FINRA WSP Checklist
FINRA WSP Checklist
General Items
- Ensure all employees have access to the current version of WSPs
- Conduct annual reviews of WSPs for relevance and effectiveness
- Engage a compliance consultant if necessary
- Prepare for FINRA audits by having all documentation organized and accessible
Documentation
- Review and update Written Supervisory Procedures (WSPs)
- Ensure WSPs are approved by a qualified principal
- Maintain a record of all WSP revisions and approvals
- Confirm that WSPs comply with current FINRA regulations
- Include procedures for handling customer complaints in WSPs
Training
- Provide training on WSPs to relevant employees
- Document attendance and completion of training sessions
- Review training materials for compliance with WSPs
- Schedule regular refresher training sessions
Monitoring and Compliance
- Implement a system for monitoring adherence to WSPs
- Conduct periodic reviews of WSP compliance
- Address any identified deficiencies in WSP adherence
- Maintain records of monitoring activities and outcomes
Risk Management
- Identify potential risks associated with business activities
- Document risk assessment procedures in WSPs
- Establish a process for reporting and escalating risks
- Review and update risk management strategies regularly
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