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July 21, 2020 at 09:49 AM
Business continuity planning related to COVID-19 has replaced cybersecurity as a top concern for compliance officers at advisory firms, according to a just-released Investment Adviser Association poll.
The annual 2020 Investment Management Compliance Testing Survey, now in its 15th year, found that 384 compliance officers are most worried about business continuity plans, eclipsing cybersecurity, which had ranked as the top compliance concern for six consecutive years.
The 2020 survey was cosponsored by IAA, ACA Compliance Group and BrightSphere Investment Group.
Forty-three percent of the firms responding had $1 billion to under $10 billion in regulatory assets under management. Roughly half of the remaining respondents were from firms managing $10 billion or more, with the other half managing less than $1 billion.
The survey was conducted from April 20 through May 31.
While nearly two thirds (64%) of respondents cited COVID-19-related continuity planning as the hottest compliance topic, an overwhelming 88% reported that COVID-19 had caused no material impact to their firm. Eighty-one percent of responding firms reported that all of their employees were working from home.
