Transcript Document

Information Flow
More than Paperwork
Session Sponsor
Topic for Discussion
• The scope of compliance has grown far beyond
reviewing paperwork.
• What are CCOs doing to cope with increases in
regulatory burden?
• As these demands have grown,
– what gaps exist in legacy compliance processes,
– where are we now in addressing major CCO concerns,
– what would we ideally be doing in the future to best
manage it all?
Panel Members
Speakers
Mary Andrews
Manager, Policy Regulation & Programs, Manulife Securities
Paige Wadden
Head of Compliance, Worldsource Wealth Management
Moderator
Daniel Clarke
Legacy out of Necessity
“What gaps exist in legacy compliance
processes? “
Creeping Structural Changes
• Inability to leverage information into business
intelligence;
• Difficult to share or move information across
departments;
• Change management cumbersome and
inconsistent
Creeping Structural Changes
“A Person for Every Hole”
•
•
•
•
A Department for every function
A Policy for every requirement
A Procedure for every Task
A Process for every function
Reactive NOT Proactive
Beyond the “Tick in the Box”
Policies, Procedures & Processes
• Time to take a broader more strategic approach
Surveillance & Audit
• Time to break down the silos
Key Starting Points
Policies and Procedures
• Policies, Procedures & Processes
• Separate or combined manuals
Audits & Complaint Handling
• Know your client
• Know your advisor
• Know your branch
Hearts and Minds
Audits & Complaint Handling
• Shifting internal mindsets
• Changing roles
• Changing functions
Policies & Procedures
• Know your audience
• How it impacts how the documents are
structured
Templates & Tools
Audits & Complaint Handling
• Collection
• Reporting
• Storage & Retrieval
Policies and Procedures
• Templates
• Vocabulary
• Testing & Training
Summary
• A “Tick in the Box” only solves the regulatory
challenge. Need awareness of multiple audiences
• CCO’s need to take a more holistic view of the
organization given the broader impact of
compliance across multiple departments
• Compliance information comes from many parts
of the organization, you need policies,
procedures and processes to ensure information
is available where and when it is needed.
Summary
• A holistic view of “Risk Management” requires a
view of information from the Client, the Advisor
and the Branch… KYC now includes KYA and KYB
• Technology can assist in creating synergies
between otherwise disparate activities.
• Policies, Procedures and Processes are “living
documents” within a “living system” and you
need a formal on-going process if you are going
to leverage these documents to get the most out
of the investments you make in them.
Role of Technology
•
•
•
•
•
Enterprise Risk Management
Enterprise Content Management
BPM (Business Process Management)
CRM (Customer Relationship Management)
Big Data
Questions
• Thank You!!
Mary Andrews
Manager, Policy Regulation & Programs, Manulife Securities
Paige Wadden
Head of Compliance, Worldsource Wealth Management