RIA Compliance Manual- How Adherence is Measured
Born Out of Much Different Times
In the past, businesses could hire whoever they wanted without any thought given to credentials or diversity. Times have changed and through the RIA compliance manual, businesses and larger corporations alike have some guidelines to ensure that diversity and fair practices are used in the hiring process. This helps to protect against favoritism, and gives everybody a fair chance. If you have never heard of the RIA compliance manual or stopped to think about it before, you can be certain that it is in place at the business which you work for. Throughout businesses in the United States, these guidelines have become common practice to ensure fair hiring practices and fair treatment of workers.
Not only is the RIA compliance manual in place for a reason, but there are constantly assessments and audits going on. Throughout the course of the year, a Chief Compliance Officer is constantly monitoring the effectiveness of how the business is practicing these actions. They work to ensure that the business stays on track and practices affirmative action in the manner it was intended. Along with this role, there are desk audits happening throughout the year, in addition to an Annual Audit. The reason that all of this was put in place was to protect workers and to ensure that everybody got a fair share at employment.
The RIA Compliance Manual, Keeping Things Moving As They Should
Consider the Chief Compliance Officer to be the captain of the ship, and consider the ship to be the RIA compliance manual. If at any time the Chief Compliance Officer finds that the practices or documents go against the guidelines as defined in the RIA compliance manual, they can halt work from occurring. This is a very powerful role and quite involve in its scope, but in the end this individuals is single-handedly responsible for keeping things on track and ultimately complying with the affirmative action and harassment practices that are defined.
There is an Annual Audit that takes place each year to measure the effectiveness of the business in practicing affirmative action. This is an involved process that requires a great deal of attention to detail, but it is an excellent measure of a business in this capacity. Above and beyond this audit that takes everything into account, there are desk audits that can act as a “pop quiz” for what is happening within the given workplace at anytime.
While some people may see a RIA compliance manual or the practices defined within it as cumbersome, they were put in place for a reason. As a worker, you are entitled to certain rights that affirmative action and harassment laws protect. Though the RIA compliance manual is very involved and draws in a lot of different rules and regulations, its intent is noble in ensuring proper hiring practices and overall diversity. Businesses can learn from the regulations set forth in the RIA compliance manual and can look to their Chief Compliance Officer to ensure that things stay on track as they should.
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