From a regulatory as well as a business standpoint, it is thus imminent for the players in the investment advisory space—be it asset managers, registered investment advisors (RIA), broker dealers, outsourced chief compliance officer (OCCO) consultants, or other financial advisors—to ensure that their access persons disclose any potential conflict of interests with clients and work toward mitigating those conflicts. However, adherence to the SEC code of ethics requirements or other corporate code of conduct policies has traditionally been a much complicated process with mounting amounts of paperwork required for periodic attestations and disclosures, which, in turn, is the reason why typical workflows move slowly. Not to mention the prolonged contract negotiations, long term contractual obligations, and heavy onboarding that comes along with it. But what if adherence to these policies could be simplified and made more transparent—a crystal clear workflow, if you will? That’s what Glass Compliance, an innovative personal transaction and disclosure platform does!
From traditional assets and digital assets (crypto currencies and non-fungible tokens) managers to fintech firms and trading platforms, Glass helps them all comply with their regulatory and policy requirements through a simple yet scalable platform. “A robust compliance and risk management solution neither have to be complicated nor expensive. Glass is an intuitive and cost-effective platform in that regard that can help protect clients not just from a regulatory perspective but also from a reputational perspective,” states Brett Byrd, CEO of Glass Compliance.
Interestingly, Glass can be set up and implemented in a matter of hours or days; not weeks and months. With Glass offering a seamless onboarding experience, compliance departments can be up and running in no time—employees can sign up, connect their brokerage accounts, and use the default templates on the platform in a seamless flow. Glass is also one of the few solutions in the domain that doesn’t obligate clients to a long-term contract. The SaaS-based platform has a very transparent and flexible pricing structure on that front as well.
Taking Compliance Adherence to the Next Level
The Glass platform covers three core areas: the pre-clearance of employee trading activity, disclosures, and periodic attestations management.
For pre-clearance of employee trading activity, Glass puts forth a 24/7 all-encompassing view of the employees’ trades across popular third-party brokerages. Glass can connect advisory firms with over 2500 brokerages in just a few clicks, allowing them to quickly set up and begin tracking their employees’ personal trading activity. Once the compliance departments are set to preclear those transactions, Glass also provides a fully customizable restricted list engine. “It allows the compliance departments a lot of flexibility to go in and control what assets or securities their employees can trade,” notes Byrd. “From restricting all transactions to narrowing down to assets and securities that are restricted based upon the risk profile and activities of the business, the engine can be customized to address it all,” he adds.
Glass also has templates that can be easily configured for both pre-clearance and post-clearance of disclosure activities for outside business activities, political contributions, gifts and entertainment, and more. Compliance officers can utilize this module to schedule and assign recurring reminders and deliver documents to their employees to satisfy policy requirements.
From traditional asset managers to fintech firms and non-traditional trading platforms (digital assets, cryptocurrencies and nonfungible tokens), Glass helps them all comply with their regulatory and corporate code of ethics policy requirements through a simple yet scalable platform
Similarly, Glass has built its own version of e-signing functionality to facilitate attestations management. It allows employees to electronically sign everything from new employee onboarding documentation and trading policies to social media and code of ethics forms, and each of those actions can be tracked in the audit trail. Compliance officers can set these forms to recur on a periodic basis. “All in all, our objective is simple; we’re not going to jam a particular form down anyone’s throat. We always allow our clients the flexibility to go and develop those forms to fit their risk profiles,” remarks Byrd.
Now, one may wonder what’s enabling Glass to deliver such a comprehensive— and accommodating—solution that can be “customized to the nth degree!” The answer lies in the vast expertise of the team behind Glass that is giving the platform such expansive capabilities. The platform has a talented pool of compliance, finance, and technology experts who work closely with the clients to solve their everyday challenges. This feedback integration from its clients, coupled with the tech-first mindset of the team, is what makes Glass the best-in-class.
How Glass is empowering firms to efficiently adhere to the code of ethics/ code of conduct policies that they have put in place can be best reflected from a recent client success story. An outsourced chief compliance officer (OCCO) consulting firm that provides compliance consulting and CCOs on an outsourced basis recently onboarded Glass. The platform delivered a streamlined solution to the firm with a single login, multi-administration setup. This means, if the OCCO consulting firm has 30 clients, previously the compliance officers had to log in 30 different times—30 different logins and 30 different passwords—to see what was going on within each of those clients. However, with Glass’s single sign-on capability, those compliance officers can now log in once and check each clients’ status in their own environments. In doing so, Glass also ensures that each of those clients’ information remains secured and siloed. This simplistic change helped the OCCO consulting firm save an enormous amount of workflow time while increasing productivity!
Thanks to such immense competencies, Glass is playing a phenomenal role in navigating non-traditional fintech firms and trading platforms through the unchartered territory of compliance today. “Unlike traditional asset management and financial firms, they may not be fully aware of the potential risks that they can face once they start dealing with consumer finances. We want to lead the way for them,” mentions Byrd. Glass is also swiftly carving a niche for itself in the digital assets management space, owing to its extensive knowledge and insights in cryptocurrency applications and protocols. “For us, crypto is just another asset class,” comments Byrd.
The team behind Glass is currently working on solutions that would cater to ever-evolving regulations in the space, including a platform that is focused on the adherence of crypto-related assets. “Our goal will always be focused on developing a flexible and customized product stack that enables workflow functionality without overcomplicating the process,” concludes Byrd.