Category: Press

Alaric Compliance Alert: Are you prepared to answer the SEC’s questions regarding supervision of your compliance officer?

In the December 3, 2018 FINOPS Report article by Chris Kentouris, “SEC to CEOs: Keep Track of Chief Compliance Officers,” Guy Talarico, CEO of Alaric Compliance Service was quoted regarding ways that the CEO of a broker-dealer can verify the work of the Chief Compliance Officer.

  • “Monitoring personal trading, cybersecurity protection, customer onboarding and email correspondence are the responsibilities of every chief compliance officer at every brokerage firm regardless of the brokerage’s specialty” says Talarico. “In the case of e-mail correspondence, all the CEO has to do is look into any monitoring system to determine the frequency the CCO has checked emails over a period of time and what the system uncovered in anomalies.”
  • “Once a CEO has found the CCO has failed in overseeing just one of his or her responsibilities, it stands to reason he or she may be falling down on the job in others, suggests Talarico. “If the CCO failed to review something as simple as email correspondence, it’s a clear sign for the CEO to ask more questions about other areas.”
  • “When a CCO says everything is fine, that’s the red flag for a CEO to start to worry,” says Talarico. “The CEO also shouldn’t just take the CCO’s word that any problem was minor and has been fixed. How (was it fixed) is the operative follow up question. Trust but verify.”

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Many chief executives lack the time and resources to conduct reviews of their compliance program and the chief compliance officer. Fortunately, Alaric Compliance can help.

What we offer:

  • Turnkey Services, including Mock Audit Program and On-Site Exam Support
  • Ongoing Monitoring and Testing Services
  • Technology driven Compliance Program Reviews

What sets Alaric Compliance apart?

With nearly 300 years of cumulative financial services compliance expertise, we can help you leverage technology and interim testing to streamline your annual review.

Because we have completed hundreds of exams as CCOs and former regulators, we bring deep insight into current compliance issues, industry best practices, and regulators’ top focus areas.

To learn more about Alaric’s mock audit and monitoring and testing services call or email us at 1-888-243-2448 or info@alariccompliance.com.

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