Hearsay Systems said Friday that it has launched a new consulting practice, Hearsay Compliance Advisory Services, to help financial services firms comply with industry regulations like the Securities and Exchange Commission’s Regulation Best Interest and the Financial Industry Regulatory Authority’s recently enacted Advertising Rule 2210.
“As new technologies permeate the financial services industry, compliance issues become more complex. With a constant influx of new regulations and guidelines, organizations are often lost on how to expand existing programs to meet new compliance requests and when to adopt new technologies and practices,” said Donna Prlich, Hearsay’s chief business officer.
Hearsay Compliance Advisory Services will help Hearsay “customers easily navigate this complicated landscape by providing both technical and subject matter expertise to optimize Hearsay’s powerful data-driven, customer-centric digital solutions to customers’ ever-changing risk profiles,” Prlich said.
The services, which are customizable, include:
- Discovery and Risk Assessment: A well-defined lexicon enables compliance program administrators to efficiently and effectively oversee advisor content.
- Compliance and Supervision Training: To help Hearsay Compliance Administrators increase their value, Hearsay Compliance Advisory Services has created its own certification program in compliance administration. This offering shows exactly how Hearsay Compliance for the Hearsay platform can be used to support digital marketing programs through the full client-advisor/agent life cycle.
- Compliance Analytics and Reporting: To help advisors engage with their clients seamlessly, Hearsay partners with teams to analyze their compliance policies and supervision processes to minimize the firm’s risk while ensuring an efficient client engagement experience for advisors.
- Compliance Resource and Technology Optimization: As organizations evolve and policies and procedures shift, Hearsay configurations may also need to change. As such Hearsay partners with teams to reconfigure their supervision dashboard, ensuring that the review process meets the needs of the program. Hearsay can also update fields on advisors’ social media profiles to ensure they are in compliance.
“Hearsay has been at the forefront of compliance in the digital era,” added Robert Bartolomeo, vice president of professional services and customer success. “Our new Compliance Advisory Services practice takes this up a level to ensure customization, meet organizations where they are, and help them get to where they need to be.”
— Check out Hearsay CEO Clara Shih Cheers SEC’s Modernizing of Ad Rules on ThinkAdvisor.