We continue to review the monthly disciplinary actions that are reported by FINRA and we are regularly finding rulings and fines that could have been prevented through the use of our Eagle Eye platform.
In November 2016, a firm was fined $5,000 from FINRA after it was found that the firm failed to conduct a review of preexisting activities of outside business activities associated with the registered representatives. The findings also included that the firm was unable to provide a supervisory controls report for the years 2008, 2009, 2010 and 2011. Read the full report here.
As you know, disclosures are not enough when it comes to Outside Business Activities which is why additional supervision is requested. Trying to discover any outside business activities with just a basic search engine can be very time consuming. Sifting through all of the pages of irrelevant results makes it even harder to find applicable information. Our multi-query processes and dynamically designed algorithms provide more accurate results for review.
A compliance professional from a broker dealer in the Midwest said that,
"The Eagle Eye Surveillance system has been a force multiplier in my firm’s supervisory scheme. This simple tool has transformed my internet surveillance sweep process from a time-consuming, multi-day enterprise where I view the same search results over and over to a simple process that can be completed in a couple of hours."
Additionally, our clients say that the automated reporting features that Eagle Eye provides dramatically reduces their workload as well. Our compliance designed reports have everything you need including when a result was found, who reviewed it, comments that were made and time stamps on every action taken on the account. You will have everything you need to respond to a regulator with just a click, and the ability to export it as needed.
Contact us today for a demo to see for yourself how this product can assist you.
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 Utah Football and have attended nearly every home game since 2002. Go Utes!