Written Supervisory Procedures (WSPs)

What this video covers

• Why WSPs must name specific individuals for each review, and why generic job titles like "the compliance officer" are an automatic exam violation
• The four required elements of every supervisory review: specific individual, activities, frequency, and manner of documentation
• The five mandatory WSP topics: investment banking and securities transaction review, correspondence and internal communications review, customer complaint handling, supervisory personnel documentation, and safeguarding customer funds and securities
• Why customer complaint handling procedures require capture, acknowledgment, and response for every written complaint, not just the ones the firm decides matter
• What the three-year record retention rule for supervisory personnel designations really means, and why the first two years must be in an easily accessible place
• Where WSPs must be kept (each Office of Supervisory Jurisdiction, or OSJ, plus wherever supervisory activities occur) and why home-office-only storage fails
• When and how WSPs must be updated and communicated, and why an unread amendment is still a rule violation