Third-party outsourced compliance services provider Essential Edge and RegEd, which delivers compliance solutions to financial services firms, have launched a partnership to deliver “an end-to-end outsourced solution for conducting branch exams,” the two firms announced this week.
This new collaboration will allow Essential Edge consultants to complement RegEd’s Audit Management offering by providing on-the-ground subject matter expertise in managing inspections for clients using both firms’ services. If a firm participates in FINRA’s Remote Inspections Pilot Program, the Essential Edge team can perform remote exams; should a firm opt out of that program, the Essential Edge team will visit branch locations nationwide to conduct the on-site audit and the pre- and post-audits.
RegEd’s tech-enabled Audit Management solution has allowed audit teams to address the daily regulatory risks and streamline the branch audit process. According to the company, RegEd’s technology solution has enabled firms to fully plan, schedule, conduct, resolve, and report on more than 1.6 million exams in 20 years on the market.
“Our new strategic alliance with RegEd marries the people who created and operate the best technology platform for branch exams in the business with our experienced team of experts who will conduct physical audits nationwide,” said Sander Ressler, Co-Owner and Managing Partner at Essential Edge.
This new complete branch audit solution is designed for larger firms with offices in multiple locations, such as wirehouses, regionals, independent broker-dealers, and asset management companies.
“RegEd conducted a survey of financial services firms and found that the greatest challenges around branch exam programs were adding and retaining branch examiners, along with scheduling and travel costs,” said Adam Schaub, VP of Product Management for RegEd. “As the leading provider of these services, Essential Edge can help our clients resolve those challenges and maintain a level of consistency in their examination programs while leveraging our best-of-breed branch audit solution.”
