As one of the most highly regarded compliance certifications, the Certified Regulatory and Compliance Professional (CRCP) designation helps professionals increase their skills as well as knowledge of industry regulations. Read on to discover the importance of the CRCP and how it influences the companies you may do business with. You can also ask all of your finance-related questions about this and any investment or wealth-building choices you may want to pursue with a professional financial advisor.
A CRCP Defined
Compliance officers play a crucial role in many industries. It is their duty to spot risk and keep the agency or firm that they are evaluating in compliance with all necessary policies and procedures designated by the industry. This includes understanding and providing guidance on regulations and local, state, and federal laws. Over the years, the compliance position has become a more high-level role. This has led to the creation of training and designation programs dedicated to sharing best practices within each industry.
A Certified Regulatory and Compliance Professional (CRCP) is a designation given to a compliance, legal or regulatory professional. This professional must proves an in-depth knowledge of the theory and practical application of securities, laws and regulations. With over 900 CRCP professionals, the CRCP designation has become a leading education program for certification for regulatory and compliance experts.
To get the CRCP, candidates must complete two weeks of coursework through the McDonough School of Business at Georgetown University. They will work with world-renowned professors from the McDonough School of Business and Law and with experienced industry practitioners and regulators. In addition to the two weeks, professionals must complete pre-course reading and casework.
During the week-one course, candidates will cover topics including supervisor practice and internal controls. They will also cover ethical concerns in the securities industry, sustainability concerns, and securities law and regulatory organization. Week two’s coursework builds on the concepts covered in week one by exploring a series of advanced regulatory and compliance topics.
Each week’s courses cost $10,075 but are just $9,275 for FINRA member firms and government regulatory agencies. After each week, candidates must pass a written assessment. Those who pass both weeks’ assessments within a two-year timeframe will receive the CRCP designation.
Once a candidate has earned the CRCP designation, they must complete 12 hours of continuing education credit. Every three years, candidates must complete these credits. Meanwhile, all continuing education credits must be pre-approved and designed by the Financial Industry Regulatory Authority (FINRA) in order to qualify.
CRCP Job Responsibilities
Regulatory and compliance professionals ensure that organizations stay up to date on all regulatory and licensing requirements in accordance with the company, state, and federal regulations. These professionals must apply policies and procedures that keep the company operating legally and ethically.
It’s the professional’s responsibility to conduct audits, and investigations, recommend areas of improvement and outline solutions. Sometimes, organizations work with third parties to conduct these audits and investigations. It is then up to the compliance and regulatory professional to bridge the gap between the auditing company and the company they are observing. Compliance and regulatory professionals must provide the appropriate documentation as well as evaluate the proposed audits.
From restructuring a compliance program to building one from the ground up, compliance and regulatory professionals are crucial to any effective business operation.
The Importance of a CRCP
While you may not work directly with a compliance or regulatory professional, their role in their industries is extremely important to meet your needs. As a consumer, all compliance and regulatory officers are extremely important to ensuring your life and finances are properly protected and managed.
For example, compliance in the financial industry provides market stability and helps protects consumers’ interests. It also helps protect the taxpayer from potential ethical threats. Regulators and compliance officers reduce the possibility of a financial crisis.
Organizations like the Securities and Exchange Commission (SEC) are responsible for safeguarding investors. They also uphold the fair and orderly functioning of securities markets. Organizations like the SEC will help conduct audits with regulatory and compliance officers to ensure that their financial firms are working in accordance with federal law and regulations. Essentially, compliance is a checks and balances system to keep you and your interests safe.
The Bottom Line
A Certified Regulatory and Compliance Professional demonstrates professional expertise in their field. They have gone through rigorous ongoing training to achieve their designation. As a result, they can uphold the laws and regulations of the industry they represent. While you may not work with a CRCP directly, their role is vital to ensuring that your finances and interests are properly protected and managed.
Financial Planning Tips
- Are your finances in the hands of a reputable firm that’s playing by the rules? If you’re unsure, it may be time to look for a financial advisor. Finding a financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Regulations control how you can invest, what you can invest in, and even how financial firms handle your money. Even if you never meet a CRCP or other finance professional, it helps to have some working knowledge of what they’re enforcing and why.
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