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Helping you to detect and prevent market abuses that could jeopardize your reputation and regulatory compliance. Actively manage insider lists and investigate employee trading in the context of current market activity and events.

Clear deals faster. Centralize deal data. Reduce your risk. Compliance Control Room lets you organize, manage, and monitor your firm's most important information flows from a single platform.

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Create unlimited projects to easily manage and monitor dynamic lists of employees who have access to insider information.

Compliance Control Room's enterprise-level single platform centralizes all your firm's deal-related activity—letting you manage control room activities more efficiently and effectively.

Increase employee participation. Increase data accuracy. Increase responsiveness. STAR Mobile is a native app that makes compliance simple, easy, and convenient.

Automatically monitor employee state, local, and federal political contributions and reduce the risk associated with breaking pay-to-play laws. 


T&C Management: 5 Ways To Help Ensure Employee Competency

Training and competency should forever be intertwined, and the success of any T&C management initiative hinges on a culture that supports learning. Ruairi Nash, Star's resident expert on all things individual accountability and training and competency, explains

Training and competency can be a challenge for many firms, as there's no one-size-fits-all solution. Development efforts must continuously adapt and evolve, lest training becomes outdated or unengaging.  Even when competency is achieved, it still requires both the individual and the firm to work together to maintain and increase employee competency and capability, and to continue to raise the performance bar.  T&C management,then, is a never-ending project, often complicated by a myriad of internal and external factors. 

From a  leadership and compliance  perspective, the complexities involved in training and competency can be wide-ranging. Depending on the nature of the T&C requirements, the challenge could relate purely to managing the risk of individuals or to maintaining the oversight necessary for monitoring the ever-changing regulatory landscape. Such a task is more challenging when a firm spans multiple jurisdictions and regulatory requirements. 

Complicating matters further is financial services' typically heavy employee workloads. Mandatory tasks related to said employees' jobs must be performed first and foremost, often leaving limited time for competency development. But if everyone is underperforming, managers themselves are tasked with more work to bring their teams up to acceptable levels. While this kind of process may keep your firm from running into regulatory problems, having managers constantly play regulatory catchup is not a productive use of time and resources. 

Another pain point is keeping up with a changing status quo. Roles and responsibilities within your firm can constantly change. Realignments within the organization can be quite common, as can team expansion. Staying on top of new responsibilities as your remit changes is challenging enough. When you factor in the training and competency of employees, the process becomes even more time-consuming. 

Finally, firms often face difficulties when trying to fit  T&C managementontoan existing compliance framework. Compliance must be instilled into firm culture from the start. Consider this from Aristotle: “Virtues are formed in man by his doing the actions.” Or, put more simply by Will Durant: “We are what we repeatedly do. Excellence, therefore, is not an act but a habit.” To establish such a habit, firms require a  framework or operating system that is specifically built  to ensure and remedy gaps in competency. Only then can  compliance officers  arrive at the proper metrics, identify opportunities for improvement, and ensure processes hold up under scrutiny. 

Historically, training and ongoing competency management have been seen as a burden: a necessary obligation to meet regulatory requirements. In some organizations, there's a split between the training and competency element and the performance-management element: where performance (the what) will always trump compliance or behaviors (the how). Such a stigma drives poor behavior from the person being developed. It can do the same for managers responsible for maintaining the competence level of their staffs. There are ways, however, to uncomplicate this process. When initiating T&C management efforts, try the following: 

It’s no secret that training and competency play a critical role in employee success. When woven into the fabric of a firm, however, T&C takes on greater meaning. Learning and development becomes a strategic asset, and your team adopts an almost independent quest for knowledge. They seek out opportunities to continually improve and then find ways to apply those skills to advance operational goals. Set the tone from the top by practicing what you preach. Make training opportunities available, reward continuous learning, and educate employees on the importance of T&C. More importantly, hire right from the very start. If you bring in talent with an innate sense of curiosity, it often takes less time and effort to train and develop their skills.

To drive the overall purpose of the T&C management framework, and better focus your efforts, you must arrive at a consensus on the desired outcomes. What do they look like, for firm and client alike? The framework should support both. When you arrive at a final answer, provide examples that employees can adopt and emulate.

If people view an activity as something that must be done, with no understanding its value, a disconnect forms. But it's one that can be bridged by way of centralization. A centralized compliance system for processes and data provides all the right stakeholders with the accessibility necessary to support aT&C management  framework. Employees are also kept in the know, and it becomes much easier to identify knowledge gaps.

Remove the paper burden and manual lift from your team by investing in smart tools and software solutions.  Compliance management software  can streamline processes, provide greater visibility into compliance performance, and house all compliance requirements in one place. It can also surface information vital to  compliance,  allowing it to act quickly and intervene when necessary, even proactively and preemptively. 

If you create a good  T&C management  framework and support it with a good software system, you’re saving money by having a centralized function. Further, employing a truly effective risk-based approach can only be achieved by having a powerful tool at the center of it. With such a tool, you can demonstrate good control immediately, breeding confidence and building competence, capability, and capacity. Otherwise, you must scale up your resource to provide the oversight necessary to monitor your whole network, i.e., advisors, branches, offices. With time, you will witness a return on investment and can grow and scale efficiently and effectively.

The success of any  T&C management  initiative hinges on the health and well-being of a company's culture. Learn ways to create good culture at your company by joining us at Synergy '22, where we'll be gathering the best and brightest in regulatory compliance and regtech to listen, learn, and support each other as a community. Reserve your seat now

Compliance no longer needs to be complex! Star’s future-ready platform delivers the protection you need with actionable intelligence to monitor conflicts, meet regulatory obligations, reduce risk and comply with confidence. To see what Star technology can do for you, book a FREE demo now.



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