Regulatory Compliance Consulting for Independent Financial Advisors

Business Continuity / Disaster Recovery Planning
 

Mimic Compliance will work with you design, implement and test a realistic Business Continuity / Disaster Recovery Plan tailored to your business so you are prepared for any level of business interruption.

Our first step would be to perform a Business Impact Analysis, not only as a reactive tool, but as part of a holistic approach that will allow you to develop a truly resilient business. Mimic’s Business Impact Analysis is the process by which we identify, quantify and qualify the effects on your business from a significant interruption and to determine the Mission Critical Business Functions and the areas they impact.

Simply having a written plan is not enough. No Business Continuity Plan can be considered reliable and complete until it is tested and proven to be workable. Testing is critical. Mimic can conduct regularly scheduled (annual or more frequent as changes dictate) reviews, walk-through’s and simulations in order to validate the reliability of your company’s BCP.

Written Supervisory Procedures
 

We can help you write, revise and maintain written supervisory procedures specific to how your business operates.

Regardless of the size of your firm, regulators require you to develop supervisory systems that are designed to achieve compliance with applicable securities Laws, Rules and Regulations. One of the first things an examiner is going to ask for is your Firm’s Written Supervisory Procedures. It is critical that your written procedures be an accurate representation of how your Firm operates. If they do not, it will certainly be listed as an exam finding and that can lead to fines and unwanted additional regulator scrutiny.

Mimic can help. We can review your current WSP’s in order to verify that they meet current requirements. Areas in need of revision will be brought to your attention. Should you wish, our experienced staff can assist you with, or even complete for you, the revisions required to bring your current document into compliance.

We can create for you a complete set of written procedures from beginning to end. We have years of experience in drafting WSP’s for firms of all sizes and business mixes. Our procedures will accurately document your Firm’s supervisory responsibilities. You will not end up with a generic “off the shelf” document. Your WSP manual will cover all your Firm’s registered activities.

Once we write or update your procedures, you can choose to receive regularly scheduled reviews of your procedures in order to ensure compliance as regulations are updated. Once Mimic Compliance updates your Written Supervisory Procedures, your procedures stay updated.

Supervisory Control Procedures
 

Whether your current procedures need to be updated or you need to design new policies and procedures from scratch, we can help you every step of the way. Mimic can work with you design and implement an overall system that allows your Firm to achieve compliance with the rules and regulations.

Auditors often find that firm’s fail to establish adequate supervisory control procedures. All firms, regardless of size or business mix, are required to establish, maintain and enforce a system of supervisory controls that test the firm’s policies and procedures. Mimic Compliance can help your firm adequately meets the requirements of FINRA Rule 3012. From the creation of policies and procedures to the testing and reporting of your system of supervisory controls, Mimic can be the added resource your firm needs to comply with this annual requirement.

Records Retention Solutions
 

Mimic can provide your firm a secure off-site storage facility for all your documents. We can provide you with an automated electronic repository service specifically designed capture and store your firm’s documents at regularly scheduled intervals.

Mimic Compliance can provide your firm with an electronic storage solution that satisfies the requirements set forth in SEC Rules 17a-4(f). We can work with you to ensure that the proper notice is sent to FINRA within the required timeframes.

Regulated retention requirements notwithstanding, without proper data backup, your business could face loss of credibility, loss of revenue and can be open to potential liability. No matter what platform your business uses, Mimic Compliance can back up all your data.