Supervisory Duties Regarding Ethical Violations

As a compliance officer at a mid-sized investment firm, you are responsible for supervising your team's activities to ensure adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. Recently, you discovered that one of your team members has been engaging in questionable practices regarding client communications, potentially misrepresenting the risks involved in certain investments. You understand the importance of your supervisory role as it relates to the ethical obligations owed to clients and the reputation of your firm.

What is your primary duty concerning the supervision of the team member's activities in this scenario?