information flow more than paperwork session sponsor
TRANSCRIPT
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Information FlowMore than Paperwork
Session Sponsor
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Topic for Discussion
• The scope of compliance has grown far beyond reviewing paperwork.
• What are CCOs doing to cope with increases in regulatory
burden? • As these demands have grown,
– what gaps exist in legacy compliance processes, – where are we now in addressing major CCO concerns, – what would we ideally be doing in the future to best manage it
all?
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Panel Members
Speakers Mary Andrews Manager, Policy Regulation & Programs, Manulife Securities
Paige Wadden Head of Compliance, Worldsource Wealth Management
Moderator Daniel Clarke
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Legacy out of Necessity
“What gaps exist in legacy compliance processes? “
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Creeping Structural Changes
• Inability to leverage information into business intelligence;
• Difficult to share or move information across departments;
• Change management cumbersome and inconsistent
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Creeping Structural Changes
“A Person for Every Hole”
• A Department for every function• A Policy for every requirement• A Procedure for every Task• A Process for every function
Reactive NOT Proactive
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Beyond the “Tick in the Box”
Policies, Procedures & Processes• Time to take a broader more strategic approach
Surveillance & Audit• Time to break down the silos
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Key Starting Points
Policies and Procedures• Policies, Procedures & Processes• Separate or combined manuals
Audits & Complaint Handling• Know your client• Know your advisor• Know your branch
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Hearts and Minds
Audits & Complaint Handling• Shifting internal mindsets• Changing roles• Changing functions
Policies & Procedures• Know your audience• How it impacts how the documents are structured
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Templates & Tools
Audits & Complaint Handling• Collection• Reporting• Storage & Retrieval
Policies and Procedures• Templates• Vocabulary• Testing & Training
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Summary
• A “Tick in the Box” only solves the regulatory challenge. Need awareness of multiple audiences
• CCO’s need to take a more holistic view of the organization given the broader impact of compliance across multiple departments
• Compliance information comes from many parts of the organization, you need policies, procedures and processes to ensure information is available where and when it is needed.
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Summary
• A holistic view of “Risk Management” requires a view of information from the Client, the Advisor and the Branch… KYC now includes KYA and KYB
• Technology can assist in creating synergies between otherwise disparate activities.
• Policies, Procedures and Processes are “living documents” within a “living system” and you need a formal on-going process if you are going to leverage these documents to get the most out of the investments you make in them.
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Role of Technology
• Enterprise Risk Management• Enterprise Content Management• BPM (Business Process Management)• CRM (Customer Relationship Management)• Big Data
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Questions
• Thank You!!
Mary Andrews Manager, Policy Regulation & Programs, Manulife Securities
Paige Wadden Head of Compliance, Worldsource Wealth Management