These are challenging times. The economy is distressed and investors have lost a large part of their investment savings. There have been many frauds, especially Ponzi schemes, which have caused catastrophic harm to investors. In this environment, institutional investors and financial services firms (including advisers, broker-dealers, intermediaries, and others) need to strengthen their compliance controls to ensure that compliance policies and procedures prevent violations from occurring, and detect and promptly correct violations that have occurred.
Day Pitney's Compliance Risk Services group assists organizations in designing and implementing comprehensive compliance programs. Our compliance group provides essential compliance services, including compliance risk assessments and audits, investigations, and compliance control improvements to mitigate compliance risks. Effective compliance programs enable companies to self-police their conduct by identifying, assessing, and correcting compliance problems before they cause harm to investors or are discovered by regulators. The following are examples of the types of compliance services we offer:
Recently, the SEC has targeted for close scrutiny compliance risks of financial services firms involving disclosure (especially potential conflicts of interest), custody (confirmation that clients' assets are safe), performance claims (for accuracy), and resources supporting the firm's compliance program. Commenting on the latter risk, the SEC has cautioned against making resource reductions to compliance programs that could undercut their effectiveness.
Day Pitney's Compliance Risk Services group stands prepared to assist with the necessary strategic and tactical thinking required to develop or improve an effective compliance program.