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Staying Ahead of the Curve: Top Compliance Strategies for Financial Advisors

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The landscape of financial compliance is ever-changing, with 2023 presenting a fresh set of challenges for financial advisors. As regulations evolve and technology advances, staying on top of compliance requirements is more critical than ever.


Cybersecurity: A Non-Negotiable Priority

In the digital age, cybersecurity is a cornerstone of the financial advisory sector. The year 2022 underscored the growing sophistication and variety of cyber threats, from high-profile ransomware attacks to stealthy phishing campaigns. Financial advisors, as custodians of sensitive financial data, face the daunting task of safeguarding against these risks while complying with an array of regulatory standards.

Here’s a deep dive into the current cyber threat landscape and the critical defensive strategies that can help protect your practice:

  • Ransomware: The Persistent Threat
    Ransomware continues to dominate the threat landscape due to its lucrative returns for cybercriminals and minimal risk. The trend of increasing ransomware attacks, which saw a significant rise in attack volume, demands that financial advisors maintain robust data backup systems and have a keen eye for suspicious activities that precede such attacks.
  • The Rise of SIEM Systems
    To combat the ever-present threat of ransomware, implementing a Security Information and Event Management (SIEM) system has become more prevalent. SIEM systems provide real-time visibility across an organization’s information networks, offering a sophisticated approach to threat detection and management. For many, SIEM-as-a-Service (SIEMaaS) has emerged as a cost-effective solution, outsourcing the complexities of cybersecurity monitoring to dedicated experts.
  • Navigating the Hybrid Work Model
    The shift towards remote and hybrid work models has expanded the attack surface for financial institutions. Effective endpoint detection and response (EDR) systems are crucial for monitoring the multitude of devices accessing network resources. EDR solutions stand as a bulwark against malware, isolating and neutralizing threats before they proliferate, especially critical for defending against zero-day exploits where no patch is available yet.
  • Cloud Vulnerabilities and Configurations
    As more infrastructure moves to the cloud, advisors must be vigilant about secure configurations to prevent breaches. Despite cloud platforms offering robust security features, misconfigurations remain a common entry point for attackers. Financial institutions are advised to promptly implement security patches and conduct due diligence when selecting cloud service providers.
  • Strategic Partnerships with MSSPs
    Collaborating with Managed Security Service Providers (MSSPs) who specialize in the financial sector can provide a layer of security and compliance expertise. These partnerships can strengthen IT systems’ integrity and assist in risk mitigation during and post-cloud migration processes.

By embracing these cybersecurity strategies and adopting tools and partnerships that enhance security posture, financial advisors can better protect their client data and adhere to compliance demands. It’s crucial to stay informed about emerging cybersecurity trends and implement lessons learned from past cyber events to reinforce your institution’s defenses.

A Comprehensive Approach to Compliance for Financial Advisors

In the swiftly changing world of financial services, compliance is as much about strategic foresight as it is about reacting to immediate challenges. Coretelligent stands at the forefront, offering a robust compliance platform coupled with expert advisory services tailored to the financial services sector.

CoreComply is designed as a force multiplier, streamlining the extensive compliance process and integrating technology with expertise to proactively manage and mitigate risks.

With CoreComply, financial advisors can expect:

  • A Unified Compliance Platform: CoreComply simplifies the discovery and validation of compliance gaps, integrating tools like Hyperproof and RiskRecon to provide a comprehensive overview of your compliance status.
  • Expert Advisory Services: Beyond technology, CoreComply extends the expertise of seasoned compliance professionals to navigate the regulatory landscape effectively.
  • Technical Remediation Support: CoreComply doesn’t just identify problems; it also assists with the technical remediation required, engaging directly with the necessary measures to correct issues.
  • Cost and Time Efficiency: By optimizing the compliance process, CoreComply offers significant cost savings compared to the in-house purchase of licensing and staffing a vCISO with specialized knowledge.

With regulatory challenges such as fraud prevention, audit response, and risk management growing in complexity, CoreComply’s platform serves as an invaluable ally to financial advisors. By employing CoreComply, advisors can benefit from:

  • Real-time Compliance Monitoring: Keeping pace with real-time changes in compliance requirements, ensuring advisors are always ahead of the regulatory curve.
  • Risk Assessment and Strategy: Conducting thorough risk assessments and providing a clear strategy and roadmap for compliance, aligned with business operations.
  • Incident Response Preparedness: Offering drill-based and discussion-based exercise resources for ransomware and other cybersecurity threats to prepare firms for potential breaches.

At the heart of CoreComply is the commitment to align compliance operations with business strategy, enabling advisors to pursue growth and innovation without the weight of compliance uncertainty.

Empower Your Practice with CoreComply

CoreComply is dedicated to ensuring that financial advisors are equipped with the tools and knowledge for a streamlined, secure, and compliant business practice. Embrace CoreComply’s platform to transform compliance from a task into a strategic asset.

Make the Call for Compliance Confidence

Learn more about CoreComply to see how we can support you in developing a comprehensive compliance strategy that not only meets but exceeds regulatory expectations. Don’t let compliance be your bottleneck—let it be your competitive advantage.

Reach out to us today and take the first step towards a comprehensive compliance solution that puts you in control.

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