A Solution for Investment Compliance and Internal Controls

Situation


  • Compliance analysts spent hundreds of hours managing the documentation and certification for several hundred policies and procedures with email, Word®, and Excel®.
  • The compliance testing group struggled to maintain version control on policies and procedures for Rules 206(4)-7 and 38a-1 and internal controls documentation, as multiple versions of Word documents and Excel files were created during review.
  • Users found it difficult to navigate unorganized network drives or intranet sites that weren't designed for evidence collection and testing.
  • Compliance analysts did not have simple way to annotate samples. And reviewers, including the CCO, spent a significant amount of time managing a piecemeal review process.
  • A complex certification process for investment compliance required constant babysitting of spreadsheets and email, without a holistic view the status of all projects.
  • Due to previous errors in data caused by version control issues, the CCO did not have full confidence in the policies, procedures, and documentation they submitted to the board of directors and investors.

Results


Improved data accuracy for the CCO

  • Information is linked, so if a change is made to policies and procedures for Rules 206(4)-7 and 38a-1, the related information in the internal controls documentation is automatically updated.
  • The CCO always has access to up-to-date information in policies, procedures, and internal controls and is confident in the data submitted to the board of directors and investors.

Increased collaboration and efficiency

  • Multiple teams create and edit policies and procedures simultaneously within a single environment.
  • All team members, including the CCO, can view dashboards that reflect the status of controls.

Streamlined review and annotation

  • The team now stores all evidence, policies, and procedures in a single, secure environment and no longer has to navigate a complex network drive.
  • Reviewers compare samples side-by-side with internal control testing sheets and then mark up with a full audit trail of annotations.

Increased certification visibility and control

  • An automated certification process allows for the internal controls and compliance teams to spend more time on value-added activities.
  • A dynamic dashboard provides the status of all certification processes.

Excel and Word are registered trademarks of Microsoft Corporation in the United States and/or other countries.

Results


Improved data accuracy for the CCO

  • Information is linked, so if a change is made to policies and procedures for Rules 206(4)-7 and 38a-1, the related information in the internal controls documentation is automatically updated.
  • The CCO always has access to up-to-date information in policies, procedures, and internal controls and is confident in the data submitted to the board of directors and investors.

Increased collaboration and efficiency

  • Multiple teams create and edit policies and procedures simultaneously within a single environment.
  • All team members, including the CCO, can view dashboards that reflect the status of controls.

Streamlined review and annotation

  • The team now stores all evidence, policies, and procedures in a single, secure environment and no longer has to navigate a complex network drive.
  • Reviewers compare samples side-by-side with internal control testing sheets and then mark up with a full audit trail of annotations.

Increased certification visibility and control

  • An automated certification process allows for the internal controls and compliance teams to spend more time on value-added activities.
  • A dynamic dashboard provides the status of all certification processes.

Excel and Word are registered trademarks of Microsoft Corporation in the United States and/or other countries.

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