Attendees will have the opportunity to learn how RegEd enables clients to efficiently meet obligations across compliance management, conflicts of interest, education, and licensing and registration processes

RegEd, the leading provider of compliance technology solutions to broker-dealers and other financial services firms, is pleased to announce its participation at the 2018 FINRA Annual Conference in Washington, DC, May 21-23, 2018.

FINRA's annual conference provides securities industry practitioners with guidance on regulatory priorities and addresses the compliance and regulatory issues investment advisers and broker-dealers face in today's evolving industry with interactive forums led by experienced industry veterans and regulators. The conference will offer a variety of sessions related to current trends in technology, cybersecurity, risk management and much more.

RegEd's CEO & Founder, John M. Schobel, stated, "The FINRA Annual Conference provides an important forum for regulators, industry firms and solution providers, like RegEd, to engage in dialog about key trends and critical compliance challenges."

Mr. Schobel continued, "As the industry continues to shift toward technology consolidation and a streamlined rep and user experience, firms have increasingly turned to RegEd because of our unique ability to comprehensively address a wide breadth of compliance challenges with a single enterprise solution. We look forward to the opportunity to demonstrate the value that RegEd’s enterprise platform delivers.”

During the conference RegEd will showcase its comprehensive platform capabilities and enterprise solutions, and discuss how it delivers the highest levels of efficiency, effectiveness and transparency across the enterprise, enabling firms to:

  • Consolidate vendors and applications to reduce complexity and overall cost of ownership.
  • Simplify the end-user experience to drive improved rep and user satisfaction.
  • Install enterprise-level reporting and dashboards for risk analysis to proactively identify negative trends, mitigate risk and demonstrate compliance.
  • Automate data entry, aggregation and reuse to reduce manual processes and human error.

RegEd representatives will be on-site to meet with conference attendees to understand their compliance challenges and discuss solutions that enable broker-dealers and other financial services firms to meet compliance requirements and proactively manage their compliance program.

The RegEd conference exhibit will be located at booth #16 in the conference’s main exhibitor hall at the Marriot Marquis Washington, DC. For more information on RegEd or its attendance at the FINRA Annual conference, please call 800-334-8322 or email sales@reged.com.

About RegEd

RegEd is the market-leading provider of RegTech enterprise solutions with relationships with more than 400 enterprise clients, including 80% of the top 25 financial services firms. Established in 1994 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.

RegEd Announces Innovations in Branch Audit-Management Capabilities as Part of Enterprise Compliance-Platform

RegEd Announces Innovations in Branch Audit Management Capabilities as Part of Enterprise Compliance Platform

Increased automation, improved data management and simplified user experience streamline the end-to-end process of planning, conducting and resolving branch audits

RegEd, the leading provider of Compliance Management, Licensing and Registration, and Education solutions to the financial services industry, has announced the rollout of an upgraded version of its industry-leading Enterprise Branch Audit Management. The release is the result of significant investment and ongoing technology innovation to enable greater levels of automation and improved data accuracy in firms’ branch audit and inspections programs.

Branch Audit Management 4.0 incorporates more than three years of market input gained through continuous collaboration with more than 20 leading firms. Through this process RegEd identified growing needs among firms to consolidate multiple systems used to manage branch audits, to more efficiently and accurately manage audit data, and to effectively identify, mitigate and resolve audit deficiencies in a timely manner. In response RegEd has delivered the capability to view and manage audits from a single comprehensive system, introduced audit data pre-population capabilities to streamline data management, and enhanced its audit response system to enable firms to more efficiently close the loop on audits and deficiencies.

Increased automation and improved efficiency throughout the audit lifecycle have resulted in significantly streamlined audit management for RegEd’s clients. Adam Schaub, AVP & Chief Compliance Officer at 1st Global stated, “Our audit close-out letter goal is 30 days post inspection. After implementing RegEd’s Branch Audit Management solution, the first close-out letter was sent on the first day, and subsequent close-out letters also showed marked improvement in the inspection cycle.”

