RIA Compliance and Practice Management Blog

2019 RIA in a Box Investment Adviser Compliance Software Innovations

Posted by RIA in a Box

Dec 30, 2019 11:32:34 AM

latest RIA compliance software features from RIA in a BoxOne of our company's longstanding commitments is investing time and resources to make the RIA in a Box MyRIACompliance® platform the industry leading compliance technology offering for registered investment adviser ("RIA") firms. We put the client first by delivering innovative software and expert advice. Since 2005 we take pride in partnering with our clients to establish and support the highest quality registered investment adviser firms in the country.  At RIA in a Box, we release new MyRIACompliance® software features and enhancements on a daily basis to meet the growing compliance challenges that investment advisers continue to confront.

Here are most noteworthy new MyRIACompliance® features and updates released during 2019: 

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1.  Audit Prep Tool (April) 

Understanding that regulatory exams can be extremely time-consuming and stressful, the Audit Prep Tool is designed to facilitate a smoother exam process for RIA firms. The tool consists of two main components: Audit Prep and Regulatory Exam. The audit prep component provides reference materials in preparation of a regulatory audit including sample request letters, past findings, educational materials, and more. The regulatory exam portion streamlines the audit process from the initial audit notice through implementing changes post-exam. This includes letters upload, post-audit exam findings review, and Form ADV changes request.

investment adviser examination prep software

2. RIA Cybersecurity Platform (May)

The MyRIACompliance® RIA cybersecurity platform empowers an RIA firm to efficiently construct, implement, and document a robust cybersecurity compliance program with a single solution. The proprietary platform is designed exclusively for RIA firms of all sizes who face unique people, technology, and third party vendor cybersecurity risks and regulatory requirements. The platform is built upon the National Institute of Standards and Technology ("NIST") information security framework and provides security awareness training, email phishing attack simulation, technology inventory and risk assessment, as well as the ability to build a customized information security policy.

ria cybersecurity platform


3.  Annual Review Tool (September) 

The Annual Review Tool enables the Chief Compliance Officer ("CCO") of an RIA firm to centralize the annual review process by breaking down each step into manageable sections while ensuring the process is completed in its entirety by regulators. Components of the tool include a firm summary section, risk assessment, annual review checklist, review of regulatory developments, staff compliance training, and automated creation of a final annual compliance program review summary. Upon completion of each section, the tool aggregates all information collected and generated an annual review report available for download when needed.

RIA annual compliance program review template


4. Free Vendor Due-Diligence Platform (September)

As RIA firms increasingly rely on third-party vendors and technology to manage their business operations, proper vendor management and due diligence more important than ever. To help your firm address this challenge, we have released a free level of access to our Vendor Due Diligence Platform allowing your RIA firm to connect with up to five vendors to automate your vendor due diligence review and documentation process. RIA industry vendors on the platform include Advyzon, MoneyGuide Pro, Morningstar, Orion, Redtail, and more. Click here to join the platform for free.

ria vendor due diligence template


5. Enhanced Compliance Calendar Automation (October)

The Compliance Calendar feature of MyRIACompliance®  allows the CCO to manage recurring compliance-related activities that occur throughout the year. Based on the information in your firm's Form ADV Part 1, policies and procedures, and firm questionnaire, the technology automatically generates recommendations for a schedule of compliance calendar-activities set to a custom frequency of your firm. These calendar items include reviews of best execution, client books and records, political contributions, and more. 

RIA compliance calendar template


To learn more about the complete functionalities of the RIA compliance software platform and how it could help solve compliance challenges at your firm, click below to schedule a 1 on 1 demo with a team member. 

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Topics: RIA Compliance, RIA Technology

RIA in a Box LLC is not a law firm, investment advisory firm, or CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.

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