SCOTTSDALE, Ariz., Oct. 8, 2015 /PRNewswire/ -- Information is the capital of the global economy, the driver of business innovation and growth. Big data means big business, and big business is under the constant threat of attack from cyber thieves, who can cause irreparable harm to your clients, your business' reputation and its revenues. Establishing practical protections and a culture of teamwork is crucial for defending any business, according to former U.S. Secret Service Special agent and fraud expert Evy Poumpouras, keynote speaker at Ascendant Compliance Management's national compliance conference, "The Expanding Compliance Universe: Advanced Perspectives and Practical Solutions."
Poumpouras noted that a typical organization loses five percent of revenue to fraud each year, amounting to a staggering $3.7 trillion globally.
Speaking to compliance professionals representing nearly $2 trillion in assets under management at the conference, Poumpouras said, "You are responsible for your clients. When they give you their data, they're trusting you. You need to secure that. You owe them that. If you have a company that deals with money, how confident are they going to feel – knowing you can't secure their data and information – how confident are they going to be doing business with you?"
Panelists throughout the conference, held from Sept. 29-Oct. 1 at the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch in Scottsdale, Ariz., emphasized evergreen topics such as fiduciary duty, custody and conflicts while offering attendees refreshers on fundamentals including ethics and advanced looks at complex subjects including forensic testing.
Many, however, kept coming back to hot-button issues. The merging of cybersecurity and compliance continues a trend of expanding duties in the industry with relation to safeguarding client assets. While many compliance officers have little or no background in information technology, other conference panelists echoed Poumpouras' plea to create and foster an environment of teamwork, and a culture of compliance in order to ensure protective goals are met.
However, there is still much work to be done. Just prior to another panel on cybersecurity, a compliance officer shared his anxiety on the subject due to a perceived overconfidence from his IT team in their approach. Panelists unanimously agreed that any business could be targeted and breached; its responsibility still stood to enact controls to respond and recover, mitigate and minimize.
Additional panels of industry experts, former regulators and investment professionals echoed the concerns and emphasized similar focuses against the backdrop of recent SEC fines against firms with no controls in place. As noted in multiple panels, the SEC is placing more and more responsibility with CCOs to manage cybersecurity, making it incumbent upon them to understand the location of company data as well as how it is being protected.
Focus is paramount in light of recent enforcement cases targeting compliance officers; as responsibilities are expanding, so should awareness of hot-button issues and firm risks.
Featured speaker Rick Marshall, partner at Katten Muchin Rosenman LLP, also noted the trend of additional responsibilities – and escalating personal liability – for compliance officers, and urged professionals to protect themselves by developing a clear job description, documenting clear lines of supervision, continually reviewing firm policies and procedures, executing required testing and reviews, and responding to all red flags of possible misconduct. Marshall said that despite rising cases of compliance officer liability, the profession is alive and well, and busier than ever.
Panelists Ashish Ward, examinations manager of the SEC's Los Angeles office, John Walsh (Partner, Sutherland Asbill Brennan) and David Porteous (Partner, Faegre Baker Daniels) offered information to guide exam preparation, suggesting focus on four things: fiduciary duty, abusive practices that harm clients, misappropriation of assets, and activity that could harm the markets.
Celebrating the 75th Anniversary of the Investment Advisers Act, Roberta Karmel (named first female SEC Commissioner in 1977) reminded attendees of the history of the Act and touched on the key events that brought the industry to where we are today.
Insightful panels were also held on several important initiatives and issues including OCIE Examinations, the SEC's expanded data collection proposals, and ethics.
Other notable conference speakers included Ali Pabrai (Chairman, CEO and co-founder, ecfirst), Katherine Feld (Special Counsel, SEC National Exam Program), Michelle Jacko (Founder & CEO, Core Compliance & Legal Services), Sal Papa (General Counsel and Chief Compliance Officer, BAM Advisor Services) and Ascendant consultants.
At the conclusion of the conference, Ascendant hosted a golf tournament to benefit Childhood Cancer Kids, an organization founded by Sierra Preveza, an eight-year-old who dreamed up the non-profit after going through her own bout with kidney cancer. Last year, Sierra was named "The Kindest Kid in America" by The Today Show, and through the generosity of conference attendees, hole sponsors and tournament co-sponsor Broadridge, Ascendant will proudly present a substantial contribution to support her mission of research, advocacy and support.
Ascendant's next conference will take place on April 4-6, 2016 at Loews Portofino Bay Hotel in Orlando, Fla. For registration information, please visit http://www.ascendantcompliance.com/orlando-florida-registration/.
About Ascendant
Ascendant Compliance Management is located in Salisbury, CT, with offices in New York City and San Francisco, CA. Ascendant offers integrated, comprehensive compliance and technology solutions for investment advisers, broker-dealers, and hedge and private equity funds and provides educational conferences and online training. For more information on Ascendant's services, such as annual reviews, compliance or IT risk assessments or to sign up for email alerts or the free ComplianceCastsTM series, please visit their website at http://www.ascendantcompliance.com or call 860-435-2255.
About Ascendant Conferences + Education
Ascendant Compliance Management's Conferences + Education team is dedicated to the advancement of compliance professionals in the investment management industry. The interactive approach follows all of the latest trends in SEC examinations, cybersecurity, risk assessments, insider trading, social media networks, compliance automation, ethics and fiduciary duty among other topics. The goal of the program is to equip compliance professionals with the necessary tools for developing and maintaining the highest standards of business practice management. For more information please visit www.ascendantcompliance.com.
Logo - http://photos.prnewswire.com/prnh/20151008/275290LOGO
CONTACT: Melissa Maleri, 860-435-2255, [email protected]
SOURCE Ascendant Compliance Management
Related Links
http://www.ascendantcompliance.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article