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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 the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.

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