Charles Schwab has launched Compliance Solutions to help financial services firms and industry providers meet increasingly complex employee compliance and regulatory requirements. The Charles Schwab Corporation acquired Compliance 11, Inc. and paired it with Schwab Designated Brokerage Services to form the new initiative.
"Companies understand that they need to meet regulatory requirements, but at Schwab we believe compliance can and should mean more than a check-the-box approach," said Trish Cox, senior vice president for Corporate Brokerage Services at Schwab.
"Consumers value open and transparent business practices, and positive perception in this area may benefit a company's bottom line. When managed effectively, a compliance program can be an opportunity to position a company favorably in the marketplace, build trust with clients, and enhance value and market share for a firm."
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Schwab is seeing growing concern among its own client base of employers regarding compliance issues. "Our clients are coming to us for help as they face an increasingly complex regulatory environment that often outpaces their ability to manage compliance processes," said Scott Rister, vice president of Compliance Solutions at Schwab. "The business risk for our clients is real, and our solutions are designed to tackle it head on."
Among the chief concerns faced by regulated firms is improper securities trading. The number and types of firms that are required to monitor employee securities trading is growing rapidly. Employees may be prohibited from trading a specific security for a variety of reasons, such as the firm possessing material non-public information.
Schwab has introduced proactive trade blocking to address this challenge. Proactive trade blocking prevents employees from executing a prohibited trade in error, notifying them that the prohibited trade was blocked according to their company's rules.
"Proactive trade blocking offers a much more streamlined approach and a much better experience, saving time and minimizing hassles. These trading errors are typically honest mistakes made by honest people. Now we offer a unique solution that helps them avoid these mistakes in the first place," said Rister.
Compliance Solutions also offers:
- Proactive enforcement of company trading policies
- Distribution and tracking of employee affirmations and disclosures
- Logging and reporting of gifts and entertainment
- A sophisticated, cloud-based software application
- A scalable, flexible platform
- Easier maintenance of compliance policies and procedures
- Dedicated service and support teams
- Bundled pricing for cost savings
- Employee access to a full suite of brokerage products and services from Charles Schwab & Co., Inc.
- Employee access to a range of banking products and services from Charles Schwab Bank
The Charles Schwab Corporation is a leading provider of financial services, with more than 300 offices and 8.7 million client brokerage accounts, 1.6 million corporate retirement plan participants, 851,000 banking accounts, and $1.9 trillion in client assets as of October 31, 2012.
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