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December 17, 2020

illumis Compliance Product Update: Workday Integration & Zero Records Filter

We’re continually updating our political contribution compliance platform to better serve our customers. We’re excited to highlight the most recent additions in our latest feature update.

Workday Integration. We’re excited to announce our support for direct integration with Workday’s HR platform. If you’re currently using the illumis platform and would like to set this up, our team is happy to assist. This will allow you to set up reports that automatically keep your employee list updated for new hires and account for other changes across your organization. You can also use the integration to update more robust information into the platform. If you’re on a different HR platform, don’t worry - there’s a good chance we’ll also be able to support those soon.

Zero Records Filter. We want to make sure you can sort through the important data — and sort through it quickly. To help save time, you can now filter out your employee’s that don’t have any contributions associated with their name. In the monitoring section of the illumis platform simply check the box next to “Hide searches with 0 results” and click apply.

If you’d like to set up a time to connect with our team, shoot us an email at solutions@illumis.com!
Why real-time data is essential to helping your investment firm avoid violating pay-to-play regulations, SEC rule 206(4)-5

Political contributions made by firm employees pose a significant threat to investment advisory firms. And even firms with the best compliance teams can be at risk of violating pay-to-play regulations, like the Securities and Exchange Commission’s (SEC) rule 206(4)-5, given the complexity of the rules and the myriad of regulations to which firms must comply.

Because of this, investment firms must arm themselves with the access to and support of real-time data, which can help identify potential violations and anomalies in the political donation process.

By leveraging real-time data, investment firms can quickly detect suspicious or unauthorized activities and take prompt action to prevent pay-to-play violations.

Beyond SEC Rule 206(4)-5: A look at state and local political contributions compliance regulations

SEC Rule 206(4)-5 is arguably the most well known regulation regarding political contributions compliance or pay-to-play compliance. However, it certainly isn’t the only regulation to which firms must comply.

In fact, beyond federal regulations, firms which take part in government contracted work must contend with numerous and varied state and local regulations as well. Such regulations present unique challenges because of the various requirements within each, which should they be neglected, can cause significant financial and reputational damage.

Aligning pay-to-play rule 206(4)-5 compliance practices with your investment firm’s regulatory compliance program

While it would be almost too easy to treat the Securities and Exchange Commissions’ (SEC) pay-to-play rule 206(4)-5 as a special requirement implemented only during election years, that mistake can cause serious, firm-wide damages. In fact, for investment firms, establishing a compliance program which actively and regularly incorporates compliance with the SEC pay-to-play rule is essential to avoiding fines, sanctions, lockout periods, loss of revenue and a damaged reputation.