Financial Services

Support for the Ever-Changing Compliance Landscape

Financial services companies face the most complex regulations of any industry. Vigilance and a deep understanding of the regulatory environment are critical to keeping compliant with myriad, ever-evolving requirements.

Your experienced FD team can help cut through the tangle of requirements with a proven, holistic approach for critical needs, including:

  • Understanding the impact of emerging regulation
  • Developing frameworks to achieve compliance and manage risk
  • Developing and implementing procedures to achieve organizational goals
  • Understanding disruptive technologies and their impact on the industry
  • Providing expertise in risk management, compliance, internal audit and process improvement to address client needs

Our CPAs and advisors have the experience and knowledge to assist banks of all sizes, insurance companies, wealth management firms and other financial services companies reduce risk, address compliance requirements and evaluate opportunities. The FD Financial Services Practice Group guarantees hands-on involvement of our most knowledgeable team members: our partners. Plus, you’ll get the benefit and efficiencies of focused attention from highly experienced professionals as you chart a course to deal with emerging regulations, business realities and enterprise risks while working towards your strategic goals.

New York Department of Financial Services Regulation (NYDFS 500)

With the growing potential impact of cybercrime on financial service entities, the New York Department of Financial Services (NYDFS) responded by implementing new regulation regarding cybersecurity requirements for financial institutions under DFS regulation. As of February 2018, covered entities must submit an annual Certificate of Compliance attesting to their cybersecurity program. Failure to certify exposes the entity to a “substantive deficiency,” punitive sanctions, and/or legal and compliance risk, all of which could negatively impact both a financial service entity’s reputation and financial results. If you have not submitted a Certificate of Compliance or need help doing so, our experts at FD understand your cybersecurity system and any actions you may need to take.

For more a complete explanation, read our article: “Complying with New York’s Cybersecurity Regulation (23NYCRR 500): What Financial Services Firms Need to Know)