Three-Year Pilot Program Seeks to Modernize Inspection Process for OSJs, Branch Offices, and Non-Branch Locations The Financial Industry Regulatory Authority (FINRA) has withdrawn its original remote inspection pilot program from 2022 and proposed a new pilot initiative. This revised program aims to bring the inspection process for Office of Supervisory Jurisdiction (OSJ), branch offices, and non-branch locations into the modern era. The proposed pilot program is currently open for public comment. Risk Assessments and Preaudit Questionnaires The pilot program, which is set to last for three years if approved by the Securities and Exchange Commission (SEC), would require participating firms […]
Continue readingMore TagRegEd Hosts Tenth Annual Client Conference
The conference agenda featured sessions united around best practices to tackle pressing challenges in today’s demanding business and regulatory environment. RegEd, the leading provider of compliance technology solutions to the financial services industry, hosted its tenth annual RegEd Compliance Alliance (RCA) Client Conference in Fort Lauderdale, FL on April 3rd – 5th, 2023. Compliance, licensing and registration, and operations professionals from the nation’s leading financial services firms gathered at the conference to share best practices, build critical knowledge across a range of topics, and interact with regulators and industry experts. The conference included substantive sessions, panel discussions and expert presentations […]
Continue readingMore TagFrank Brienzi Appointed as CEO of RegEd
Seasoned industry veteran to take the reins and lead RegEd to its next level of growth as John Schobel assumes board position to focus on strategic imperatives and M&A. RegEd, the market-leading provider of enterprise regulatory compliance solutions to insurance companies and financial services firms, is pleased to announce that Frank Brienzi, an industry executive with 35 years’ experience driving growth in large and mid-market companies, will assume the role of CEO of RegEd. RegEd is a portfolio company of Gryphon Investors, a leading middle-market private equity firm. Brienzi is a highly accomplished business leader with significant CEO experience. […]
Continue readingMore TagLicensing Technology and Evolving Expectations
Less That Does More The financial services industry expects dramatically more from the technology that supports it. Once paper-based, systems are now a single application with a frictionless experience for users. The best licensing and registration operations have the ability to aggregate real-time data from multiple sources, provide straight-through processing for a host of functions, and support multiple channels. Intuitive and Interactive Just five years ago, firms said agents were resistant to technology and still preferred paper. Today, that has completely changed. Agents and advisers want interactive systems that have to be online, intuitive, and completely frictionless. They have a […]
Continue readingMore TagBusiness Process Automation (BPA) v. Robotic Process Automation (RPA): Which is best for L&R Operations?
BPA Drives L&R Efficiency For many the financial services industry, there can be confusion between BPA and RPA. Business process automation, known as BPA, has proven most effective at driving efficiency for licensing and registration operations. Robotic process automation, or RPA, is often seen as the ultimate enabler of efficiency, which is true in other applications. Here, we explain the difference. Process Management v. Saving Keystrokes Robotic process automation (RPA) replicates human keystrokes in a repeatable process, such that a bot enters data in fields on a screen to create records, and in some cases, completes a transaction. In short, […]
Continue readingMore TagRegEd Named to 2023 RegTech 100 as Leading Innovator by FinTech Global
The annual list identifies the world’s most innovative providers in the regulatory technology market that are helping financial institutions address their most pressing compliance and risk management challenges. RegEd, the leading provider of regulatory compliance and credentialing solutions for the financial services industry, has announced that it has achieved placement in the 2023 RegTech 100 list. The list, presented annually by FinTech Global, recognizes the most groundbreaking companies in the RegTech space. “We are thrilled to be recognized as one of the leading innovators in our industry,” said John M. Schobel, CEO & Founder of RegEd. “RegEd is committed to […]
Continue readingMore TagInsurance Compliance Lifecycle: A Closed-Loop Process to Managing Regulatory Change Successfully
Each year, thousands of regulatory changes are made that could materially affect the insurance industry, and the number is rising. In any given year, more than 40,000 regulations—including legislative bills, administrative rules, bulletins, advisories, alerts, directives, and interpretive guidance—must be vetted to determine if they affect the business of insurance. According to RegEd’s internal research, there were about 2,400 new or revised state regulations enacted or adopted that directly affected the insurance industry in 2013. In 2021, there were over 3,300, an increase of almost 40%. As the number escalates, new regulations themselves are becoming more complex, especially around risk […]
Continue readingMore TagMarket Conduct Exams: Best Practices to Ensure a Smooth Process and Stay Under the Radar for Future Examinations
By David Sheehan and Rebecca Vasquez, Esq. For an insurance company, the key objective of a market conduct examination (MCE) is to avoid it. As regulators pay more attention to problem areas, behaving well in the marketplace in the first place mitigates the chances of being examined. The No. 1 defense against an unscheduled market conduct examination is a documented and well managed compliance program, and companies that follow a few best practices find they can stay under the regulatory radar, and when they are selected for examination, they can be fully prepared to make it go smoothly. 1. Know […]
Continue readingMore TagRegEd Appoints Ponce Kenton as Chief Technology Officer
Technology strategist and product development veteran to drive the continued advancement of RegEd’s enterprise compliance and credentialing solutions RegEd, the market-leading provider of enterprise regulatory compliance solutions to banks, broker-dealers, insurance companies and brokers, is pleased to announce its appointment of Ponce Kenton to the role of Chief Technology Officer (CTO). In this role, Kenton will direct RegEd’s technology strategy and drive continuous innovation across RegEd’s Compliance, Licensing and Credentialing solutions portfolio. “As client expectations for technology-enabled efficiency continue to evolve, a chief technology officer that is an innovation agent with highly disciplined execution is critical to our continued success,” […]
Continue readingMore TagRegEd to Participate in 2022 SILA National Education Conference
The Diamond Sponsor will exhibit its next-generation Agency Contracting solution, which delivers a single solution for all distribution channels and enables rapid onboarding of agencies and agents to speed time to market. RegEd, the leading provider of compliance technology solutions to the financial services industry, including Xchange, the market-leading Enterprise Licensing and Registration solution, is proud to be a Diamond Level Sponsor of the 2022 SILA National Education Conference, held from Oct. 23-26, in Seattle, Washington. The conference provides more than 30 substantive sessions and an educational forum for attendees to address current industry challenges, discuss licensing and registration best […]
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