Branch Audit Management 4.0 also offers expanded offline audit capability, automatic identification of repeat deficiencies, simultaneous auditor access, an updated task dashboard, multi-level workflows and more. In addition to enabling firms to maintain compliance with regulations such as FINRA 3110 and 3120, Branch Audit Management greatly reduces manual tasks for individual auditors. For example, automated pre-population of data from other sources, such as client databases and questionnaires, materially reduces time spent manually referencing other systems, increasing audit capacity per auditor and improving data accuracy.

Enterprise Branch Audit Management is part of the RegEd enterprise compliance platform, which enables data sharing across modules and a clear view of the status of compliance obligations, including branch audits, at the company or individual level. Enterprise Branch Audit Management is now available for current and prospective users.  To request a demonstration or further information, visit www.reged.com

About RegEd

RegEd is a leading provider of compliance technology solutions with relationships with more than 400 enterprise clients, including 80% of the top 25 broker-dealers and top 25 insurance companies. Established in 1994 by former regulators, the company is a recognized industry authority and has created the standard of excellence for rule-based and content-driven compliance automation for insurance companies, investment advisors and broker-dealers.  RegEd solutions drive new levels of operational efficiency and enable firms to cost-effectively comply with regulations and mitigate risk.  For more information, visit www.reged.com

RegEd Hosts NAIC Market Regulation Update and Market Conduct Exam Best Practices Webinar for Compliance Legal and Risk Management Professionals in the Insurance Industry

RegEd Hosts NAIC Market Regulation Update and Market Conduct Exam Best Practices Webinar for Compliance, Legal and Risk Management Professionals in the Insurance Industry

RegEd, the leading provider of compliance and risk management technology to the insurance and financial services industries, presented the webinar, "NAIC Market Regulation Update and Market Conduct Exam Best Practices" on October 26, 2017. The session featured Randy A. Helder, Assistant Director of Market Regulation, National Association of Insurance Commissioners (NAIC), and RegEd regulatory and technology subject matter experts. Attendees included executives and senior managers from Compliance, Legal and Risk Management across the insurance industry.

The webinar provided attendees with insight into select NAIC working groups, including the Market Conduct Examination Standards Working Group and the evolution of the Market Regulation Handbook. The discussion included the Market Actions Working Group and their review and analysis of market regulation issues of national impact. In addition, the webinar focused on the Market Conduct Annual Statement (MCAS) as a catalyst for market conduct examinations. Merlinda Johnson, Director of Insurance Regulatory Compliance at RegEd, stated, "We were happy to host this webinar. Attendees benefitted from Mr. Helder’s insight surrounding NAIC market regulation objectives and priorities.” Johnson continued, “It is imperative that the insurance industry continuously engage with the regulators and remain current on evolving market conduct best practices. By doing so, companies can mitigate the risk of being subject to increased market conduct investigations and examinations.”

Mark Pfeifer, CODE Enterprise Solutions Product Strategy and Business Development leader at RegEd commented, "consumer and regulator expectations, as well as their use of technology, are outpacing the technology insurers use for market conduct exams. Firms need to at least be thinking about for-purpose exam technology; something that puts them in a ready posture before an exam starts, and ideally helps them avoid an exam."

For more information regarding RegEd's Enterprise Compliance Management Solutions for Insurance Companies, please call 800-334-8322 or email sales@reged.com.

About RegEd

RegEd is a leading provider of compliance technology solutions with relationships with more than 400 enterprise clients, including 80% of the top 25 broker-dealers and top 25 insurance companies. Established in 1994 by former regulators, the company is a recognized industry authority and has created the standard of excellence for rule-based and content-driven compliance automation for insurance companies, investment advisors and broker-dealers. RegEd solutions drive new levels of operational efficiency and enable firms to cost-effectively comply with regulations and mitigate risk. For more information, please visit www.reged.com.

About NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S.

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