What is MyComplianceOffice?
- MyComplianceOffice is a web-based software solution specifically designed for Investment Advisors, Hedge Funds, and Broker Dealers. It automates and centralizes a firm’s compliance procedures and activities such as certifications, code of ethics, personal trading, policy management, testing, tracking of issues and compliance document management. It implements the firm’s customized compliance program in the most cost-effective manner possible while simultaneously ensuring long-term stability to the compliance program.
What is a Compliance Office Management System (COMS) and is it a necessity today?
- Increased regulatory oversight has expanded the scope and complexity of compliance programs. Today, CCO’s are running their compliance programs using data from several different systems. MyComplianceOffice helps bring the data from these different systems together allowing CCO’s to analyze the different issues across their programs. As the regulations and demands continue to increase a COMS solution is no longer becoming a nice to have but a necessity.
What problem does MyComplianceOffice solve?
- Depending on multiple tools such as common desk top applications, email folders, shared drives and spreadsheets to run the firm’s compliance program is inefficient and can result in multiple human errors. MyComplianceOffice enables a CCO to bring together the data from several disparate systems allowing them to analyze and report on the data. This allows a CCO to spend more time on the high value compliance tasks such as testing and improving the compliance program.
Who uses MyComplianceOffice?
- Compliance professionals and CCO’s at Registered Investment Advisors (RIA), Hedge Funds and Brokers/Dealers, of all sizes, rely on MyComplianceOffice to manage their compliance program.
I use Excel, Outlook folders and shared drives to run my compliance program. Why do I need MyComplianceOffice?
- It’s difficult to meet your compliance obligations when information related to your compliance program is scattered across multiple general common business applications. Cobbling together Excel, email folders and shared drives into a compliance process is time consuming and can create information gaps that could result in a firm being non-compliant. This may also lead to continuity issues when key staff leave the firm. MyComplianceOffice is a scalable COMS that centralizes all of a firm’s compliance activities and presents a complete view of every compliance activity via an easy to use dashboard. MyComplianceOffice eliminates the need for paper and can automate over 85% of a CCO’s program.
I’m the CCO of mid-size fund. How will MyComplianceOffice make me more effective at my job?
- MyComplianceOffice enables a CCO to manage more compliance activities without increasing headcount. The CCO can also allocate more of their time to proactive initiatives that require their expertise — e.g. forensic testing, updating policies, testing compliance controls — because MyComplianceOffice reduces the time spent on routine compliance activities.
I wear several hats at a small firm including CCO. How can MyComplianceOffice help me?
- Often a firm’s founder or general counsel doubles as the CCO. MyComplianceOffice reduces the time these busy executives spend managing the compliance process while enabling them to execute and document a program that meets the firm’s compliance obligations.
How does MyCompliance Office benefit the firm?
- MyComplianceOffice documents for regulators and investors that you’ve met your compliance obligations and that you are meeting all the appropriate SEC rules or FINRA rules A Compliance Office Management System also eliminates the risk of creating a compliance program that is reliant on a single individual. Investors want to do business with firms that reduce risk and demonstrate a culture of compliance.
Can MyComplianceOffice be customized and can I have other systems link to it?
- Yes, many of our clients customize screens and set up rules based on their business needs. MyComplianceOffice is designed to allow other systems link to our product, such as accounting systems, order management systems, email archival systems, CRM systems and Outlook. This allows MyComplianceOffice to act as the hub system centralizing crucial compliance data into a central location for analysis and prioritization.
How quickly can MyComplianceOffice be installed?
- My Compliance office is a web based service so the set up time is quick and efficient. Our professional services team works with the CCO or firms staff to understand how they are currently handling their compliance program. Once we determine the process, we will upload all information on to MyComplianceOffice. The process typically is 2–8 days depending on the size of the firm.
