A firm in Florida was recently fined for failing to update their WSPs after it began recommending EB-5 investments. Additionally, it was discovered that many of their WSPs were “not deemed reasonable because they provided only limited guidance to those representatives at the firm who facilitated and participated in these EB-5 transactions.”
Are you continually updating your WSPs?
How do you ensure new policies and WSPs have been reviewed and approved before distributing them throughout your firm?
Oftentimes firms have their policies and WSPs in various pdfs and word documents throughout their system. Many advisors are referencing outdated files saved on the network or their computers.
The Policies app from SiteQuest Compliance helps firms organize their policies and written supervisory procedures into one online platform that conveys a professional branded content to their advisors.
Policies is a powerful tool used to consolidate, version control, and distribute your firm’s policies and WSPs to your employees and advisors. With our VIP Service included with Policies, SiteQuest Compliance manages all the changes, formatting, and online publishing for no additional charge.
Policies notify your employees when a Policy or WSP has been updated. Our “favorites” feature allows advisors to bookmark these new updates for quick reference. In accordance with FINRA rules our Policies application ensures the most up-to-date policies are accessed, identified, and utilized, reducing your risks.
This same disciplinary action ruled that “the firm failed to establish, maintain and enforce a system, including WSPs, reasonably designed to supervise its registered representatives’ EB-5 related websites. The firm did not conduct regular supervisory reviews of websites maintained by the two representatives in relation to their EB-5 business that contained content that violated FINRA’s advertising rules.”
Our SQWatcher program compliments our Policies application while assisting your compliance department with monitoring your registered advisors’ websites.
SQWatcher automatically creates workflow events when website changes have been made, allowing for quick and easy reviews. SQWatcher’s updated dashboard, bulk review enhancements, and powerful workflow review processes allows your firm to monitor and document dozens to hundreds of websites with relatively few employee hours involved.
Automated documentation reduces compliance and “failure to supervise” risks while demonstrating to regulators, your firm is actively supervising these unique websites in compliance with FINRA and SEC rules.
Contact us today for your personalized demo and see for yourself how SiteQuest Compliance can streamline your processes while maximizing your time and efficiencies.
Eagle Eye has proven to be incredibly effective at reducing risk as it continues to find websites, social media accounts and blog posts on the web that pose compliant risks to a firm, but did you know that it also saves time?
Yes, a lot of time.
One of our Eagle Eye clients recently reported that they were able to reduce their web supervision time by 80% since switching to Eagle Eye. That’s a huge number. How’s the firm utilizing their newly found time?
First, they are expanding their web surveillance program by increasing the depth of Eagle Eye’s search results (at no additional cost by the way). By increasing the depth by 60%, they’ll be able to uncover additional risks while demonstrating to their examiners and regulators that they are meeting their requirements for reasonable supervision outlined in NASD 3010, IM 30103, 3012, FINRA 2210 and FINRA 3270.
What else are they doing with their extra time? Well of course they now have time for those extra compliance projects that have been slipping through the cracks over the past few years.
With Eagle Eye, not only do you reduce risk and meet your compliance and supervision responsibilities, you save lots and lots of time.
Isn’t extra time a wonderful thing?
Websites are always changing, trending, and updating information about products, company and or your advisors. What happens when these sites aren’t hosted by one of your approved advisor website providers? Those “rogue sites” or “off the range sites” as they are often called, that are created directly by the advisor or by a provider outside of the industry. It then becomes your responsibility to monitor, identify, respond, and document everything that happens with that website as well as archiving it.
While there are various solutions out there that help monitor websites for changes, reviewing changes and finding the right kinds of changes have proven to be difficult. With SQWatcher, we took a completely different approach and put added focus on the types of content that comes into the workflow.
SQWatcher stands for SiteQuest Watcher and our “Watcher” technology is behind everything that happens in the system. For every client, we create custom “watchers” that identify and isolate the types of changes they would like to review. As the application scans your website(s) throughout the day, it will analyze the changes that are found and determine if a review is required.
Additionally, we've learned over the years that advisor websites have many dynamic elements contained within them. These include stock tickers, date widgets, recent post sidebars, calendars, and more, all of which can change on a daily or near daily basis, often generating unwanted reviews. We’ve added a new technology that allows our clients to request “ignores” on these dynamic elements to limit unnecessary reviews. These adjustments allow the sites to be "tuned" over a very short period of time which limits the number and volume of reviews in a big way.
Finally, we’ve added powerful bulk review actions that in essence, allows a single review to apply to multiple pages. For example, if the system detected a change to the footer, that would generate hundreds of reviews in other systems, each requiring a separate review. With SQWatcher’s bulk review processes, this sort of change can be reviewed once and then applied across the remaining pages that reflect the same change, streamlining the review process like never before.
SiteQuest Compliance is proud of our long-standing tradition of listening to our customers’ needs within their job requirements. Our SQWatcher application was built with these customer requests in mind. We would love to take the time to personally show you how this application will work for your firm. Contact us today for your personalized demo.
About James Cella
James Cella is the President of a growing and innovative compliance technology provider called SiteQuest Compliance. James is a customer-centric individual and focuses on building and sustaining positive and lasting relationship with his clients and partners. James and his family are "super fans" of University of Utah Football and have attended nearly every home game since 2002. Go Utes!