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Post date: Jun 17, 2019 4:46:46 PM
A compliance department is often regarded as a business prevention department. But provided that its function is made clear and its operations conducted properly, it should purely exist as an in-house department supervising a firm’s compliance with all application regulations, rules, and guidelines, explains finance professional Scott Tominaga of PartnersAdmin LLC.
Compliance and marketing departments had previously not been considered complementary departments, but many companies now understand that they should work together, since both are involved in the early stages of product development and target-market research. Working seamlessly allows these departments to deliver more effective results while dealing with fewer regulatory or approval complications.
Today, financial promotions continue to be an integral part of both consumers’ acquisition of information and actual business transaction. Any business must therefore ensure that such are compliant to given financial and legal guidelines. In fact, having a compliance department should be mandatory for any sales-related financial company.
All in all, compliance departments identify risks and monitor them, design and introduce control measures to resolves issues, and offer advisory guidelines to guarantee prevention of mistakes. In other words, having a compliance team assures companies of a thorough understanding of every facet of a business and its dealings, adds Scott Tominaga.
Scott Tominaga is the Chief Operating Officer of PartnersAdmin LLC, a company established to provide a quality, outsourced solution to meet the dynamic back-office needs of the alternative funds industry. Check out this site for more articles on business and finance.
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