Source: Wolters Kluwer
Wolters Kluwer Financial Services announced today that it has expanded its compliance offerings to include consulting solutions for the U.S. securities industry and financial institutions in the U.K.
This new service was developed in response to requests from financial firms, which expressed a need for objective compliance experts who could not only help them understand the implications of regulatory change, but also help employ those changes within their organizations. Wolters Kluwer Financial Services' consultants—many of whom served as NASD and SEC examiners in the U.S. and FSA supervisors in the U.K.—offer a broad range of regulatory experience.
The U.S. consultants assist securities firms with managing policies and procedures, including drafting, finalizing and updating written supervisory procedures, compliance manuals and codes of ethics. They also provide analysis, audit services and annual reviews of current compliance practices to identify potential gaps related to various issues, including anti-money laundering (AML) procedures, soft dollar practices, short selling restrictions, employee trading rules and know your customer (KYC)/enhanced due diligence requirements.
Consultants in the U.K. help securities, banking and insurance firms navigate various compliance issues, including authorization; documentation; Advanced, Risk-Responsive Operating FrameWork (ARROW) preparation; AML and KYC guidance; and fraud detection. The consultants can also help firms evaluate potential compliance issues related to corporate restructuring, new product launches, or expanding or selling into new markets.
"In the coming months firms will have to deal with enhanced regulatory change that will impact their existing business models significantly," said Mark Coronna, executive vice president of Securities and Insurance at Wolters Kluwer Financial Services. "Not only can compliance officers depend on Wolters Kluwer Financial Services to help them monitor the regulatory environment and alert them of changes, but they can now rely on our experienced consultants to help implement the changes that affect their regulatory and business processes."
Coronna added that the consulting solutions can provide great relief to firms that have seen internal resources diminish as regulatory change has accelerated. Additionally, relying on experienced consultants outside a firm can help prevent short-term fluctuations in staffing levels to overcome sudden and significant regulatory change.