01. Software Implementations:
Implementing a new investment compliance software package comes with various challenges. In my opinion, there are two main keys to a successful implementation; proper planning and representation. The most difficult part of the implementation is the planning and design phase. Collecting requirements is a standardized process; everyone knows the “what”, but the “how” is where many projects get derailed. Here’s where getting experienced help is going to give you better foresight and sound recommendations on how to get it done.
Also, projects where the investment compliance team has a specific advocate for their portion of the project are much more likely to complete on time, within budget, and with their requirements satisfied. Having an advocate that understands (and loves) the ins and outs of compliance will be well worth your investment.
02. Software Upgrades
Upgrading your existing software also requires good planning and representation but also the intricacies of upgrading software while in a live environment requires special and experienced handling. Many IT departments are less likely to be concerned about audit requirements and records retention policies that come into play during an upgrade.
Also, having compliance representation on the upgrade will provide support during UAT, Parallel Production Phase, and Go-Live weekend.
03. Software, Data & Workflow Enhancements
Clients who are already live on a software platform are always in need of enhancements and tuning. Each year brings compliance new challenges that they must meet. I’ve helped clients from prospectus/guideline review, data analysis and mapping, interface recommendations and design, assessing and surveying rule libraries, to new hire training and staff augmentation. There almost isn’t any aspect of day-to-day compliance that I haven’t helped try to improve with an enhancement project.