The Costs of Insufficient Compliance

Regulators Handing Out Billions in Fines

Recent statistical data establishes the trend of regulatory bodies increasing the frequency and number of fines. In 2023, FINRA reported a 63% increase in fines, reaching $89 million compared to 54.5 million in 2022. This includes a $24 million fine against one firm.  The SEC obtains orders many times larger. In 2023, the SEC obtained orders for $4.9 billion in financial remedies.  

Many of these fines were a result of insufficient internal compliance policies.  For example, the SEC recently dished out $81 million in fines from 16 different companies for widespread violations of record keeping requirements tied to the use of text messages and other off-channel communications to conduct business.

This trend is likely to continue. The SEC remains committed to maintaining a robust national examination program to ensure that firms are fully complying with rules and regulations as well as their obligations to clients.

Antiquated Tools Result in Noncompliance.

Many organizations face pressing compliance issues due to their failure to regularly update policies and procedures.  Antiquated and non-automated compliance programs are prone to failure in an increasingly complex regulatory environment. Compliance professionals continued reliance on outdated tools allows violations to slip through the cracks unnoticed and unaddressed.  

What’s the best way to move beyond outdated compliance methods to remain compliant and monetarily efficient?

Orion Compliance: Moving Beyond Outdated Systems

Orion Compliance provides the modern tools to meet regulatory requirements by automating, monitoring, and ensuring compliance with established standards and rules.  Available as a standalone solution or as an addition to your current tech stack, Orion Compliance provides your complete end-to-end compliance workflow experience. Orion Compliance streamlines everyday compliance processes and maintains vital records, so you’re always exam-ready.

Orion Compliance offers the tech solutions you need to manage employee, firm, and client oversight— all in one place. The cloud-based platform provides seamless and secure mobile access, enabling you and your team to maintain compliance from anywhere.

Orion Compliance can help your company go from zero to exam ready in one integrated system.  Orion Compliance automates key tasks, produces proof of process, consolidates a code of ethics, provides instant access to critical compliance information, and streamlines client oversight.

Orion Compliance is consultant cultured.  Connect with a range of consultants that use Orion Compliance to maximize their client’s Compliance programs to identify the best fit - an a la carte or full turnkey outsourcing capacity. Importantly, Orion clients enjoy single sign-on from anywhere through their dashboard. Plus, use Orion’s secure mobile app on the go.

Orion Compliance is your tech on your terms. Optimize your current systems and solutions with standalone Orion Compliance, or streamline and unify your tech stack through seamless integrations with the Orion ecosystem.

The modern world requires modern solutions. Join others that have implemented Orion Compliance as their solution to remain compliant and avoid potentially devastating regulatory fines.  Don’t let routine compliance requirements slip unnoticed and always be ready when regulators are at your doorstep.