Compliance Issues and the Use of Technology

Friedman, Gregory H.
January 2005
Journal of Financial Planning;Jan2005, Vol. 18 Issue 1, p30
Academic Journal
This article outlines how financial service firms should use technology, including various systems and vendors, to help satisfy regulatory obligations in an efficient and effective manner. The cornerstone of our compliance efforts is our office management system, which handles many facets of our compliance responsibilities. The compliance functions include: providing detailed notes about client activity and client history, including what was recommended and why, details of planning activities, and details of client conversations; providing detailed financial information about a client for suitability of investment recommendations; the system has an account audit report that shows a client list, custodians, type of account, whether it is managed on a discretionary basis or not, and current balance of assets, as generally requested during U.S. Securities and Exchange Commission audits; a Letter History feature that records all letters sent to more than one client; electronic mail records with clients; and ability to create and print phone lists for our disaster recovery manual. Our document management system is also an integral pan of our compliance efforts. This is the paperless office concept that is so often mentioned in practice management articles.


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