BasisCode Compliance today announced that Hardin Compliance is implementing the BasisCode Compliance™ software to help the full-service regulatory compliance consulting firm more easily manage compliance on behalf of its clients.
BasisCode introduced its new software platform, designed specifically for compliance consultants, law firms, auditors, accountants, fund administrators and other compliance management intermediaries, in October. BasisCode Compliance is the industry's broadest set of integrated software solutions that improve compliance management for consultants, asset managers, investment advisors, broker/dealers, insurance companies and other service providers.
"Previously, like many consultants, we relied on manual processes and spreadsheets, but we have found the BasisCode Compliance software does a better job helping us aggregate and manage compliance data across our varied clients," said Hardin Compliance Managing Director Jaqueline Hummel. "Now our staff can be more productive and we can document compliance management activities in a more structured way, for internal and external reporting."
Titan Regulation announced in October it also selected BasisCode to improve compliance processing across the Chicago-based consultant's clients. Previously, Titan used various compliance management solutions, including Microsoft Excel. Said Julie Dixon, managing principal of Titan Regulation, "Now we have an integrated platform developed by software experts so we can spend more time monitoring regulatory developments for our clients."
Regulatory pressures are putting consultants' compliance management processes in the spotlight. In November, the Securities and Exchange Commission (SEC) issued a risk alert based on recent examinations of advisers that outsource their chief compliance officers. Among other findings, the SEC cited "significant compliance-related issues" at registrants that relied on an outsourced CCO that served numerous unaffiliated firms without sufficient resources.
The staff also observed in deficient firms "a general lack of documentation evidencing the testing of existing policies and procedures." The new BasisCode Compliance software for consultants was designed to help consultants more effectively and efficiently manage multiple compliance programs while documenting testing and controls of client policies and procedures.
"Regulators are more closely scrutinizing the quality of outsourced compliance services, including the tools and resources consultants use," said BasisCode Compliance president and CEO Carlos Guillen. "We think consultants will soon come to see software as a strategic and differentiating source of added value when offering their services to clients and prospects."