Just saw this post about GS automatically flagging their emails if they contain certain keywords and sending them to compliance for review: https://www.wallstreetoasis.com/forums/the-red-fl…
What does an analyst or associate in compliance actually do all day? Just going thru all the flagged emails and documents?
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Try to ruin our day
More like making sure you don't ruin the firm.
found the compliance hardo
I wanna know the day by day breakdown
same
When I worked at UBS they would check our books before we could send them out to clients which always seemed to frustrate the higher ups
how long does it take them to check each version
There was only one version. It was quick, but still annoying to have to deal with.
I hate compliance
I am all for reasonable oversight to ensure best practices but a lot of times it's just ridiculous.It slows down the process, it costs way too much, and it absolutely kills innovation.
Most days, it feels like compliance's job is just to make my/my colleagues' jobs needlessly more difficult/annoying..
walk the long way from their area to my desk to shit on me (intern) for saying fuck in an email
Well when i was an intern they would screenshot my skype conversations with my associate and send them to my md and highlight that i said fuck
Thank God compliance at my firm doesn't look at Skype.
This is actually hilarious, no way the MDs got mad at this
The morning is spent reviewing hundreds and hundreds of flagged (and non-flagged) emails. 99.9% of the flagged ones are nothing to worry about, those that could be are resolved via email/phone call. Lots of those that do need a follow up are related to unapproved sales literature/advertising, which can also take a couple of hours per day. But before the sales lit can get approved, the client has to be onboarded so you dig through the information they have provided through the customer identification program, and jump through the FINRA anti-money laundering hoops to make sure it's okay to do business with them (OFAC, FinCen, background checks, due diligence, etc.)
Those are the main three tasks compliance handles each day, the other ones pop up on a much more sporadic basis (some new hire items, updated the restricted/watch list, fixing any employee brokerage accounts that aren't syncing, etc.) Finally at midnight you post on wall street oasis instead of studying for another FINRA exam.
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