New Dalbar Division Offers Compliance Department Support

Financial-services market research firm Dalbar Inc. is launching Compliance Support Services’ (CSS), a new division dedicated to addressing the increasing risk and complexity faced by compliance departments.

CSS will be led by Bruce Long, who recently retired as President of Guardian Insurance and Annuity Company, and Lou Harvey, CEO of Dalbar. The division’s mission is to lower business risk and the cost of compliance review and monitoring through industry wide standardization, collaboration, and tools, the company said.

Initially, CSS will offer four services to compliance departments:

  • Compliance Online Triage – A Web based service that performs a preliminary review and tracks requests for compliance approval of items such as outside business activities, sales materials, seminars, Web sites, and Website changes.
  • RR Compliance WebMonitor – Monthly reporting of unapproved Web site changes. All Web sites are examined each month to determine if unauthorized services or content are being advertised. Offending Web sites are reported to the responsible compliance officer in the field and/or home office.
  • Compliance Expert Training & Certification – New compliance staff is provided with a day and a half of training on best compliance practices. Candidates are tested and certified upon successful completion of the test.
  • Remote Compliance Audit – A compliance program for field offices in remote locations to perform required audits without the high cost and time loss of travel.

The initial phase of the new division will be kicked off at a forum of top Chief Compliance Officers in Boston on February 26, 2008.

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