Testing (Assurance)
Testing is a critical part of any compliance program
Oyster consultants have the expertise to create a testing program customized to your firm and its lines of business.
Testing is an ongoing process
Establishing, testing and documenting your controls is an ongoing process. Your firm’s controls need to be regularly reviewed. This ensures parameters are properly set, controlling the right processes and that the control is working as designed. Oyster’s team of CCOs, former regulators and compliance experts provide the independent perspective you need to ensure your Market Access and Email Retention System controls are tested regularly and correctly.
Regulatory Background
Three FINRA Rules address Supervisory Testing: 3110, 3120 and 3130.
The Bank Secrecy Act and regulations require that firms establish a customer identification program, as well as procedures for identifying and reporting suspicious activity. It must also include designating an AML Compliance Officer to FINRA, providing ongoing training to employees and conducting independent testing. There are no exemptions or exceptions to the requirement to have an AML program.
SEC Rule 206(4)-7 requires Registered Investment Advisors, at least annually, to review their compliance policies and procedures and assess their effectiveness.
Testing Services
Sometimes compliance systems just don’t fit – like a bad suit. Oyster will tailor a compliance program for your firm’s goals, structure and risk tolerance. Through compliance testing, assessments or an annual review Oyster can help your firm reframe and prioritize your compliance policies and procedures.
Download the Outsourced Testing Services eBook to learn about when outsourcing testing makes sense.
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Our Process
Step 01
Discover
We listen to your goals and priorities. We create transformative change by inviting a two-way discussion.
Step 02
Plan
We customize your project by creating a scope and timeline to deliver the best experience for your team.
Step 03
Implement
Oyster maintains consistent communication to monitor and reinforce project goals while completing project deliverables.
Step 04
Deliver
Whether your need is ongoing consulting or project based, Oyster will deliver a quality product that encapsulates your goals and expectations.