Mock Examination

The time you invest in a mock SEC exam will save you time and stress during an actual exam. It will identify your firm’s strengths and help you demonstrate to the SEC that you take compliance seriously. You will know what to expect and how to respond, which will make your document request process and interviews with SEC staff less stressful.  A mock SEC exam is also a great way to conduct due diligence on a firm your are acquiring or merging with.

 

Undergoing a mock SEC examination will:

  • Help your CCO, compliance staff, and the rest of your firm understand the manner in which your information will be picked through and examined
  • Validate the importance of each employee’s day-to-day responsibilities in maintaining compliance by putting context around the nuances of their tasks
  • Build confidence in the key employees who would be interviewed by the SEC
  • Provide upper management peace of mind and a roadmap of how they may consider reallocating resources

 

My RIA Lawyer’s Mock Examination is executed in four stages:

 

Off-Site Review

As the SEC would do, our expert compliance professionals request a series of compliance documents to understand the firm’s unique business practices and then use those documents to prepare for an onsite examination.  Our requests are based on the most current requests coming from SEC examiners.

Onsite Mock SEC Exam

Our compliance professionals visit your firm’s offices and conduct a live mock SEC Exam through a series of exercises and interviews of the firm’s staff and personnel. We conduct live testing of your firm’s client files, email retention, books and records storage and more.  We may request additional documents and information because of our on-site examination.

Off-site Exam Report 

Upon completion of the onsite review, My RIA Lawyer will provide a written summary of the findings as well as a recommended schedule for remediation of deficiencies. We also categorize deficiencies by risk level so that you can tackle the biggest issues first.

Remediation

Once we have approval of our plan for remediation, we begin by addressing deficiencies in order of risk, starting with high risk items. We work with your senior management and compliance team to ensure proper execution and continue providing training to ensure key staff members understand their compliance.

*Our mock examination services is a required prerequisite for our Outsourced Compliance Department service.

 

Is a Mock SEC Exam Right for Your Firm?

A mock SEC exam might be right for you if your firm…

  • Has had significant changes in key personnel
  • Has launched a new line of business
  • Has undergone a merger or acquisition
  • Has never been examined
  • Hasn’t been examined in 5 years or more
  • Has had high turnover of compliance staff
  • Has the CEO as the CCO
  • Recently become SEC registered

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