The Benefits of Utilizing a Third Party Archive System in the Financial Services Industry

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Third Party Archive Systems in Financial Services

Data archive systems are becoming an increasingly vital part of the financial services industry as federal laws and record-keeping compliance regulations become more stringent. Financial firms that once managed their own data are becoming overwhelmed and simply can’t keep up with all the data formats.More firms are choosing to adopt a third party archive system to help manage the massive amounts of records that need to be preserved.

How Can Patrina’s Cloud Archive System Help Your Business?

Patrina recognizes that regulatory requirements will continue to evolve and compliant record-keeping is a need that will not go away. It’s more important than ever to utilize a robust data archive system for effective and compliant records management.  Here are some of the benefits of utilizing a cloud-based third party archive system:

  • Keeps electronic records in a secure, accessible, and compliant format (WORM).
  • Automatically stores and fully indexes all content contained in the record including important metadata such as original date, time, etc.
  • Provides transparency into your business, reducing risk.
  • Satisfies record-keeping and reporting requirements of the CFTC/SEC/FINRA
  • Reduces fines associated with record-keeping, protects business reputation, and frees internal resources.
  • Consolidates data from multiple platforms so critical records can be searched and located with ease versus a backup system which takes serious time, especially when time is not on your side.
  • Keeps the regulators happy.

Contact the data experts at Patrina to discuss your specific challenges and discover how our cloud archive system will streamline the records management process- reducing risk and improving operational efficiency throughout your organization.

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