Can we outsource the CCO Role?
Yes. Sometimes. Maybe. We can help you make that determination.
FINRA has begun to recognize the value an outsourced Chief Compliance Officer (CCO) provides. A tenured professional often promotes a culture of compliance and instills more robust procedures and controls than designating a CCO without extensive compliance experience. If your firm's business and product mix do not command a full-time, internal CCO you may be able to improve your regulatory program by outsourcing the function.
Will this work at my Firm?
Regulatory Compliance only promotes an outsourced CCO relationship after extensive consultation and due diligence. This is not an off-the-shelf program.
Your firm has to be a good candidate for the program. We'll invest the time to educate you and to get to know your business and your firm's regulatory history. Then we'l make that determination collectively.
Designate a Tenured Chief Compliance Officer
Each FINRA member firm is required to identify a Series 24 Registered Principal as its Chief Compliance Officer to FINRA through the FINRA Contact System and to the public through Schedule A of Form BD.
Small member firms and practitioners have long understood the value a seasoned compliance expert affords. Compliance is complex. Rules and enforcement are fluid and continue to morph and evolve at a rapid pace. The CCO role commands a tenured professional with years of direct experience.
Outsource may not be the best word!
The designated Chief Compliance Officer is responsible for each FINRA member firm' regulatory program by rule. Whether outsourced, internal, full-time or part-time, a designated CCO is both responsible for maintaining a firm' program and personally liable from a regulatory perspective.
Experienced, Tenured Compliance Professionals
If your firm is a good candidate for the program we will match you with a tenured compliance professional who has deep experience in your firm's business. You're not just buying a service: You're adding a new member to your management team.
We'll advise you to interview the candidate and to conduct your employment screen accordingly.