When notified of an upcoming audit, the best thing to do is prepare.

By following the steps below, reports, you and your staff will be ready to meet regulators’ initial requirements.

  1. Inform all staff members of their roles. Some will need to gather files and information, while others will need to take on extra tasks during the audit.
  2. Notify third-party providers. If you work with third-party technology firms and portfolio managers, for example, they’ll need to be aware of the audit.
  3. Gather and review all requested data. Make sure all files are in the correct format. Also review them before handing them over by the set deadline.

To check out the remaining tips, click here.

Also read:

Firms failing to grasp compliance basics: IIROC

How regulators catch trading errors

Make compliance a sales tool

5 items regulators focus on when you’re audited

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