How many times have we left the office and asked ourselves, “Did we complete all our daily procedures today?”
Whether it be Compliance making sure they update various procedural logs, Trading managing client limits, or Sales updating call logs; most firms cannot escape the fact that some processes are still partially manual and as a result may be missed.
This is a risk that most firms run into simply because there are more and more regulations and filings to contend with. Some firms use spreadsheets, faxes, emails and shared files, but at the end of the day all these cannot prevent gaps and don’t adequately address what regulators are looking for: consistency, accountability, and detailed audit trails.
While all these measures can provide assistance, they don’t provide rock-solid evidence that our WSPs are being followed in a timely and systematic manner.
How do we address this? What can assist us in making sure we execute all measures detailed by our written-supervisory -procedures (WSP)?
What we need is a system that can reach across all departments and provide all users with the ability to confirm compliance with their daily, weekly, monthly or quarterly responsibilities all while creating an audit trail, allowing for the entry of notes and support documentation to be captured and retained for future reference.
The EQube Paperless-Compliance System (PCS) Certification module provides firms with the ability to create custom checklists that can be automatically generated and provided to all users within specific departments or entire firms, based on their needs.
The PCS Certification module can generate invites and reminders that are emailed to all users and provide them with updates pertaining to their specific checklists and workflows. All data captured can be exported via PDF or Excel formats for internal or external distribution and verification to auditors.
Why continue to expose your firm to potential fines?