GRC Solutions for Bank Asset Managers

We provide bank asset management groups engaged in trust, custody, and investment management activities with risk, compliance and internal audit consulting services leveraging techniques used by banking regulators and industry leaders. ACA specializes in asset management, and its true value and competitive advantage is the breadth and depth of expertise at all levels of the firm including prior regulatory experience at agencies like the Office of the Comptroller of Currency (OCC), Department of Labor (DOL) and Securities Exchange Commission (SEC).

Our solutions

We help internal audit departments maintain their stature and credibility within their organizations by lending our experienced consultants to execute audit plans, including required annual fiduciary reviews. Our solutions fit any phase of the audit process including planning, fieldwork, wrap-up and reporting. We also support first- and second-line risk and compliance professionals by helping them efficiently and effectively manage fiduciary risk.

Risk Advisory

ACA supports first and second line risk and compliance professionals by helping them efficiently and effectively manage fiduciary risk. Risk advisory consulting engagements include policy development, risk and control reviews and gap analysis, regulatory issue remediation (MRAs), control testing, and more. ACA’s services and level of involvement can be tailored to our clients’ needs.

Internal Audit

ACA’s expertise in asset management is a valuable resource for Chief Audit Executives (CAE) who engage our firm to:

  • Comply with fiduciary audit requirements
  • Verify the completeness of their auditable entities
  • Assess the reasonableness of risk ratings and annual plans
  • Plan, execute, wrap-up or report on internal audits through co-sourcing or outsourcing arrangements
  • Train internal staff to transfer more audit work to in-house resources
Compliance
  • 12 CFR 9
  • Regulation R
  • Servicemember Civil Relief Act
  • Military Lending Act
  • Bank Secrecy Act
  • OFAC
  • Identity Theft Red Flag Monitoring
  • Privacy rules and regulations
  • Investment Company Act for SIDDs
  • Other federal and state banking standards
Trust Operations
  • Custody
  • Transaction processing
  • Trade settlement
  • Reconciliations
  • Pricing
  • Income collection
  • Disbursements
  • Cault controls
Investment Management
  • Post-acceptance and annual reviews
  • Investment policy
  • Asset allocation
  • Subadvisor due diligence and monitoring
  • Best execution
  • Valuations
  • Performance calculation and reporting
  • Alternative investments
Collective Investment Funds
  • Administration
  • Operations
  • Investment management
  • Compliance
Trust Administration
  • Pre-acceptance reviews
  • Account administration
  • Unique assets
Conflicts Management and Disclosures
  • Trading
  • Fee arrangements
  • Affiliate transactions
  • Soft dollars
Other Services
  • Retail nondeposit investment sales program
  • Municipal Advisor Act compliance
  • Cybersecurity, privacy and risk
  • Robo-advising & digital wealth advising
  • Third-party risk management/ vendor management
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Latest insights

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GDPR: Expectations vs. Realities on the Regime’s Third Anniversary

May 25, 2021

The General Data Protection Regulation (GDPR) reached its third-year anniversary on 25 May 2021. Three years after implementation, we speak with Alex Scheinman, Managing Director, ACA Aponix, about the impact of the regulation, how the COVID-19 global pandemic, Brexit and Schrems II influence the regime, and where data privacy rules will head next.

Compliance Alert
  • Compliance
  • Cybersecurity

Exam Priorities Spotlight: Focus on Private Equity and Real Estate Advisers

May 20, 2021

How can private equity and real estate advisers best prepare for regulatory exams in 2021? While we provided an overview of the 2021 Examination Priorities of the U.S. Securities and Exchange Commission’s Division of Examinations, advisers should consider whether they are prepared to respond to inquiries in the following areas.

Compliance Alert
  • Compliance
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FINRA Addresses Customer Account Takeovers (ATOs); Firms Advised on Protection Tactics 

May 20, 2021

The Financial Industry Regulatory Authority (FINRA) has issued a regulatory notice in response to a noticed increase in customer account takeovers (ATOs). During these ATOs, bad actors compromise account information, gain unlawful entry into customer online brokerage accounts, make fraudulent transactions, siphon out funds, and commit other crimes. Similarly, bad actors have increasingly been using simulated identities to open online accounts, and unlawfully access funds and data. FINRA’s regulatory notice summarizes the observations of 20 firms of various business models and sizes on the subject.

Cyber Alert
  • Cybersecurity
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Protecting the Enterprise Server: After the SolarWinds®/Microsoft® Exchange® Hacks

May 19, 2021

The SolarWinds breach and the Microsoft Exchange server breach are striking, both in the extent and the breadth of their damage. The damage is ongoing; as part of the attack pattern, backdoor malware designed to give the attackers persistent access to the compromised organizations has been planted for future criminal activity. The recent executive order on cybersecurity testifies to the severity of the problem and the need for a centralized, proactive response. Learn what patterns we have observed and the mitigating strategies we recommend.

Article
  • Cybersecurity
EU and UK Flags

Brexit: What’s Next for Financial Services Firms?

May 19, 2021

The lack of significant Brexit rules currently governing financial services creates some confusion and challenges for firms. We've developed a free to download whitepaper that examines a range of scenarios for how firms with a UK- and EEA-based presence might structure their business in a post-Brexit world

Report
  • Brexit
  • Compliance
  • Mirabella
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Performance Record Portability

May 19, 2021

How is performance impacted when a firm is acquired, a portfolio management team leaves, or when the firm’s legal structure changes?

Report
  • Performance
  • M&A Diligence

News

96% of Firms Unprepared for the FCA’s New Prudential Regime

With less than six months to go until UK investment firms are subjected to a completely new prudential regime, a recent survey reveals that the industry is vastly underprepared. The data shows that just 4% of respondents are ready and capitalised for the FCA’s new Investment Firm Prudential Regime (IFPR) coming into effect in January 2022. Learn more about what this means for firms.

Waters Rankings 2021 Name ACA Group's ComplianceAlpha® Best Anti-Money Laundering Compliance Solution Provider

Our ComplianceAlpha® platform has been named Best Anti-Money Laundering Compliance Solution Provider in the Waters Rankings 2021.

ACA's Regulatory Reporting Monitoring & Assurance (ARRMA) service winner of the 2021 HFM European Technology Awards

Within a year of launching, ACA Group is delighted to announce that our ACA Regulatory Reporting Monitoring & Assurance (ARRMA) service has been selected as Best Regulatory Reporting Solution in the 2021 HFM European Technology Awards.

Upcoming events

Senior Management Obligations under the SM&CR - 11 August 2021

The ever-increasing focus by the Regulators on the accountability of senior management, particularly when things go wrong, emphasises how important it is for individuals in senior positions to have a clear understanding of what is expected of them. This succinct course is designed to assist Senior Managers to have a full understanding of what they need to do to achieve compliance with the rules under the obligations created by the Senior Managers and Certification Regime (SMCR).

Online Training

Compliance Induction - 17 August 2021

Senior management in Financial Services firms have a responsibility to ensure their employees have sufficient knowledge and understanding of the Regulatory environment they are working in. This knowledge helps in emphasising the need for compliance with policies and procedures in order to protect the firm and the individual from failing to “do the right thing”.

Online Training