Despite Challenges, Survey Finds Compliance Processes Have Remained Effective During the Pandemic

Financial compliance software firm StarCompliance recently surveyed more than 160 asset managers, private equity firms, broker-dealers and other financial services firms. It asked participants to identify the top compliance-related challenges they have faced during the coronavirus pandemic; evaluate how their compliance processes and certifications procedures have fared; and explain how they are using technology to assist with their compliance processes. Although respondents faced challenges associated with employee communications and compliance-related requests, most reported that their compliance processes and certifications have remained effective. This article outlines the key takeaways from the survey report, with added insights from StarCompliance staff. For the results of another recent survey, see our two-part series on ACA Compliance’s testing survey: “Hot Topics, Compliance Programs, BCPs and the Pandemic” (Aug. 13, 2020); and “Form CRS; Anti‑Bribery and Anticorruption Controls; Cybersecurity; and Privacy” (Aug. 27, 2020).

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