Compliance: Less than a week to get everything in!

No insights are rule explanations today. Today, this is more of a reminder to everyone: the year is virtually over, and by most people's accounts, is over, as most people have already taken the remainder of the year off to spend time with family and friends for Christmas and New Year celebrations.

The world of compliance doesn't follow holiday schedules, and companies are still required to ensure that all applicable compliance requirements are completed and documented correctly. Most companies do a good job of addressing regulatory requirements; however, many overlook the importance of documentation. Without proper documentation, it is as if the activity never occurred. Most regulatory programs require training, some form of an inspection or audit, and some require drills and exercises. To avoid compliance-related deficiencies, it is vital to get all these documented and filed appropriately before the year ends. If you are one of those procrastinators who hates paperwork (let's be honest, most of us), take this time before the year ends to tie up any loose ends.

If time has slipped by, and you still have pending regulatory compliance activities, hurry up and get them scheduled and acted upon. "I was on holiday" will not be a viable excuse if audited and items aren't completed or are missing.

For my final article of the year next Monday, I have linked all my 2024 articles. I look forward to sharing more insights and deep dives into the complex regulatory world that those in the industry must navigate in the upcoming year. As always, I appreciate the dialogue they spark and the connections I've gained through their publications.

Merry Christmas, everyone!

For a complete listing of archived articles and compliance insights, click here. Past articles cover training requirements, clarification of additional unclear elements within the above rules, and more.

We are here to help solve your compliance questions and challenges. If you need compliance assistance or have questions, please email John K. Carroll III (jcarroll@wittobriens.com), Associate Managing Director – Compliance Services, or call +1 954-625-9373.

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Personal Note: Struggling with suicidal thoughts or know someone who is displaying worrisome characteristics? If yes, the American Foundation for Suicide Prevention (AFSP) has excellent resources to help: a crisis hotline (simply call/text 988), a counselor directory, resources to navigate, etc. Click here to go to their website.