Information FlowMore than Paperwork

Session Sponsor

Topic for Discussion

• The scope of compliance has grown far beyond reviewing paperwork.

• What are CCOs doing to cope with increases in regulatory

burden? • As these demands have grown,

– what gaps exist in legacy compliance processes, – where are we now in addressing major CCO concerns, – what would we ideally be doing in the future to best manage it

all?

Panel Members

Speakers Mary Andrews Manager, Policy Regulation & Programs, Manulife Securities

Paige Wadden Head of Compliance, Worldsource Wealth Management

Moderator Daniel Clarke

Legacy out of Necessity

“What gaps exist in legacy compliance processes? “

Creeping Structural Changes

• Inability to leverage information into business intelligence;

• Difficult to share or move information across departments;

• Change management cumbersome and inconsistent

Creeping Structural Changes

“A Person for Every Hole”

• A Department for every function• A Policy for every requirement• A Procedure for every Task• A Process for every function

Reactive NOT Proactive

Beyond the “Tick in the Box”

Policies, Procedures & Processes• Time to take a broader more strategic approach

Surveillance & Audit• Time to break down the silos

Key Starting Points

Policies and Procedures• Policies, Procedures & Processes• Separate or combined manuals

Audits & Complaint Handling• Know your client• Know your advisor• Know your branch

Hearts and Minds

Audits & Complaint Handling• Shifting internal mindsets• Changing roles• Changing functions

Policies & Procedures• Know your audience• How it impacts how the documents are structured

Templates & Tools

Audits & Complaint Handling• Collection• Reporting• Storage & Retrieval

Policies and Procedures• Templates• Vocabulary• Testing & Training

Summary

• A “Tick in the Box” only solves the regulatory challenge. Need awareness of multiple audiences

• CCO’s need to take a more holistic view of the organization given the broader impact of compliance across multiple departments

• Compliance information comes from many parts of the organization, you need policies, procedures and processes to ensure information is available where and when it is needed.

Summary

• A holistic view of “Risk Management” requires a view of information from the Client, the Advisor and the Branch… KYC now includes KYA and KYB

• Technology can assist in creating synergies between otherwise disparate activities.

• Policies, Procedures and Processes are “living documents” within a “living system” and you need a formal on-going process if you are going to leverage these documents to get the most out of the investments you make in them.

Role of Technology

• Enterprise Risk Management• Enterprise Content Management• BPM (Business Process Management)• CRM (Customer Relationship Management)• Big Data

Questions

• Thank You!!

Mary Andrews Manager, Policy Regulation & Programs, Manulife Securities

Paige Wadden Head of Compliance, Worldsource Wealth Management