Firm: Complaints

Firm: Complaints

Complaints can happen, but how they are handled makes all the difference in the world.

Firms rely on their reps to timely report or escalate any potential issues for review and proper handling, so Compass makes it easy!

Initial Escalation | Report to Compliance

Any complaints, or possible complaints, can be entered
    1) directly from the Rep Dashboard, or 
    2) by going to the corresponding report on the left side of your screen

**An email is automatically sent to Compliance alerting of the issue**
**(see sample image below in FAQ section)**


Review

Compliance can see Open Complaints 
  • in the Command Center, 
  • or navigate directly to the Open/All Complaint Reports in the grey bar on the left of the screen



Keeping Track

Complaint Form keeps track of the date:
  • Received
  • CCO was informed (automatically added if submitted through Compass)
  • Firm responded to client
  • Filed
  • Closed
The Report changes colors alerting to complaints that have are aging without being closed or filed.


*Disclosing | Reporting*


Compass' Complaint Form automatically:
  • Determines if the type of complaint is to be updated on the Reps U4 or included in the Firm's quarterly complaint reporting 
  • Calculates the due date for the quarterly reporting
  • Sends an automatic reminder email to the CCO (& 'Additional Alert Emails') 1 day before Filing due date, reminding of the requirement


FAQ

Who submits the Complaint Information? 
  1. ANYONE who receives the information can report to compliance.
  2. The Rep is generally the 1st filter or contact with the client, and all registered reps are responsible for reporting any complaints. 
  3. But IF a C-Level user, or supervisor decide to enter into Compass on behalf of the Rep, this is also possible
What if it's not an 'actual' complaint?
RISC Compass understands that sometimes an issue is more of an 'inquiry' than an actual complaint, and we have included a CHECKBOX so that you can classify it as an 'Inquiry/Non-Complaint'. 

Why should I include Inquiries/Non-Complaints in Compass instead of just deleting the inaccurately reported complaint?
The information belongs to the Firm, and the Firm ultimately decides what information is kept in their database, so the choice is yours. But since Compass was created by experienced compliance professionals, we have a few things to keep in mind when deciding to remove, or keep with the Non-Complaint box checked:
        1. Sometimes you will see a trend of issues with certain Reps, or clients. If you do not keep track of the issues, you can miss seeing the big picture.
        2.  If a client complains in the future, and refers to a past issue that you have no record of, you may have a problem. It is helpful to have the whole story if and when a client complains again.
        3.  If an email is discovered during a regulatory audit, and questioned, you will have the proof showing you reviewed it as well as proof 'why' the decision was made to not classify as a complaint. Remember: If you can't prove it, it didn't happen. 

Why have reps enter into Compass instead of emailing Compliance directly?

The choice is up to the firm! With such confidential and sensitive subjects, like complaints, falsely labeling them as a complaint via email can cause it's own sets of issues. 


When a rep enters a Complaint or Issue into Compass, the CCO (and any email(s) added to the Firm's 'Additional Alert Emails') will receive an automated email, from Compass, alerting to a potential issue (and the link to the complaints report), but no details (or even the word 'complaint') is used. 




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