This week Alex sits with Aaron Thompson to discuss the FINRA Exam Priorities of 2012, based upon the speech given by Susan Axelrod of Sales Practice Enforcement. This speech, given at the Practicing Law Institute B/D Conference, demonstrates the progress FINRA is making on a risk-based model. This overview covers the 2012 initiates that have been stressed earlier in the year. This progress includes FINRA's focus on being risk-based rather than checklist oriented, the addition of the OATS transaction Data model and the successful practice of the Know Your Customer and Suitability Rules. Also noted is a snapshot of the next twenty months. Some things to keep front of mind are the leveraging of complex products, cyber security, conflicts of interest and the pitfalls of cutting costs. Aaron also takes a moment to discuss IT control Best Practices.