Having the right policies and procedures in place is a key component of an effective compliance program, but it’s only part of the equation. Maintaining consistent adherence to these policies and procedures is equally important. One of the things our customers have asked for is a more efficient and automated way to do this. That’s why we are excited to announce the official release of our Testing Manager, the fourth component in our integrated web-based compliance platform for small- and mid-sized registered investment advisers (RIAs).
We developed Testing Manager because many Chief Compliance Officers (CCOs) at small- to mid-sized RIAs still rely on manual processes to manage the monthly, quarterly, and annual testing required by compliance programs. These recurring activities are not only tedious, they require a lot of manual effort to get them completed. It’s why many firms are not great at doing it thoroughly and consistently.
Testing Manager helps CCOs run a tighter ship by automating the manual and repetitive parts of testing processes that require approvals, information, or signatures.
- Automatically sending requests for approvals, signatures, or information to people within and outside an RIA’s organization;
- Tracking the status of open tests and automatically reminding recipients of their open tasks;
- Securely saving final versions of test results to the Document Manager;
- Automatically integrating tests into the Compliance Calendar to show upcoming due dates;
- Managing and archiving completed tests; and
- Generating reports showing the testing that you did during a period.
The Testing Manager allows CCOs to collect signatures on contracts, certifications, and other documents; manage requests for information and vendor due diligence; share policy updates and other information with employees; and much more. Better yet, end-users do not have to have profiles in the CCO Tech system, which means tests can be set to employees and vendors.
As the latest component within the Joot Technology platform, the Testing Manager integrates with Compliance Calendar and Document Manager to form a comprehensive solution that helps RIAs manage their compliance processes and documentation. With this component, CCOs can now more easily manage the growing amount of testing and data they need to collect when complying with SEC rules.
Like the previous components on the Joot Technology platform, the Testing Manager was designed and developed with invaluable input, testing, and validation from some of our key clients. Thank you to those clients for your contributions. You know who you are!
If you’re interested in finding out more about the Testing Manager, please let us know by visiting our website or sending us an email at [email protected]. If you’re interested in joining our customer council to contribute to upcoming components, we’d also love to hear from you.
Next up on Joot’s product roadmap are enhancements to SEC Filing Manager (in time for the 2020 annual update period), Compliance Calendar (including reporting and other data-driven features), and Document Manager (such as better version control and smarter integration with other software). We also anticipate developing components to monitor personal trading, perform risk assessments, and conduct annual reviews. And we continue to work on ways to leverage the data created by the Testing Manager to strengthen the system because we know the SEC expects CCOs to take a data-driven approach to compliance. We’re building the tools needed for RIAs to meet this expectation.