Experienced RIA Compliance Consultants. As year-end approaches RIA firms are working through their year-end compliance reviews to confirm they have meet their annual requirements.
Once such a compliance review is completed I believe it is helpful for registered investment advisors to then create a ‘summary report’ outlining the areas of review as well as any ‘findings.’
The level of detail in a summary report may vary and is up to the RIA firm to determine. Some investment advisors may choose to include a high level of detail and others may only reference the areas covered and material issues. Working with an experienced RIA Compliance Consultant can help RIA firms determine which is best for the size and scope of their advisory firm.
RIA compliance areas to consider when creating such a report could include:
Outlining new rules and regulations that came about during the year and how your investment advisory firm is prepared to respond.
If the new rules and regulations are not applicable to your investment advisory firm, document that with an explanation as to why.
Identify significant events and material changes and how they may have impacted the investment advisory firm’s policies and/or risks.
Reference the testing documentation and any exceptions.
Finally, note any focus areas for the following year, based on the results of the annual review.
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