TeamMate Broker Dealer Designed to Manage and Simplify Annual Branch Office Inspections
To help broker-dealers comply with annual branch office inspections required by NASD Rule 3010, a new version of Wolters Kluwer’s TeamMate® audit management system has been created specifically for the U.S. securities industry.
TeamMate Broker Dealer combines the power of TeamMate, the world’s most widely-used audit management system, with up-to-date rules and notices from U.S. securities regulators and exchanges, including the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the New York Stock Exchange (NYSE).
Rules and regulations are linked to detailed audit procedures and checklists to guide auditors through broker-dealer branch examinations. This includes planning, pre-audit surveys and audit execution phases. When the branch audit is complete, TeamMate Broker Dealer automatically drafts the final report and tracks any findings through to remediation. Additionally, TeamMate Broker Dealer dashboards provide comprehensive real-time reports on the overall compliance status.
“Securities broker-dealers face unique challenges due to constantly changing industry rules and regulations and the high-volume of branch offices that must be audited each year,” said Mike Gowell, vice president and general manager of TeamMate. “TeamMate Broker Dealer makes the process more efficient while helping ensure firms are auditing to the most updated standards, and subsequently mitigating their risk for substantial fines and sanctions.”
TeamMate is used by more than 85,000 auditors in multiple industries across the world to improve the audit process, including risk assessment, scheduling, planning, execution, review, report generation, trend analysis, committee reporting and storage.