Essential Edge and RegEd Partner to Deliver “End-To-End Outsourced Solution” for Branch Exams

Collaboration “will revolutionize the branch exam landscape,†companies explain

Essential Edge, a third-party outsourced compliance services provider for broker-dealers and registered investment advisers, and RegEd, a provider of compliance solutions for financial services firms, have announced a partnership to deliver “an end-to-end outsourced solution for conducting branch exams,†the two firms outlined in a release. 

Since its inception in 2005, RegEd’s Audit Management solution has helped audit teams address many of the major regulatory risks firms face  on a daily basis and has streamlined the branch audit process. According to the company, RegEd’s technology solution has enabled firms to fully plan, schedule, conduct, resolve and report on more than 1.6 million exams.

As part of this newly announced collaboration, Essential Edge consultants will complement RegEd’s offering by providing on-the-ground subject matter expertise in managing inspections for clients who utilize both firms’ services. If a firm participates in FINRA’s Remote Inspections Pilot Program, the Essential Edge team can perform remote exams. If a firm has chosen to opt out of the program, the Essential Edge team will visit branch locations nationwide to conduct the on-site audit and the pre- and post-audits.

“Our new strategic alliance with RegEd marries the people who created and operate the best technology platform for branch exams in the business with our experienced team of experts who will conduct physical audits nationwide,†said Sander Ressler, Co-Owner and Managing Partner at Essential Edge. “By leveraging RegEd technology and outsourcing branch inspections to our highly experienced and skilled licensed individuals, broker-dealers likely save money and can reallocate their limited resources to more proactive, growth-oriented activities.â€

This new complete branch audit solution is designed for wirehouses, regionals, independent broker-dealers, and asset management companies with offices in multiple locations, which the companies said “will revolutionize the branch exam landscape.†

“RegEd conducted a survey of financial services firms and found that the greatest challenges around branch exam programs were adding and retaining branch examiners, along with scheduling and travel costs,†said Adam Schaub, VP of Product Management for RegEd.  “As the leading provider of these services, Essential Edge can help our clients resolve those challenges and maintain a level of consistency in their examination programs while leveraging our best-of-breed branch audit solution.â€