Reasons Why Data Archiving with a Designated Third Party Frees Internal Resources & Saves Money

Archiving data with a designated third party provider (D3P) makes sense for compliance reasons and your pocket. It seems that every day there is another financial institution in the news for improper storage of records.Financial services face increased scrutiny and regulations regarding record keeping and the preservation of electronically stored information.  It’s clear that cutting corners isn’t worth the risk. Compliance guidelines require archiving of all communications, including emails, social media, and customer records.  This puts an enormous burden on IT departments, and compliance professionals to find and produce information at a moment’s notice.  Proper data storage and management of these records is essential yet most businesses do not have the internal resources. This is why more firms are outsourcing data archiving to meet the designated third party requirement and also to free internal resources and save money.

What to Look for in a Designated Third Party Provider for Compliant Record Keeping

Utilizing a third party provider for compliant data archiving is the path of least resistance and it’s what regulators recommend. Choosing the right provider to trust with your critical records will help you save money and time. So what should you look for in a D3P Provider and Third Party Archiving System? Here are some things to consider:

• The third party archiver should provide a letter of undertaking that states the firm contracted a third party for record keeping obligations
• The record keeping platform allows regulators access to the records
• The provider’s security and data processing controls should be regularly tested to ensure the system meets compliance requirements
• The provider should be able to ingest all sorts of data such as email, social media, middle and back office records
• The platform should be scalable to grow with your business
• Find a provider with extensive knowledge in legacy data archiving so you can eliminate expensive licenses and reduce resources associated with managing older data.

As a Designated Third Party Provider, Patrina’s Archiving Platform is Built for Compliant Records Management

Records management compliance is easier when you work with experts in data archiving. Patrina provides a powerful data archiving and records management platform that meets the compliance record keeping requirements of the financial industry.  Reduce risk, save time and ensure compliance by archiving records from A-Z with our powerful data management platform:

• Email
• Trade Data
• Social Media
• Middle Office Data
• Back Office Data
• Sales & Marketing Material

Choose Patrina for third party record keeping compliance. We have over 20 years’ experience helping the financial industry with compliance archiving and records management.  Reach out to speak with a data expert today.