Premium Essay

Bigskinny

In: Business and Management

Submitted By andreahowell65
Words 2013
Pages 9
Andrea Howell
MBA 604
Professor Powers
Feb 7 2016

Introduction:
The compliance department within the brokerage of firm Mercy Securities Corporation ensures that the firm is operating within all laws, rules and regulations. The department is responsible for monitoring sales to ensure that it complies with FINRA and SEC regulations. Compliance officers have the ability to reduce legal problems and improve public relations. Compliance department is very important in a brokerage firm because it builds the firm's integrity and reputation.
Objective:
The objective of this report is to explain how the compliance department operates within Mercy Securities Corporation, which controls methods should be in place. The report includes a in detailed look into two forms of control; internal control and management control systems.
Conclusion:
The compliance department is especially important in a brokerage firm. The compliance department can benefit from implementing internal control and management control systems. There are three types of internal controls - preventative, detective and corrective. The compliance department can be fortified by implementing all three. It is recommended that the compliance department implement management control systems by practicing both personnel and action control. Personnel control builds employees natural tendencies to control or motivate themselves. Action control is a very strict form of management control. It provides more assurance that employees within the compliance department will be loyal to the company.

The role of the compliance department within the brokerage firm is very crucial to the company. This department ensures to upper management that all is well and when something is wrong they fix the problem by advising upper management how the situation can be resolved. As an important part of the company the compliance...

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