Be Prepared When Regulators Come to Inspect Your Firm

Whether your financial services firm is a broker-dealer, is registered as an investment adviser with the SEC or the state or is dually-registered, a regulator could visit you for a routine audit or targeted investigation at any point.

Your firm’s books and records are likely to play an important role in any audit. If those records are well-organized, complete and easy to locate, your investigation experience will likely be faster, easier and smoother than it would be otherwise. Leveraging Treeno Software’s Electronic Document Management (EDM) solution can help take the stress out of preparing for regulatory visits.

Gathering Requested Documents Made Simple

Receiving a document request list ahead of an audit or on-site examination can be nerve-wracking. You may need to locate and compile dozens of different types of documents and records, all within a short period of time.

Using Treeno’s EDM solution makes it simpler to assemble the records your firm is asked to produce. There’s no need to spend hours in a file room going through records. With just a few mouse clicks, you’ll have access to client agreements and account documents, invoices and billing records, firm accounting documents, statements and much more.

Be Confident You’re Providing Exactly What Was Requested

When you respond to a regulatory inquiry of any kind, including preparing records for examination, conventional wisdom says to give the regulators exactly what they asked for, but nothing more. You don’t want to run the risk of inadvertently turning over documents that could lead to further inquiries and an expanded investigation. When you use Treeeno’s EDM solution, you can be confident you’re providing precisely what the regulators requested.

In fact, you can give regulators secure access to what they requested – and only what they requested – by assigning permissions so they can use a firm laptop or desktop computer or even their own hardware to view the records they need to see. It’s common during an audit for additional records to be requested. In that case, you can simply add the additional records to the records the examiners have permission to view.

In all cases, your firm will retain control over the scanned files, electronic records, email communications and audio or visual files you choose to share with regulators.

Being Responsive Can Set the Right Tone in an Examination

Even if you are certain your financial services firm is in compliance with all applicable rules and regulations, you still likely want your examination to be finalized as quickly as possible.

Setting the right tone with the examiners, right from the start, can go a long way in demonstrating your firm’s commitment to complying with the law. Being able to produce all requested documents in a timely manner and in an organized fashion, will help show that your firm takes its compliance obligations seriously. It will also help the investigators be more efficient with their time, expediting your firm’s audit.

To learn more about how leveraging Treeno Software’s EDM solutions can help your financial services firm sail through its next scheduled or surprise audit, contact us today.