As compliance experts, we noticed that a common deficiency at investment adviser firms was not only the failure to update their policies and procedures, but even when they did update their policies, they would fail to update the date on their policy and compliance manual cover page. While seemingly immaterial, when the regulators came, it created an unnecessary appearance that their policies and procedures were outdated and had not been maintained over time.
That is why our policies feature allows you to focus on the content of the policies and leaves assembling the policies into a manual and keeping a record of the date of all your changes to us! In order to maintain an accurate representation of your evolving policies and procedures though, as certain policies are no longer relevant to the firm, you do not want to delete them as that is reserved for purging all record of the policy's existence. These policies are not a mistake, they are just simply no longer applicable. That is why we created the Archived Policy concept.
So, when you're ready to "retire" a policy because it is no longer relevant to your policies and procedures, you can archive it and we will know to keep it in your aggregated compliance manual up to the date the policy is archived. From the archive date onwards though, the aggregated compliance manual will no longer show that archived policy as part of the manual.
Please note that archiving a policy will also:
- Disconnect all tasks that were linked to the policy; and
- Disconnect the policy as a control for all risks that were linked to it;
If your business practices change again and that policy becomes relevant again (or you've just realized you've made a mistak in archiving it in the first place), you can unarchive the policy. You can refer to the guide: https://help.complect.com/business/how-to-unarchive-a-policy to unarchive a policy. Please note that while a policy can be unarchived, the disconnected risks and tasks will have to be manually reconnected.
