By Buddy DoyleShare Article
Effective Remote Testing
Remote work is the current normal. Since March, Oyster has led conversions for clients without ever being onsite, started new businesses with client’s we’ve never met in person, and completed virtual exams. For years, some or all our testing has been conducted remotely depending on the client’s needs. For the last four months, all of Oyster’s testing has been remote. Remote testing will never be perfect, and you run some risk of not seeing some suspicious things like a $100,000 producer leaving the parking lot in a Ferrari on the way to their yacht. But remote testing to the reasonable and robust standards have been solved.
AML, 3120, 206(4)-7, Reg SCI, and Branch Exams – they all can be effectively completed remotely. This works best when you use a team of experienced industry professionals with deep subject matter expertise, great tools to overcome the challenges of being remote, and processes that create an experience that can be better than onsite while avoiding the cost and disruption of travel. Our tactics are designed to:
- Securely obtain information – Oyster Solutions, our proprietary Governance, Risk and Compliance platform uses workflow to securely request and obtain files.
- Engage Stakeholders – Oyster uses Microsoft Teams to interview stakeholders and engage them in the process as we develop the appropriate understanding of your business practices and systems of control.
- Observe How You Work – Oyster uses Microsoft Teams to securely share screens to observe how your team works with your systematic tools to replace “looking over the shoulder”.
- Risk Based and Random Sampling – Oyster uses our Oyster Solutions risk assessment process to determine the scope and size of our testing using both risk based and random sampling methods of the files and system information you securely submitted and shared.
- Control Questionnaires – Oyster Solutions uses smart survey technology to make complex questionnaires easy, create follow-up questions and test protocols based on your answers, and identify potential findings and ensure consistent quality outcomes.
- Gap Analysis & Recommendations – Oyster uses a combination of technology and expertise to identify potential gaps, confirm those gaps, and work together to make practical recommendations to improve your controls and achieve regulatory compliance culminating in a well-crafted report and a roadmap for the future.
Contact us to learn more about how to keep your employees safe from COVID while achieving regulatory compliance and industry best practices.
You can learn more about remote testing by listening to our Oyster Stew podcasts on Preparing for Modern Regulatory Exams.
Whether you are looking to change from self-clearing to fully-disclosed (or vice-versa), exploring your clearing options or starting a broker-dealer, Oyster can assist with the assessment, analysis, vendor selection and conversion processes.Download