New enhancements empower firms to streamline branch inspections, improve oversight, and ensure compliance—whether they participate in the pilot program or not.
Raleigh, NC, (GLOBE NEWSWIRE) -- RegEd, the leading provider of RegTech enterprise solutions, has announced significant enhancements to its Audit Management solution to support the requirements of FINRA’s Remote Inspections Pilot Program, which began July 1, 2024. These enhancements enable firms to efficiently plan, track, and manage inspections—whether they opt into the pilot program or continue with traditional onsite inspections—while ensuring compliance with FINRA Rule 3110.18.
FINRA’s three-year Remote Inspections Pilot Program allows eligible firms to conduct branch office inspections remotely instead of through mandatory onsite visits, under specific conditions. Since the launch of the program in 2024, firms participating in the initiative have benefited from RegEd’s Audit Management solution, including Pilot Program enhancements, which has helped them efficiently conduct remote inspections while meeting compliance requirements. And as the industry's only fit-for-purpose solution designed to meet the program’s requirements, RegEd will continue to ensure a seamless and effective approach to both remote and onsite inspections in 2025 and beyond.
Advanced Capabilities to Meet Dynamic Industry Requirements
With these enhancements, RegEd’s Audit Management solution enables firms to:
- Designate, track, and manage remote vs. onsite inspections. Firms can categorize and organize inspections based on their approach while ensuring clear tracking and reporting.
- Identify, remediate, and report on Significant Findings. Firms can define and track significant findings, ease the process of follow-up and management oversight, and ensure proper documentation.
- Enhance reporting flexibility. New features allow firms to meet quarterly regulatory reporting requirements under 3110.18, including tracking the number of onsite vs. remote inspections, findings, significant findings, and categories of significant findings.
- Leverage prior audit risk scoring for future risk assessments. Audit risk scores, past findings (e.g., WSP and recordkeeping violations), and historical data can be incorporated into pre-audit planning and scheduling.
- Access industry best practices for inspections. Firms can leverage RegEd’s Best Practices inspection module, developed in collaboration with leading industry inspection programs.
"Firms have each determined the right balance between onsite and remote inspections for their own inspection programs, and RegEd’s Audit Management enhancements ensure they have the tools to remain compliant and efficient—regardless of their approach," said Adam Schaub, Vice President of Platform Product Management at RegEd.
For firms opting into the Remote Inspections Pilot Program, RegEd provides the necessary tools to manage remote inspections while meeting FINRA’s oversight and reporting requirements. For those continuing with onsite inspections, the solution streamlines scheduling, remediation, and compliance processes, making inspections more effective overall.
"The enhancements we’ve introduced help firms streamline their audit and inspection programs, whether they are conducted remotely or onsite," said Rob Davis, Product Manager at RegEd. "By integrating advanced tracking, remediation, and reporting tools, we are equipping firms with the functionality they need to stay compliant while optimizing their inspection workflows."
Commitment to Future Innovation
RegEd remains committed to supporting firms in both remote and onsite inspections with continuous innovation. Future updates will further enhance reporting flexibility, risk-based assessment tools, and automation capabilities to align with both FINRA’s Remote Inspections Pilot Program and broader compliance requirements.
About RegEd
RegEd is the market-leading provider of RegTech enterprise solutions with relationships with more than 200 enterprise clients, including 80% of the top 25 financial services firms.
Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables our clients to cost-effectively comply with regulations and continuously mitigate risk.
Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and amplifying the value proposition delivered to clients. For more information, please visit www.reged.com.
CONTACT: Eric Clements [email protected]
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