National Regulatory Services Enhances Its Branch Audit Solutions

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Improved solution supports need for new procedures for broker-dealer branch inspections.

We have enhanced both our audit services field procedures as well as our technology to meet the added challenges 11-54 presents for our customers.

National Regulatory Services (NRS), part of BankersAccuity, announced significant enhancements to its Branch Audit and inspection service for 2012. NRS Branch Audit Solutions provides fully outsourced, co-sourced and technology-driven solutions that help broker-dealers and financial services firms manage compliance costs as the regulatory environment becomes more complex and demanding. Branch Audit Solutions include licenses to and the use of the ComplianceMAX™ technology platform as the central information management, storage and reporting system.

“Compliance managers are facing increased regulatory scrutiny, as exemplified in the recently published FINRA and OCIE Notice to Members 11-54, which can increase the time, effort and expense of managing a branch inspection program,” states Mark F. Catone, Senior Director of Compliance Technology for NRS. “We have enhanced both our audit services field procedures as well as our technology to meet the added challenges 11-54 presents for our customers.”

NRS is the only firm in the industry that maintains a staff of experienced, full-time professional auditors and logistics scheduling mangers and has designed technology specifically to manage process and costs associated with branch audit programs. NRS’s Audit Services Team conducts thousands of branch audits and inspections each year, enabling firms to manage their costs while providing technology that serves as a central repository and reporting mechanism. ComplianceMAX Audit Technology houses audit information, allowing firms to provide online audit reviews and approvals as well as store information from year to year. This facilitates reporting and analysis leading to identification of increased areas of risk.

NRS’s Audit Technology is a module of ComplianceMAX, an integrated compliance platform that significantly improves efficiency and risk management capabilities. The platform implements a workflow-driven process that allows a firm to tailor supervision of annual compliance programs, representative data collection and management, advertising review, branch audits and related outsourced services, affirmations and questionnaires, gifts and entertainment, political contributions, complaints and training.

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National Regulatory Services (NRS) is the nation’s leader in compliance and registration products and services for investment advisers, broker-dealers, hedge funds, investment companies and insurance institutions. NRS has the practical expertise, proven capability and unparalleled reach to deliver integrated and effective compliance solutions to a wide range of users within the financial services industry. NRS delivers these solutions through three interrelated offerings – comprehensive education, best-in-class technology and expert consulting services – enabling our clients to meet their regulatory requirements and minimize risk. NRS is part of BankersAccuity, the global standard for payment efficiency and compliance solutions.

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