Time is Money…
All of us have limited resources in terms of time. In a nutshell, the outside compliance consultant has their ear to the ground on a full-time basis. It is his or her job to be aware of the latest regulatory developments while an in-house person focuses on the day-to-day challenges of their firm’s business. An outside compliance consultant also has the advantage of insight into how a range of firms, often a large segment of the market of peers and competitors, implement best practices. Even finding the time to attend an industry conference can be a challenge. For every in-house counsel or compliance officer that finds the time to attend, there are dozens more who may not be able to break away from their offices. The outside compliance consultant can fill in the blanks for those who cannot make it themselves, and offer help by filling in knowledge gaps. In effect, it’s almost like being in two places at once.
The second reason is effciency. How many times have you needed to find a template for a new policy required to adapt to a change to your business activity? Or maybe you need to know the industry best practice for mitigating a specifc conﬂict of interest that’s arisen. Rather than trying to Google the right answer or attempting to guess which of your peers might have had a similar experience, outside compliance consultants have collective knowledge within their firm. You’ll fnd the speediness of a response to your issue invaluable.
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