ComplySci 2022 CCO Playbook provides expert advice, actionable strategies, and best practices for technology-enabled compliance programs

The annual guide examines the regulatory landscape of 2021 and the impact of key regulatory decisions of 2022

NEW YORK, April 20, 2022 /PRNewswire/ — ComplySci, the leading provider of regulatory technology and compliance solutions to the financial services sector, today released its 2022 Chief Compliance Officer (CCO) Playbook. The Annual Guide takes an in-depth look at recent and anticipated changes in regulatory compliance and how they impact the financial services industry. The playbook provides insights and suggestions from company executives and subject matter experts, as well as industry leaders and regulators. It also examines current regulations and describes internal and external challenges that compliance teams face.

Highlights of this year’s playbook include:

  • A review of the Securities and Exchange Commission (SEC) regulatory actions and penalties of 2021 imposed on financial services firms.
  • The 2022 SEC and Financial Industry Regulatory Authority (FINRA) audit priorities.
  • Impact of federal, state, and local pay-to-play rules in an election year.
  • Recommendations and tools for organizations to combat regulatory compliance apathy.

“A detailed understanding of the regulatory ecosystem is just one aspect of a successful compliance program,” said ComplySci’s Chief Executive Officer Amy Kadomatsu. “Compliance leaders need to develop an integrated approach that drives strategic value to their organizations. This handbook can help professionals build a regulatory compliance program that analyzes changing financial systems and mitigates potential risks with appropriate protocols and tools, delivering real value to their organizations.”

In fiscal 2021, the SEC enacted a series of extremely important and unique enforcement actions, the Awards $564 million through its whistleblower program. Although the number of enforcement actions taken by the Commission decreased slightly from 2020 to 2021, investigations increased to more than 3,000 cases and overall penalties increased 1 billion dollars in 2020 to $1.4 billion in 2021.

This trend, coupled with increasing public scrutiny and CCO liability, as well as ever-increasing regulatory reporting requirements, makes compliance increasingly complex and increases the risk potential for organizations. Such regulatory tightening is also the reason why around 70 percent of compliance experts state that they are considering increasing the automation of compliance processes in the next 12 months.

“The importance of compliance within organizations continues to grow,” said Kadomatsu. “It is critical that businesses, regardless of size, take the necessary steps to protect themselves, their employees, and their customers not only from SEC sanctions and fines and associated reputational damage, but also from the potential loss of credibility and incoming Investment and revenue may result from non-compliance. ComplySci and its family of companies are committed to providing a variety of governance, risk and compliance offerings to address and address this need.”

Download ComplySci’s full 2022 CCO Playbook to learn about SEC and FINRA audit priorities, ongoing compliance trends, and how to choose the best technology solutions to protect your organization.

About ComplySci

At ComplySci, we believe that advanced compliance technology empowers compliance professionals to transform their business. More than 7,000 customers, including some of the world’s largest financial institutions, rely on ComplySci’s scalable and mature platform to stay ahead of risk and unlock the strategic potential of their compliance data. Its family of companies includes ComplySci, RIA in a Box, illumis, a ComplySci company, NRS, a ComplySci company, and ITEGRIA®a division of RIA in a Box.

Together, the family of companies offers a full suite of governance, risk and compliance (GRC) consulting, technology, managed services, analytics and outsourcing solutions for the financial services industry. Its regulatory technology solutions help compliance organizations identify, monitor, manage, and report on risk and conflicts of interest, including personal trading, gifts and hospitality, political contributions, affiliations with outside companies, and other violations of the code of ethics. Visit www.complisci.com for more information.

media contact
Donald C Cutler or Lorene Yue
Haven Tower Group, LLC
424-317-4864 or 424-317-4854
[email protected] or [email protected]

SOURCE ComplySci

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