RIA in a Box, a leading provider of compliance, operations and registration software solutions for the wealth management industry, announced the launch of the Audit Prep Tool to help compliance teams meet the requirements of SEC examinations. The tool offers support for both clients who are actively involved in SEC examinations and compliance teams preparing for future audits.
Comprised of resources for RIAs to proactively prepare for potential audits, the Audit Prep Tool is broken into two sections –audit prep and regulatory exam. Within the prep area, clients can review sample request letters from both the SEC and state regulators, as well as past findings and remedies from previous exams. The system also creates calendar reminders to ensure that all examination-related materials are reviewed annually. In addition, on-demand webinars and a library of regulatory documents outlining exam priorities and common deficiencies offer compliance teams continuing education and best practices around the examination process.
Once an exam occurs, the audit is logged within the system and marked as complete. Clients can use the regulatory exam section to upload findings documents or letters, in addition to scheduling a call with their RIA in a Box team to discuss the exam and take any action if needed. All of these actions are automatically captured and logged to ensure a holistic and complete approach for an examination.
“As we thought about other compliance and regulatory aspects we could help automate and document for advisors, we identified regulatory exams as they can often be stressful to prepare for and require significant preparation ahead of time,” said Mike Lubansky, director of product at RIA in a Box. “We developed the Audit Prep Tool to help our clients not only seamlessly handle examinations, but to also continuously refine their internal workflows and regularly review best practices to ensure that the audit process runs as smoothly as possible. We are excited to release this feature to RIAs in an effort to help them maximize their time and efficiency.”