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Question 1 of 30
\"Golden Horizon Investments,\" a boutique wealth management firm, prides itself on its personalized service and adherence to ISO 9001:2015 standards. Recently, a series of minor operational errors have surfaced, including discrepancies in trade confirmations and occasional delays in client reporting. While none of these errors have resulted in significant financial losses, they have raised concerns among senior management about potential reputational damage and regulatory scrutiny, particularly from FINRA. The firm\'s current risk management approach primarily relies on manual checks and ad-hoc training sessions. Considering the principles of ISO 9001:2015 and the firm\'s commitment to quality management, which of the following strategies would MOST effectively address these operational risks and ensure ongoing compliance with regulatory requirements, while simultaneously improving overall service quality?
Implementing a comprehensive, integrated risk management system that automates key processes, provides regular employee training on compliance and best practices, and includes internal and external audits to identify and rectify weaknesses.
Increasing the frequency of manual checks and implementing a stricter disciplinary policy for employees who make errors, focusing on individual accountability rather than systemic improvements.
Outsourcing the firm's compliance function to a third-party vendor without investing in internal training or technology upgrades, assuming that the vendor will handle all regulatory requirements.
Reducing the scope of services offered to clients to simplify operations and minimize the potential for errors, focusing on a smaller, more manageable client base.

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