RIA Compliance and Practice Management Blog

February 2020 RIA Compliance Software Innovations

Posted by RIA in a Box

Mar 9, 2020 11:30:00 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. 

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Here are the key new MyRIACompliance® RIA compliance software features, integrations, and updates released during February 2020:

1.  Open API Framework

We've recently released an open application programming interface ("API") as part of the MyRIACompliance® platform. Firms now have the ability to push and pull relevant data to and from existing third-party technology systems to better automate internal processes and manage data. Portfolio management systems including Black Diamond, Morningstar, Orion, and more can now utilize the open API to track registrations and notice filings in real-time ensuring consistent and accurate filings. In addition, MyRIACompliance® Compliance Calendar data can be pulled into CRM systems to mark tailored compliance tasks as "complete" directly through the CRM system or MyRIACompliance®, eliminating the need to login and complete tasks in two different systems. 

2. Form PF Filing

MyRIACompliance® subscribers that have $150,000,000 or more in private fund assets under management ("AUM") will have access to the Form PF filing page within the platform. Once the Form PF filing fees are paid through the IARD account, firms will be prompted to complete a Form PF questionnaire. Upon completion, the RIA in a Box team will provide a draft Form PF for review and allow the user to approve or modify the document. Once filed, the final document will be available for download directly from Form PF Filing page.


Form PF Filing automation


3. Employee Trade Monitoring Enhancements

With the ability to establish an electronic data feed to over 15,000 financial institutions, the employee trade monitoring feature automates the submission and tracking of personal securities holdings and transactions for RIA firms of all sizes. New enhancements of this feature include: 

  • Private holdings capabilities: Based on approved private transactions for a given private company, MyRIACompliance® will automatically reconcile and display history in private holding history
  • Automatch Feature: This feature allows the firm's Chief Compliance Officer ("CCO") to quickly identify potential trade violations of restricted transactions, holdings, and unauthorized transactions. When the automatch setting is enabled, MyRIACompliance® will match all employee trades that are within two days of employee trade requests that have the same employee, ticker, action, and shares. 
  • Autoflag Feature: Users who subscribe to both the Employee Trade Monitoring add-on feature of MyRIACompliance® and Orion will be able to benefit from the autoflag feature to identify potential front-running trade violations. When the autoflag setting is enabled, MyRIACompliance® will flag all employee and client transactions that have the same date, holding name, and action alerting the CCO to take action.

employee trade monitoring automation for RIA firms

4. Additional Vendors added to the Vendor Due Diligence Platform

The Vendor Due Diligence Platform allows RIA firms and vendors to automate documentation sharing and tracking by sharing due diligence documentation (e.g., business continuity plan, email compliance, cyber security policies) all within in a single digital platform. RIA firms can connect with vendors directly via the platform to conduct initial or ongoing vendor due diligence. So far in 2020, six new vendors have been added to the platform including: BillFin by Redi2 Technologies, CircleBlack, DNA Behavior, and AssetBook.

RIA in a Box Cybersecurity Vendor Due Diligence

5. Continuous Monitoring

Risklayze users and prospective RIA firms utilizing MyRIARegistration can now benefit from the continuous monitoring feature in MyRIACompliance®. For Riskalyze users, MyRIACompliance® can now automatically sync data on intervals chosen by the firm. Based on the frequency selected, users will receive corresponding email alerts with up-to-date numbers of firms in Riskalyze and which target levels they are in. Similarly, MyRIARegistration users will receive an email at the selected intervals (weekly, monthly, or quarterly) of the jurisdictions in which the firm needs to be registered. 

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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