The Benefits of Outsourcing Compliance

Outsourcing Compliance Duties Saves You Time, Money, and Stress

To many investment advisers and other firms, outsourcing compliance duties sounds like an extra expense rather than a necessity built into the operating budget. To be functional, compliance needs to be placed on a level equal to other operational aspects of running a business. Taking crucial steps and getting outside help, when necessary, can save you time, money, and stress.

Time: Outside compliance experts have developed clear procedures to for when a compliance issues arise and can implement those procedures swiftly in a variety of situations. The best compliance consultants help to augment a CCO’s abilities, allowing them to respond quickly to new requirements and lead their company successfully through rule changes. They have practice answering regulator questions, and know what the regulatory environment and staff are like in your area.

Money: Hiring outside compliance consultants often means costs in the tens of thousands of dollars range, which sounds expensive until you consider the potential costs of penalties, lost business, or the cost of having to hire a full-time, dedicated CCO. To keep compliance costs down, holding trainings annually for staff can keep them updated on the rule changes as well as promote a culture of compliance and competence.

Stress: With the SEC and other regulatory entities cracking down on regulations and enforcement, now more than ever it is important to have an outside perspective to review policies and procedures and to ensure there are no oversights or blind spot issues in your firm’s operations. Also, with an outside consultant, you don't have to worry about employee turnover hurting compliance because the work is being done externally rather than by employees who could suddenly leave.

How Coast to Cast Compliance Can Help.

Coast to Coast Compliance can be a resource for your firm when it comes to a wide array of compliance matters, from reviewing policies and procedures, assistance with SEC filings, providing training for staff and CCO's, all the way up to becoming your firm’s designated CCO.