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Compliance Testing Action Plan

As we approach the end of the year, we understand that many firms are in a pinch to get their testing completed. To help you get started, we’ve developed an action plan to guide you through the key questions to ask as you get started on your existing testing plan or developing a new one.

Investment advisers often have robust compliance testing programs in place to ensure their staff and control environment remain a well-oiled machine. Most of the time, such testing programs are front of mind and on top of the daily, weekly, or monthly to-do list.

Yet 2020 – where compliance professionals are working from home during a global pandemic that comes with additional family obligations, enhanced day-to-day surveillance of staff, and adapting to changing expectations – isn’t a typical year. 

In response to COVID-19 related challenges, 35% of surveyed firms deferred their compliance testing to 2H 2020, according to polling results captured on an ACA webcast during the height of the pandemic.

Unfortunately, the obligation to forensically test and/or stress test your compliance program remains. Download our Compliance Testing Action Plan to help you and your firm get started. 

This list is not intended to be exhaustive; testing should always be tailored to your firm’s specific risks. ACA’s team can help determine testing needs, perform testing, analyze the results, and determine the best path forward if enhancements are needed.

Questions?

For questions or to discuss how ACA can help your firm strengthen its testing program, complete your testing requirements, and ensure your regulatory obligations are met, reach out to your ACA consultant or contact us here.