Retail investors have been a consistent SEC examination priority. Following the compliance date for Regulation Best Interest (Reg BI), the SEC’s Division of Examinations (Division) began examining for compliance with the new regulation. The Division’s risk alert (Risk Alert) on staff observations from broker-dealer examinations shows the Division continues to find deficiencies in firms’ implementation of Reg BI, especially in regard to implementation of appropriate policies and procedures. Although the Risk Alert and Reg BI concern only broker-dealers and their standard of conduct, the Risk Alert is an important reminder that the SEC considers proper policies and procedures to be a central pillar of compliance in general. This article discusses the key lessons from the Risk Alert. See “Private Funds Top the SEC’s 2022 Exam Priorities” (Jun. 9, 2022); and “SEC Committee Statement Details Shortcomings in Form CRS Compliance” (Feb. 10, 2022).