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Damage Control: What To Do When Your Firm Breaks the Rules

August 23, 2018
1:00 PM - 3:00 PM EDT
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Course Description:

Even the most diligent firms with strong and effective Compliance and Risk Management processes in place can find themselves facing major problems. When risk events inevitably occur, will you know how to respond? The importance of successfully managing and containing these situations cannot be overstated.

A crisis can hit in many forms:

  • Two FBI agents arrive unexpectedly and ask to speak to the company controller.
  • Your VP of Investor Relations gets an ominous telephone call from the SEC’s Enforcement Division. Simultaneously, a “Document Preservation” notice from the SEC is delivered to your office.
  • A news reporter calls with a few questions about certain payments made by a company sales representative to a foreign government official.
  • You learn that a current employee has become a “whistleblower” and has provided confidential information and documents to government agents.
  • You start getting panicked phone calls and emails from top management, seeking your guidance.

This session will provide guidance about what to do and, of equal importance, what not to do, at the onset of the crisis. Our expert panelists will also outline the red flags of a systemic problem and immediate steps to take and the pitfalls to avoid. They will sort out the approaches that are appropriate to different situations that include:

  • trade errors
  • breaches of client investment guidelines
  • rogue employees
  • information breaches
  • misrepresentations as to the value of assets or performance
  • failure to disclose conflicts of interest such as such as soft dollar arrangements; and regulatory violations

After attending this course, attendees should be able to:

  • Make decisions, which relate to mitigation, notification and escalation, employment of counsel and/or outside reviewers, legal privileges, dealing with aggrieved clients and other critical decisions, to minimize the firm’s reputational risk
  • Manage issues relating to self–reporting to regulators, private litigation and enforcement proceedings
  • Handle press inquiries

For Whom: Designed to increase the professional competence of financial services compliance professionals with legal, compliance, operations, technology, administrative and management responsibilities

Suggested Skill Level: Intermediate

Instructional Method: Group Internet-Based

Pre-requisites for participation: No pre-requisites are required.

Advance Preparation: None

NRS Continuing Education Guide
Maximum Recommended CPE Credit: 2
Maximum Recommended IACCP® CE Credit: 2
Maximum Recommended CA MCLE Credit: 2
Maximum Recommended CFP® Credit: Pending