Compliance Workflow Application Service
Foreside* presents a complete and affordable, web-based solution for your Registered Investment Company's regulatory compliance tracking.
Our service ("Compliance Accelerator") is web-based, and delivered via a robust Application Service Provider ("ASP") platform. This full solution is powered by software built for us by New Governance Inc. of Bannockburn, IL.
See a brief Macromedia Flash demo.
Our compliance tools are pre-programmed with the framework of a comprehensive 38a-1 compliance program, designed by our in-house compliance staff and staff and utilized by over 30 mutual funds today.
The compliance program can be completely tailored for your particular fund family and existing compliance program, and provides extensive reporting capabilities, both online and through 'board-ready' reports. The service is delivered via the web and is available to all of your designated users, according to the entitlements that you specify. You can optionally grant 'read-only' or 'task-update' entitlement access to your internal staff, external vendors or board trustees.
Our web-based compliance program automates and simplifies many compliance processes, such as the implementation of changes to your internal policies and procedures, gathering of data in tests for investigations, examinations, audits or internal controls. The system provides ample and flexible reporting capabilities.
Foreside's compliance tools enable higher levels of compliance, provides significant risk and promotes operational efficiencies. The system allows your compliance staff to define, track, manage and report all compliance objectives and required activities to accomplish those goals. Overdue items can be 'red-flagged' for executive review and reported on a daily or periodic basis. Foreside's system 'operationalizes' compliance and automates time-consuming activities such as:
- Review, annotation, and connecting regulations to your policies and procedures and internal controls;
- Definition, assignment, and tracking of policies and procedures;
- Definition and review of business processes and their associated owners;
- Definition, configuration and audit of workflows.
The system can be set to generate a periodic compliance reports, such as annual, quarterly or monthly from data gathered in day-to-day activities. This compliance report can then be presented for scheduled board or compliance committee meetings to enable the review of compliance testing activity and results. The system provides a complete audit trail of all workflow movements.
The building blocks of 'Compliance Accelerator' are:
- Definition, management, tracking and reporting of compliance objectives. Objectives are linked to internal controls, policies and procedures, and other compliance-related activities;
- Customizable periodic compliance reports, including: 1) Operational section (activity reports); 2) Change report (of policies and procedures and internal controls); and 3) Incident Report (violations of laws, policies and procedures, complaints, etc.);
- Hierarchical Visualization and Cross-Referencing of the related Registered Investment Companies (RICs). The entire 'enterprise' comprising multiple 'Investment Company' units can be visualized and cross-referenced to regulations (laws, standards, etc.), internal controls, processes, procedures, training manuals, key performance indicators, and responsible individuals;
- Executives, managers and staff can be mapped to RICs and business processes, with clear assignment of compliance responsibilities such as documentation requirements, internal controls, reporting and attestation of corporate statements;
- Browse and search through multiple regulatory database (laws, standards, etc.), annotate regulations, cross-reference regulations to internal controls and policies and procedures. The system ships with a comprehensive set of pre-loaded regulations;
- Document your internal policies and procedures, training manuals and other internal documents, and track their versions and changes. Cross-reference policies to internal controls and regulations. Our product can also integrate to other document management solutions;
- COSO-based internal controls (Committee of Sponsoring Organizations, www.coso.org) can be defined, scheduled and managed. Internal control data can be documented or uploaded through the application, and a full internal control reporting feature set is available;
- Statement workflows (e.g. prospectus, N-CSR, N-Q, N1-a) can be defined, through workflows;
- Incidents, investigations, complaints and audits can be created, assigned, tracked, and reported;
- Security and multi-user access security;
- Browser-based, secure access to your application and data anywhere through a conventional browser; and
- Implementation assistance, comprehensive training and ongoing maintenance available from our experienced compliance staff, who themselves are industry practioners.
For an assessment of how we could help provide online workflow automation to your existing 38a-1 compliance program, please contact either:
PETER GUARINO
Managing Director,
Foreside Compliance Services, LLC
*Service provided by Foreside Compliance Services, LLC
News
Jul 1 2008
Foreside is pleased to extend its existing service relationship with RMR Advisors, Inc. more
Jun 16 2008
Foreside welcomes the Allstate Financial Investment Trust as a new client of our firm. more
May 27 2008
Rich Berthy will assume the role of President, Foreside Financial Group, LLC from May 30th, 2008. more
May 07 2008
Foreside leases new office space in Columbus, OH to meet expansion plans. more
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Success Stories
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