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(RE)IMAGINE

The Official Blog of Acuity Knowledge Partners


EXPLORING OUTSIDE BUSINESS ACTIVITY

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Published on December 11, 2023 by Rushali Upwanshi

“Never mistake activity for achievement” – John Wooden

Imagine you are an investment advisor entrusted with managing your clients’
hard-earned money. What if you were told that a business activity you are
involved in outside of your day job but undisclosed to your company could
jeopardise your full-time work? This is the type of outside business activity
(OBA) that companies in the financial sector keep tabs on. This blog discusses
the risks, regulations and importance of transparency relating to OBA.

OBA refers to any activity an individual engages in outside of their primary
employment, such as freelance work, consulting, entrepreneurial ventures, board
memberships or involvement in professional organisations.

What is the attraction of OBA?

OBA is an activity that requires significant commitment outside of an
individual’s contract with the company they are primarily employed by. This
includes personal business, consulting and investing in other companies. OBA is
usually characterised by a significant financial interest but could include
activities that demand a time commitment.

Engaging in OBA has its advantages. First, it can provide extra income and help
achieve personal goals faster. Second, it enables pursuing a passion and
achieving a sense of fulfilment beyond one’s primary job. It also promotes
personal and professional growth through developing new skills and expanding
knowledge. It offers flexibility, allowing an individual to set their own
schedule and make independent decisions. It facilitates networking, connecting
you with like-minded professionals and potential clients. It also enables you to
diversify your income streams, providing financial stability.

What are the risks?

Regulatory and legal considerations – the OBA may require compliance with
certain regulations and obtaining licences and permits, and failure to meet
these requirements could have legal consequences.

Time commitment – the OBA may require a substantial time investment that could
put a strain on your personal life and primary job, leading to increased stress
and potential burnout.

Conflicts of interest with primary employment – some companies have policies
that restrict OBA, especially if it compromises confidentiality.

Financial risk – the OBA may require upfront investment, with the potential for
financial loss or business failure.

Effective strategies for managing OBA

Managing OBA while ensuring compliance with applicable regulations and policies
is crucial. The following are key considerations:

 * Review employment contracts and policies: Familiarise yourself with your
   company’s policies regarding OBA. Understand what is permitted and what is
   prohibited.

 * Consult legal and HR professionals: If you have complex OBA or questions
   about compliance, consider seeking legal advice to ensure you are meeting all
   legal obligations.

 * Disclose and obtain permission: Always disclose OBA to your employer or the
   relevant authority. Transparency is key to building trust and ensuring
   compliance with company policies.

 * Respect confidentiality and non-disclosure agreements: This is crucial for
   maintaining the trust of your primary employer and avoiding legal
   complications; it is also important to handle any potential conflict of
   interest or shared information with care and transparency.

 * Keep abreast of applicable laws and regulations.

Safe disclosure of outside business pursuits

The disclosure process typically involves the following:

 1. Reporting forms: These forms typically require detailed information on the
    nature of the business or employment, the individual’s role, ownership
    interest, time commitment and any other conflict of interest.

 2. Timelines: The timeframe for disclosing OBA can vary depending on your
    company’s policies and industry regulations. For example, initial disclosure
    is often required within 30 days from the start of the activity.

 3. Updates: This includes notifying your employer of any material change to the
    disclosed activities, such as modifications to the business structure and
    alterations in time commitments.

 4. Internal compliance review: Financial institutions often conduct these
    reviews to assess the disclosed OBAs and ensure compliance with regulatory
    requirements and internal policies.

Responsible disclosure and adherence to compliance related to OBAs contribute to
the integrity and ethical standards of individuals and organisations, promoting
a culture of accountability and professionalism.

How Acuity Knowledge Partners can help

We are an influential player in the global market, offering compliance expertise
and services such as e-communication, marketing material and advertisement
review, regulatory compliance review, distribution compliance, code of ethics
monitoring and social media surveillance. Combined with our expertise in
compliance, our subject-matter experts help maintain internal controls and
redesign workflow to mitigate inherent and potential risks identified under a
policy or regulation.

Sources:

 * Outside Business Activity Disclosure Form Best Practices – MasterCompliance

 * MyComplianceOffice | FINRA Outside Business Activity Compliance

 * Enron scandal | Summary, Explained, History, & Facts | Britannica

 * The Wells Fargo Cross-Selling Scandal (harvard.edu)

Tags:

Compliance Consulting employment contract employment policies financial risk
freelance licenses Outside business activity



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ABOUT THE AUTHOR

Rushali Upwanshi

Know More

Rushali has over 4 years expertise in the dynamic realm of investment banking,
particularly focused on Reconciliation. Her journey in the finance industry has
been enriched by Rushali’s tenure at BNY Mellon and StateStreet HCL. Armed with
a master’s degree specializing in finance from Pune University. She is driven by
a relentless passion for learning and a flair for multitasking. Currently,
Rushali is dedicatedly exploring the intricate world of corporate compliance as
a proud member of Acuity’s ODD(Operational Due Diligence) team.

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