Whose Auditing Your Compliance Officer?
In the dynamic landscape of financial regulations and oversight from bodies like BCFSA and FINTRAC, the role of Compliance Officers in brokerages is crucial. As reliable as they may be, we acknowledge that human error and the volume of evolving rules can lead to oversights.
That's why we advocate for a proactive approach to compliance. Instead of waiting for a regulatory audit to uncover potential issues, consider conducting internal audits on a sample of 8-10 files – a number typically requested during a BCFSA audit. This not only aligns with best practices but also positions your brokerage favorably in the eyes of auditors from BCFSA & FINTRAC.
To streamline this process and enhance your audit trail, we strongly recommend making REALTYnuance© mandatory for your agents. This comprehensive tool, when used from the inception of a document or before a transaction, ensures a credible and thorough audit trail. Heather, our dedicated trainer, conducts regular basic and advanced training sessions for agents, leaving no room for excuses (see below for training dates).
By adopting these proactive measures, your brokerage not only mitigates compliance risks but also demonstrates a commitment to diligence and transparency. Stay ahead of the compliance curve with these best practices.
