Quest CE Adds RSL and Remote Inspection Type to Branch Audit Tool

MILWAUKEE – January 31, 2025 - Quest CE, a leading provider of compliance technology solutions, today announced significant updates to its Branch Audit Platform, introducing new features designed to help FINRA-regulated firms better manage their branch supervision requirements and participate in FINRA's Remote Inspection Pilot Program.

As the financial services industry continues to evolve with hybrid work arrangements and remote supervision becoming increasingly common, firms face new challenges in maintaining effective branch oversight. FINRA's Remote Inspection Pilot Program and the growing number of Residential Supervisory Locations (RSLs) reflect this shifting landscape, requiring firms to adapt their supervision strategies while maintaining rigorous compliance standards.

The platform enhancement includes three key feature updates:

RSL Audit Type: Quest CE has introduced a dedicated Residential Supervisory Location (RSL) audit type to help firms maintain oversight of private residences where associated persons conduct supervisory activities. While FINRA categorizes RSLs as non-branch locations, this new feature provides firms with improved visibility and specialized reporting capabilities for these unique locations. The enhancement includes automated scheduling functionality that enables program administrators to configure three-year audit cycles specifically for RSL locations, ensuring consistent oversight and compliance with regulatory requirements.

Remote Inspection Identification: In response to FINRA's new Remote Inspection Pilot Program, Quest CE has implemented a new Delivery Method feature that allows firms to clearly designate whether an audit will be conducted remotely or in-person. This addition helps firms maintain clear documentation of their inspection methodology and supports participation in FINRA's pilot program.

RSL Audit Template: Quest CE has developed a comprehensive sample RSL audit questionnaire to provide firms with a structured starting point for their residential supervision inspections. The template is organized into focused sections covering key supervisory areas while maintaining brevity for efficient auditing. While firms are expected to customize and enhance the questionnaire based on their specific requirements and supervision priorities, this template offers a valuable foundation for developing robust RSL inspection programs.

Given these new requirements, firms must report on significant findings and conduct thorough risk assessments. Quest CE's existing functionality allows firms to track risk scores year-over-year and document deficiencies through multiple inspection cycles. The platform's reporting tools can automatically compile findings, remediation efforts, and supervision activities into a single generated letter, providing firms with a clear audit trail while meeting FINRA's documentation requirements.

"These enhancements reflect our commitment to providing firms with the tools they need to maintain robust branch oversight programs while adapting to evolving regulatory requirements and inspection methodologies," said MacKenzie Lindblom, Director of Client Relations at Quest CE. "By adding dedicated RSL audit capabilities and remote inspection documentation, we're helping firms strengthen their compliance programs and maintain clear audit trails of their supervision activities."

The platform's comprehensive reporting capabilities now include both RSL audit types and delivery methods as searchable fields, enabling firms to generate detailed analytics on their inspection programs. This enhanced reporting functionality allows compliance teams to efficiently track audit completion rates, monitor RSL inspection frequencies, and demonstrate adherence to FINRA's remote inspection requirements. For example, firms can now generate consolidated reports showing the proportion of remote versus in-person inspections across their branch network, helping them identify trends, allocate resources more effectively, and ensure balanced coverage across different location types.

The new features are immediately available to all Quest CE Branch Audit Platform clients. Firms interested in learning more about these enhancements can contact Quest CE at [email protected]

About Quest CE

For over thirty-five years, Quest CE has been a trusted provider of compliance training and tracking solutions to the financial services industry. In partnering with more than 2,400 leading insurance carriers, broker-dealers, registered investment advisors, and other financial institutions, Quest CE offers a full suite of proprietary technology solutions while delivering an unmatched level of customer service.

Through the delivery of advanced custom solutions, Quest CE honors its mission to empower financial institutions with easy-to-use technology that simplifies their compliance and continuing education programs. For more information on Quest CE, visit?www.questce.com.

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