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Schwab Compliance Technologies

Transcript

KAREN ZENISEK: So our solution around vendor management, we’ve encapsulated and made much more comprehensive than what we’ve had before. So the first one we’re going to talk about is how you can identify and leverage a tool to create and document the alternatives that you’re looking at within your firm, and then, ultimately, documenting the selection process you use.

So the vendor contract process, you think about using the system for, is to be able to track those contracts for you. And I think the most important part is to be able to set up that renewal phase, right? So you can say, ‘Okay, this has an annual review process. It’s going to come due in one year. I can set it up so that there’s a pass and a reminder one year from now to start sending out daily reminders 90 days before the due date.’ And I guarantee you, those reminder emails are highly effective. We use this internally. You can’t ignore them.

SAVANNAH HILDENBRAND: How do you find out about this regulation? What are the nuts and bolts associated with it? Obviously, an effective date. Is there a grace period before the implementation? What is the status of the regulation? Is it something that’s been reproposed? Has it been finalized? So really being able to document those concrete details. And then what’s significant about it? How… does it impact your firm? How complex is this regulation? So then being… do you need to engage outside legal counsel? If so, being able to document all that and attach it, again, in a central location.

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