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NASAA Releases 2017 Coordinated Exams Report

Monday, October 9, 2017

This biannual report can be an important compliance resource. Reviewing this report can help firms determine if any compliance changes need to be implemented.

Data from the report shows that the average number of regulatory deficiencies per audit were up to 6.57 per exam. Part of the uptick can be attributed to the inclusion of cybersecurity as an area of examination. Headlines such as the Equifax breach are likely going to continue to drive the importance of protecting sensitive information. That said, books and Records, registrations and contracts continue to be the three examination areas with the most deficiencies.

Overall, deficiencies are 54% since 2015. Cybersecurity has been a major driver of this increase with 23% of firms have at least one cybersecurity based deficiency. As for actual cybersecurity deficiencies, inadequate cybersecurity insurance has been top of the list. The NASAA has released a new cybersecurity resource as well as an updated set of best practices.

Need assistance with your compliance program? Red Oak is here to guide you every step of the way.

About Red Oak Compliance Solutions

Red Oak Compliance Solutions is a leading provider of intelligent compliance software, offering a range of AI-powered solutions designed to help firms of all sizes successfully navigate the increasingly complex regulatory landscape. Our suite of 17(a)-4/WORM compliant features offer risk minimization, cost reduction, and process optimization capabilities with features that are designed to evolve with our client’s needs. Our flagship advertising review software enables firms to deliver compliant content to the market with confidence, faster. Our Disclosure Management and Intelligence solution simplifies the management of disclosures, while our Registration Management solution automates and streamlines the licensing and registration process, further enhancing your internal processes. 

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