RIA in a Box, LLC, a leading provider of compliance, operations and registration software and services solutions for the wealth management industry, today launched the Vendor Due Diligence Tool as part of the company’s industry-leading MyRIACompliance software platform. The new tool will be highlighted at the Technology Tools for Today (T3) Advisor Conference being held this week in Denton, Texas.
“Cybersecurity continues to be top-of-mind for the wealth management industry and a trend we see both firms and the SEC focused on in 2019,” said GJ King, president at RIA in a Box. “As we continue to identify pain points for firms and areas we can automate to streamline workflow, vendor due diligence stood out as a way we can collaborate with the industry to solve. We are excited to launch the tool which is the first in a series of upcoming features designed to enhance the cybersecurity and compliance needs of firms.”
Developed and named Best in Show at the 2017 Fuse Fintech Competition, the Vendor Due Diligence Tool allows vendors to automate documentation sharing and tracking with clients, including documents such as email compliance, data security and cybersecurity policies. Current vendors that have joined the initial launch of this new tool include Morningstar, Riskalyze and Orion.
As part of the tool, vendors can digitally connect with the RIA firm before choosing to share due diligence documentation, as well as view and manage which RIA firms have access to the latest due diligence documentation, sharing updated versions immediately with the click of a button. Document history, as well as a log of when RIA firms have reviewed files, are also tracked within the system allowing for RIA firms to more easily keep a record for cybersecurity compliance requirements.
“We’re thrilled to be one of the first vendors leveraging RIA in a Box’s Vendor Due Diligence Tool because it will allow advisors using Riskalyze to receive and review updated due-diligence documentation on a centralized platform,” said Aaron Klein, Co-Founder and CEO at Riskalyze. “When advisors are preparing for a SEC audit, confirming vendor cybersecurity compliance is a critical part of the process. The RIA in a Box Vendor Due Diligence Tool is going to make their lives a lot easier.”
The Vendor Due Diligence Tool is now live and available to all current MyRIACompliance clients.
ABOUT RIA IN A BOX LLC
RIA in a Box is a leading provider of compliance software to the wealth management industry. Launched in 2005, RIA in a Box is led by Will Bressman and GJ King who transformed the business into a market leading SaaS-based compliance solution focused on the RIA industry. Over 1,700 RIAs of varying size use the platform to increase compliance workflow efficiency and to automate regulatory requirements. For more information about RIA in a Box, please visit: www.riainabox.com.