When the Financial Industry Regulatory Association (FINRA) comes calling, do you still panic?
When FINRA asks for a mountain of documentation, do you claim “undue burden? You can’t. And you shouldn’t have to anyway.
That’s because FINRA knows (and you should know) that software and cloud-based data management systems make it possible for governance, risk, and compliance managers to respond quickly, effectively, and cost-efficiently. It’s time to get your act together.
FINRA monitors 4,000+ brokerages firms, more than 160,000 branch offices and nearly 630,000 registered securities representatives. Your firm is one of them, and FINRA has always wanted to make sure you’re operating openly and honestly.
But what about Social Media – those Blog posts, tweets, LinkedIn updates…Facebook? Sounds like old news, but if your firm permits the use of social media for business use, then FINRA expects you to have strong policies in place for capturing, supervising and archiving, or you’re not compliant.
Recordkeeping matters. And that starts with archiving. Whether your firm’s online content is static (i.e. an online ad, a conventional website) or interactive (a post or a tweet or a comment to a post or a tweet that in turn may be reposted/commented on), it must be archived.
Moreover, according to FINRA, if your firm allows social media for business use, you are responsible for what is posted, and must collect and archive everything — all of your firm or firm’s member posts, tweets, or comments.. Every bit of it must be captured and archived unaltered. And when the regulator wants it, you must be able to deliver it fast – undue burden or not.
Still panicking? Don’t….All you need is a solid plan for acceptable social media use, an enforceable policy and a trusted technology partner. Like Patrina. Ask about our comprehensive compliance solutions specifically designed for Broker/Dealers, RIAs, and FCMs. Or…you could do it all yourself…
Let’s talk (212- 233-1155).