Chapter 3: Critical Differentiators to Look for in Next Generation Compliance Solutions

Obviously, not all new generation solutions offer the same breadth or sophistication of features. To deliver the full value for money that next generation technology can provide, look for a number of specific attributes that clearly differentiate the superior solutions.

A more holistic approach. The most advanced next generation systems have created seamless solutions that support both supervision and surveillance. They also incorporate data from compensation, registration and books & records systems to enable a discernable culture of compliance reducing both regulatory and reputational risk. Simultaneously, they create the lowest total cost of the compliance function.

Heritage of data stewardship. Look for solution providers who have a track record in providing business users with high-quality data that is easily accessible, usable, secure and trusted in a consistent manner. These organizations offer practical expertise in managing different types and sources of data of
serving as a data hub including bilateral data integration and the ability to embed more powerful decision making withing the compliance solution.

Ease of data migration. Strong data stewardship combined with subject matter expertise provide an out of the box capability to easily create or modify rules, workflows and personas. This includes the skills to normalize and migrate existing data. Integrated data analytics as the advanced decision-making intelligence embedded in the compliance solution will consume data from multiple sources, identify trends, establish benchmarks and provide greater business knowledge. These solutions can provide support for complex use cases like evaluating if Reg BI standards regarding risk, tax minimization, objectives etc. are being maintained for IRA rollovers. Likewise, in combination with their data stewardship skills, they can ensure that changes to customer profiles, objectives, risk tolerance, etc. are updated.

Elegance of the user experience. Harnessing the power of a next generation holistic solution can be overwhelming. The leading next generation solutions have extended their innovation beyond how well they manage data and play with other solutions. Features you should consider:

Supporting Personas. Most of a firm’s team members may interact with a holistic compliance solution. Their roles and needs span a broad range of functions and processes. A one size fits all user interface is far too complex to be easily accessible or useful. By supporting different personas, each role established is offered the capabilities they need and customization of those personas enables each individual to tailor their working desktop to suit their needs. Learning curve, training, quality and consistency of work product, whether a submission for advertising approval, new account approval or rollover review, are optimized and secure.

Workflows. The capability to easily create and support workflows. Accuracy, consistency and productivity all rely on a compliance solution’s workflow capabilities. When combined with dynamic rule building capabilities and the ability to assign workflows by persona, the actual management of the compliance process is also simplified.
Look for a robust workflow functionality including design capabilities and integrations with SEC 17a-3 & 4 compliant document management solutions as well as the necessary data sources and your email infrastructure.

Utilization of graphic presentation and dashboards. Contributes to simplicity of training and use as well as providing management vital data and workload management. Regardless of work from home models, the ability for remote training and supervision is an essential component of a holistic system that spans all organization locations and management levels.

The presence of these attributes in a next generation compliance solution indicate powerful data management and

analytic capabilities combined with an elegance of user experience which create superior value for money.

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about Sycamore

Sycamore delivers all the data and functionality a retail or institutional advisor firm needs to recruit, manage and pay advisors, meet compliance and audit requirements, and keep advisors connected – all within the Salesforce ecosystem.