What Is a Mock Examination for RIAs?

Mock exams typically replicate the structure of a real examination: an initial document request, a review of the firm’s written policies against actual practice, interviews with key personnel, and a final report identifying deficiencies along with recommended corrective steps. Because the process is conducted by an independent party rather than internal staff, it tends to surface issues that day-to-day familiarity with the firm’s own practices can make easy to overlook.

Firms often schedule mock exams on a periodic basis (such as annually) or ahead of anticipated regulatory attention, such as after a significant change in AUM, business model, or ownership.