Three Steps to Compliant Data Archiving – Helpful Information for Small Financial Firms

Financial firms who’re people of FINRA have to pick a vendor that understands their own needs, and keep the total cost of compliance lower. You will find three key needs FINRA people may need to look for inside a vendor to assist them to delegate the lengthy-term archiving of information in compliance with SEC rules.

1. Archiving Various Data Types

When choosing a vendor to delegate the lengthy-term archiving of electronic records, small financial firms require a provider that may backup and retain an array of data types. Making certain they satisfy the needs outline in SEC/FINRA rule 17a-3 along with rule 17-4, they have to consider data within the Books and Records, systems configuration, and all sorts of communications for example email, im and social networking. Additionally, the seller must have the ability to support the original data formats to ensure that historic records could be utilized by compliance officials and auditors anytime.

Basically, when part of FINRA seeks a vendor to assist them to using the lengthy-term archiving of information, it is crucial that the company completely understand current and historic data should be utilized using old legacy systems. This is not merely essential for on-going compliance reviews, but additionally during audits. So firms will discover it advantageous so that you can provide auditors with archiving data in formats that may be easily read, as well as in essence, this can accelerate the auditing process and be sure FINRA staff are out of the door rapidly.

2. Retention of information in Non-rewritable Format

When the proper formats of information are now being archived making available to auditors and compliance offices, FINRA firms need so that the information is stored on non-rewriteable media, also referred to as Earthworm storage. This really is hard disk drive utilized by the company that’s storing the historic data on disk technology prevents the deleting or overwriting of information. This can be a critical element of SEC data retention rules, and FINRA people need to ensure they’re utilizing a provider which has implemented Earthworm disk to keep their data.

3. Quick Recoverability

It is crucial that FINRA people pick a vendor that may recover all current and archived data inside a timely manner, usually within 48 hrs. It is really an important part of the FINRA Business Continuity Planning (BCP) process and really should be considered a feature incorporated using the vendor’s service. Frequently, archiving vendors may have several methods to match the recoverably of consumers data, with respect to the harshness of the failure.

Charles Davis

Sarah Davis: Sarah, a data scientist, shares insights on big data, machine learning, AI, and their applications in various industries.


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