Riskalyze's integration with MyRIACompliance® establishes a simple supervisory workflow in which the Chief Compliance Officer ("CCO") of an RIA firm is able to seamlessly track, manage, and document the client suitability and portfolio review process enabled by the two platforms.
By integrating the two systems, CCOs are able to:
- Simplify the client suitability review process
- Clearly log and document the client suitability review to ensure proper record keeping
- Streamline the supervisory process related to client suitability
To connect this integration, you must have an Advisor Riskalyze license. If you have any questions setting up your integration, please contact email@example.com.
Set Up The Integration
These steps are completed inside RIA in a Box.
- Within the Navigation bar, select Supervisory, and then click Client Suitability Tool.
- Click Set Up Riskalyze Integration button.
- Enter your Riskalyze user name and password and click the login button.
- Click the Yes I authorize this request button.
- You have now been authenticated as a Riskalyze user and will be redirected back to the Client Suitability Tool within RIA in a Box.
Note: Once the integration is connected, account data bubbles up to the compliance dashboard in MyRIACompliance.
Use the Integration
For Chief Compliance Officers
The Chief Compliance Officer, or others at the firm serving in a supervisory role, will have access to a summary dashboard on MyRIACompliance which will allow them to track their overall client suitability review progress. The supervisor's view will also identify how many of the firm's client portfolios are presently within the target risk, above the target risk, below the target risk, or without a Risk Number.®
The CCO or other compliance supervisors are then able to further drill down into each risk category to see a summary of individual advisors' client portfolios and the number of clients that fall within each risk category and when the suitability information (i.e. the Risk Number) was last updated. The supervisory user can then send reminders to individual advisors at the firm directly from MyRIACompliance to set up their integration or prompt them to complete their initial client suitability review.
As individual advisors submit their client suitability reviews, submissions will be logged in the Review Manager, which allows compliance supervisors to easily track and manage submission progress including approvals, denials, and pending submissions. The tool also shows outstanding tasks and incomplete integrations.
For Individual Advisor Representatives
Individual advisors will have a new Riskalyze widget added to their MyRIACompliance dashboard showing the number of their individual clients presently in each risk category. The individual investment adviser representative can access Riskalyze directly through MyRIACompliance, conduct their risk and suitability analysis on each of their individual clients, and submit the review for approval directly through MyRIACompliance. This allows for easy documentation of the review and each advisor's plan of action to reallocate clients' portfolios towards their proper risk targets. All submissions are logged in the firm's compliance log.
Note: For a quick tutorial (and refresher) on how the solution works, click the Help button inside your RIA in a Box platform and then scroll down to the last section to view a tutorial.