Let’s face it, being the Chief Compliance Officer (CCO) for a major financial firm is no easy job. The regulatory landscape is constantly shifting and can affect everything from executive pay to protection against fraud. The SEC has routinely made it clear that compliance should be every firm’s top priority, and has levied significant fines as well as charges against individuals for violations of these regulations.
Because of these challenges, it is becoming more common for advisers to use automated systems to obtain real-time data for compliance purposes. This is where GMI comes in. We have considerable experience navigating these issues using the most state of the art automation technology on the market today. Here are four of the main reasons the compliance officers at our client’s firms love GMI Automation
Regulation at a financial firm’s office even extends to what individuals have access to the premises and at what time. To monitor this many will install access control systems, however all access control systems are not created equal nor are they equally secure. GMI specializes in biometric access control, which grants entry through some kind of biological indicator, usually a fingerprint or series of fingerprints. This gives CCO’s a high level of confidence that the individual accessing the site is who they purport to be.
Automation and security go hand in hand, which is especially important to compliance officers looking to stay in line with regulations regarding surveillance of their office space. GMI employs a combination of covert and overt cameras to give several layers of video surveillance. Many firms choose to combine 360 degree cameras for wide shots and fixed position cameras on entryways for more detail. This allows compliance officers to monitor their personal with an incredibly high level of certainty.
Real Time Notifications
True automation means real time notifications set to alert compliance officers anytime something out of the ordinary happens at their firm. GMI Integrates your video surveillance and access control systems together and allows you to be alerted via text message or email anytime there is an event that happens that is an exception. This turns what would normally be a reactive audit trail into a proactive way to head off problems.
It is highly recommended that when automating their systems to remain complaint, that financial firms mitigate risk by testing these systems regularly and documenting those tests. As a standard practice for all of our automation customers, GMI installs proactive monitoring systems which keep track of the system and notifies us of any device failure or latency. They can even be programmed to notify of negative trends, allowing us to address system failure before it happens.
It’s these reasons and more that financial firms throughout the country have contacted us about automating portions of their compliance process. Not all levels of SEC compliance can be solved by automation alone, but with this technology in their corner, CCO’s help give their firms a competitive advantage which results in less time spent worrying about compliance and more time making money for their investors.
Are you the CCO of a financial firm looking for that competitive edge? Contact GMI today to learn how we can help you excel.