Charles Schwab has launched Compliance Solutions to help financial services firms and industry providers meet increasingly complex employee compliance and regulatory requirements.
Compliance Solutions represents the fulfillment of an initiative started in November 2011 when The Charles Schwab Corporation acquired Compliance11, Inc. and paired it with Schwab Designated Brokerage Services (DBS). Compliance11 provides regulatory compliance software and DBS provides trade monitoring services. Since the acquisition, the firm has focused on creating a unique suite of tools and resources for clients.
Compliance: An Opportunity and a Challenge
“Companies understand that they need to meet regulatory requirements, but at Schwab we believe compliance can and should mean more than a check-the-box approach,” said Trish Cox, senior vice president for Corporate Brokerage Services at Schwab. “Consumers value open and transparent business practices, and positive perception in this area may benefit a company’s bottom line. When managed effectively, a compliance program can be an opportunity to position a company favorably in the marketplace, build trust with clients, and enhance value and market share for a firm.”Schwab is seeing growing concern among its own client base of employers regarding compliance issues. “Our clients are coming to us for help as they face an increasingly complex regulatory environment that often outpaces their ability to manage compliance processes,” said Scott Rister, vice president of Compliance Solutions at Schwab. “The business risk for our clients is real, and our solutions are designed to tackle it head on.” Proactive Trade Blocking: An Industry First Among the chief concerns faced by regulated firms is improper securities trading. The number and types of firms that are required to monitor employee securities trading is growing rapidly. Employees may be prohibited from trading a specific security for a variety of reasons, such as the firm possessing material non-public information.
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