The financial world can be challenging to navigate, especially when dealing with foreign investments. After all, the regulations could be unique to each country and any mistake can be costly. Thankfully, you can get an outsourced chief compliance officer or CCO to ensure everything is legally and ethically correct.
Top Outsourced CCO Service Providers
It’s key to find groups that will have your business’s best interest at heart. Here are some top companies that can perform outsourced CCO services for your business.
1. Vigilant Compliance, LLC
Vigilant Compliance, LLC, founded in 2004, is a full-service outsourced CCO provider. It specializes in comprehensive compliance solutions, which is apparent in its portfolio of registered investment advisers that have worked on private equity firms, hedge funds, closed-end funds and more.
Key features:
- Meets SEC, FINRA and CFTC rules and regulations
- Has flexible availability of a short to an interim time period under the full-service compliance program
- Collects compliance information from stakeholders, internal and external systems
- Conducts risk assessments and addresses compliance issues
2. ACA Global
ACA Global is an end-to-end compliance provider that has been partnering with financial institutions since 2002. Its outsourced CCO services are backed by a team of regulatory experts and managed services specialists who can demonstrate and accomplish institutional-grade compliance.
Key features:
- Ensures the best ethical practices in its compliance program
- Helps you prepare for and respond to regulatory exams and audits
- Monitors regulatory developments and industry trends to update your program
- Handles marketing reviews, filings and tech-enabled services
3. Compliance Exchange Group
Compliance Exchange Group offers compliance consulting, CCO outsourcing, broker-dealer services and more to help small and medium-sized firms grow. The company was founded in 2013 to streamline the financial services industry. It can assign you a professional and build customizable compliance programs to meet your specific needs throughout the growth of your business.
Key features:
- Gathers compliance-related data from stakeholder teams and systems
- Analyzes business processes and operations to ensure compliance
- Offer principal outsourcing, such as a Chief Compliance Officer and other principals
- Runs audits and mock audits to check and address compliance concerns
4. InnReg
InnReg has a team of global regulatory compliance experts who help businesses mitigate risks in the fintech industry. Established in 2013, the company has helped over 50 clients ensure compliance and mitigate risks. It can perform outsourced CCO services that can support and improve your business operations.
Key features:
- Guides you through regulatory registration and licensing
- Completes day-to-day compliance management tasks
- Offers oversight for more critical operations with stricter compliance requirements
- Assists with responses to regulatory inquiries during investigations
5. Oyster Consulting
Oyster Consulting has experienced professionals ready to provide you with reputable and practical advice on growing your business. Established in 2008, it guides firms to reach their full potential. You can connect with an outsourced chief compliance officer who can help you address all the fiscal and regulatory complexities your business faces.
Key features:
- Tests internal policies and controls for compliance review
- Conducts on-site and remote reviews
- Holds employee training sessions
- Supports during SEC and FINRA regulatory examinations
Benefits of Using Outsourced CCO Services
Some businesses may have reservations about using outsourced CCO services. However, having an expert on your side can offer a variety of advantages, such as:
- Better compliance: A CCO’s expertise lies in improving your compliance with regulations. It inevitably influences the security of your operations and assets.
- Cost effectiveness: Compliance officers typically don’t have to work full-time. Thus, outsourcing can be more cost-effective than hiring and training new staff.
- Improves resource allocation: With compliance concerns covered, the business can focus its resources on more pressing matters, such as maintaining client relationships.
Ensure Compliance with an Outsourced CCO
Understanding who performs outsourced CCO services can get you one step closer to recruiting an expert on the team and ensuring business compliance. Allow them to help you build client relationships, examine legalities and grow the company.
