Compliance Services Firm Form Council to Promote Best Practices
Four compliance services firms are banding together with a compliance software company and a cybersecurity firm to form an advisory council to promote best practices among compliance industry consultants. The BasisCode Advisory Council will provide independent guidance and industry insights that reflect ongoing changes in the regulatory environment, incorporate feedback from member firms’ clients and offer a way for companies to tap into the expertise of more consultant firms without having to have different technology platforms for each one. “Complementing our expertise with time-tested technology is ultimately a win for our clients, who can reduce their reliance on manual processes without us having to build capabilities from scratch,” said Guy Talarico, chief executive of Alaric Compliance Services.
“The objective is to identify and create standards for clients where they have a standard process that all consultants can deliver services by, said Carlos Guillen, chief executive of BasisCode. Because consultants differentiate themselves in their expertise and not in the delivery of their services, having consultants use the same technology platform makes it easier for clients to not be beholden to one consultant simply because they use that firm’s technology platform, said Mr. Guillen. Using the same platform allows “consultants to provide specialized services to one client while providing the flexibility clients require,” he said. The goal is to make it easier for companies to manage their compliance program, said Todd Cipperman of Cipperman Compliance Services in a statement. “We can share best practices and experiences that will ensure that our clients are prepared to handle changing regulatory challenges,” said Mr. Cipperman.
In that same vein, adding a cybersecurity firm to the council allows clients and consultants to tap into a level of expertise on the subject they may be lacking, said Mr. Guillen. “We don’t pretend to be cyberexperts so we invited experts to join us,” he said. John Lukan of SEC Compliance Consultants said while his firm looked into building its own proprietary technology platform, it realized how difficult and expensive it is to create and maintain one. “While technology itself will never replace the expertise and judgment provided by a compliance consultant, technology is absolutely required in order to provide an effective and scalable compliance offering to clients” said Mr. Lukan in a statement.