Field Audit Solutions
Focus on managing compliance, not people and operations
The branch inspection process is a critical component of your comprehensive risk management program. Jointly with the SEC, FINRA issued Notice to Members 11-54 to provide broker-dealer firms with information on how to effectively develop policies and procedures for your branch office inspections. More importantly, this Notice is a reminder to firms of supervisory requirements under FINRA’s supervision rule.
In the Notice to Members 11-54, FINRA identified that firms with significant deficiencies in the integrity of their overall branch inspection process typically possessed one or more of the following deficiencies:
||The NRS Solution:
|Utilizing generic examination procedures for all branch offices
||Eliminate “generic” and get down into the “specific” aspects of an exam - NRS can review and evaluate your current program, including your exam checklist, and provide valuable feedback on how to enhance the program based on our industry experience. We understand the importance of creating a risk-based approach that will satisfy regulatory competencies.
|Leveraging novice or unseasoned branch office examiners who do not have significant depth of experience or understanding
||Providing “seasoned” Auditors - By adding a mix of NRS auditors into your existing program, or completely outsourcing all of your audits, your exam program benefits from the NRS team’s breadth and depth of experience. Collectively our Auditor staff brings more than 187 years of combined industry experience to the program.
|Performing audits with a “check the box” mentality
||We can help you prepare a risk assessment to customize your audits to focus each exam based on risks and type of business conducted in the branch.
|Devoting little time and resources to the exam process
||By using NRS Field Audit Team to conduct your audits you are taking a step to reduce conflicts of interest within your compliance program and ensuring that a quality exam is performed. Additionally, all-inclusive pricing offers a predictable budget that can minimize expenses and improve your firm’s bottom line.
|Announcing exams that were supposed to be “unannounced, or failing to generate a thorough written report following an inspection
||We can help you determine which offices should go to the top of your list for unannounced exams based on risk analysis. We provide expertly written, easy to read inspection reports and the ability to easily track and report findings.
Partner with NRS and improve your bottom line:
With combined industry experience of 187 years, NRS' Field Audit Solutions team has led the industry in third party branch audit programs. We have comprised a team of highly skilled and experienced auditors, with a fully functioning logistics staff, to allow our clients the freedom to dictate the direction of their audit program without leaving the office. We can do as little or as much as you’d wish. Our goal is to increase your team’s productivity, improve overall compliance accuracy and reduce the costs of compliance – without sacrificing thoroughness and consistency. Choose the option that best fits your firm:
|NRS's professionally staffed Audit Team conducts the inspections on behalf of the Broker Dealer. The Outsourcing option relieves you of the burden of scheduling and traveling to conduct your audits. Allow NRS to conduct the field work for you and deliver your audit results, so you can redirect your focus on managing the overall health of your compliance program. NRS audit results are delivered securely via The ComplianceMAX technology, allowing for quick data reporting and streamlined corrective action processes.
||A flexible and collaborative approach that allows you to meet expanding audit obligations and control costs. NRS's professionally staffed Audit Team will become an extension of your Compliance Program. NRS is available to visit any of your branch locations at a single fixed rate, while absorbing unpredictable travel costs. With the help of NRS, you will no longer find yourself in the unhappy situation of being short staffed or unable to promptly conduct high risk inspections, without conflict of interest.
||The ComplianceMAX technology can be implemented into any level of Audit Solutions. You will immediately recognize a dramatic boost in productivity and increased job satisfaction. ComplianceMAX consolidates spreadsheets, emails, faxes and other manual processes into one secure and centralized repository for your data, documents and other audit materials.
Together, NRS’s powerful combination of people, technology and expertise can extend your resources, expand your capabilities and drive the results you need to remain compliant. Whether employing our technology solutions or engaging with our team of auditors, our people, expertise and consistent results can help you take control of your audit program, increase efficiency and find peace of mind. Regardless of which options fits your business the best, you are in control with the most advanced compliance technology platform available.
For more information on Program Audit services, contact us or sign up for a demo today.