RIA Roadshow - Electronic Communications Compliance for Investment Advisors
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This presentation covers electronic communications compliance for investment advisors and was delivered by Jackie Augusta at the RIA Roadshow in Detroit, Cleveland, and Pittsburgh in October 2013. To learn more about our solutions for investment advisors, visit our website: http://www.smarsh.com/ria-compliance.
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RIA Roadshow - Electronic Communications Compliance for Investment Advisors
- 1. Electronic Communications Compliance for Investment Advisors
- 2. Sometimes the internet shares wisdom…
- 4. Actual Status Updates All I want is a little more than I’ll ever get. If the US defaults, will China repossess our elected officials? Just thinking out loud here. You’re only young once. If you act like a fool after that, you’re gonna need a new excuse. I won’t rest until I find a cure for Insomnia. Dick Clark has died. We can no longer ring in the new year… Well played, Mayans. Well played.
- 5. Easy to post content from anywhere using mobile devices 33% of Facebook posts according to HubSpot 350 million active users access Facebook through mobile devices according to LeadBolt Computers & Personal Devices
- 7. Regulatory Compliance, E-Discovery & Records Retention Capture, Retain & Produce SEC 17a-3, 17a-4, 204-2 FINRA 3010, 3012, 3110, 3130B, 8210 FINRA Reg. Notices 07-59, 10-06, 10-59, 11-39 Suitability, Advertising & Surveillance Supervise/govern FINRA 3010, 3110, 3130B Data Protection Email Encryption/Data-Leak Prevention 46 state data protection/data-breach notification (MA, NV, CA) Gramm Leach Bliley Act/Regulation S-P “Increasingly there’s going to be a look at technology… and how technology supports everything from policy governance to risk assessment to training. If the business is spending a lot on technology to make money and drive the business and not spending money on technology to facilitate risk and compliance and control, there’s a disequilibrium there.” ~ Carlo do Florio, SEC Director of Compliance
- 8. Electronic Communications Need to be Archived. Compliance & Risk Legal Human Resources/Administration Marketing/Advertising Distribution IT The Bottom Line…
- 10. Findings from the Smarsh 2013 Electronic Communications Compliance Survey indicates that respondents who allow and govern social media use are nearly twice as confident in their ability to provide specifically requested messages, within a reasonable time frame, for compliance purposes. SMS Text Enterprise Social networks File sharing and synch platforms (i.e. Dropbox) Facebook LinkedIN Twitter IM 33% 23% 44% 28% 48% 21% 48% 32% 58% 44% 66% 29% 76% 30% Allow Usage Prohibit Usage ALLOW OR PROHIBIT: WHO IS MORE CONFIDENT?
- 11. Sophisticated tools for companies in regulated and litigious industries. Comprehensive capture Chatter posts, comments, shares, files, direct messages and profile updates are all captured in their original format which maintains all communication details, including who, when and where a message posted. Real-time processing Capture all Chatter conversations the instant they happen, so information can’t be deleted. Large file support Archive files of any size uploaded to Salesforce.com. Scale Designed and tested to scale to hundreds of thousands of users, the platform will allow you to grow your Chatter install base and increase adoption quickly. Intelligent search Enable faster and granular searching across your data by any number of variables, including user, group, post type, object or date and time. Policy engine Create policies based on nearly any criteria to automate reviews and message classification. Apply precise risk-scoring criteria and assign follow up actions. Compliance tools Perform powerful compliance and e-discovery reviews and easily mark, flag, tag and assign messages to other reviewers. Audit trail Provide proof of supervision and message review with a full audit trail of every action taken within the archive. Reports Drill down on message stats and analytics and be more informed about your archived data and review activity. Notifications Create and manage daily, weekly or monthly email reports that are triggered by your criteria, such as keyword or policy matches. Flexible exports Easily download, print, forward or export Chatter communication from your Smarsh archive in multiple formats, including AES 256-encrypted files. ARCHIVE SEARCH & REVIEW PRODUCE & ANALYZE
- 12. Secure, compliant and redundant data centers Managed and operated by Smarsh SAS70, SSAE16 SOC 2 & 3 Systrust certified Authentication via 256-bit SSL encryption Safe Harbor Certified Audited annually by KPMG
- 13. Ranked #1 in Overall Customer Service among hosted archiving vendors according to Osterman Research Implementation team and live trainings 24 x 7 x 365 technical support staff available Audit and e-discovery support and custom reporting
- 15. Portland, OR Atlanta, GA Boston, MA New York, NY Los Angeles, CA 5 Offices, Portland HQ 150+ Employees Sales/Marketing Operations/Development Support 20,000+ Customers Heavily Regulated Industries Financial, Healthcare, Government, SMB/Enterprise Over the last decade, Smarsh has established itself as a force in the message-archive and security space within the US financial sector. 2012 Magic Quadrant for Enterprise Information Archiving
Notes de l'éditeur
- Good afternoon.My name is Jackie Augusta and I am with Smarsh. It's an honor to be on stage at the first RIA in a Box Roadshow
- Sometimes the internet provides wisdom. You can find many sources of information including white papers, rules and regulations, and get research into evolving areas of innovation. Sometimes it seems like good information is limitless.
- But then again, sometimes you find things that are inaccurate, misleading, completely false, and sometimes a scam.
- These days, anyone with a personal computer, a smart phone, or even a public library card can put things on the internet and share their wisdom. From what I read, wisdom is like art. The beauty is in the eye of the beholder.
- And folks aren’t just using social networks in the office or at home in front of the computer. They use it everywhere. At the Starbucks, on the beach, in the car…even when their driving, and yes….it’s true, even in the restroom. Seriously folks, it can wait.Over 1/3 of Facebook posts are from mobile devices.
- But as with everything else in the wealth management and trading industry, there are rules that govern how we behave in these outlets. Innovation usually outpaces regulation, but regulation eventually catches up and holds firms accountable for activities even before the guidance was completely clear. So you must ask yourself, what policies does your firm have in place and what regulations do apply to social media? As a registered representative you need to know what the regulators are saying about electronic communications, including social media, and they are saying a lot.
- This slide lists references to regulations and guidance that are related to the use of electronic communications. Even though you are investment advisors and may not be FINRA members, I think it is important to understand what FINRA and other regulatory bodies are saying. The standards are shifting and the SEC until recently really hadn’t given many clues about how advisors should implement a compliance program. Their guidance is evolving and I think its closer to FINRAs than not.
- Our solutions are useful and critical across multiple disciplines within an organization, such as:Compliance/RiskLegalHuman ResourcesMarketing/AdvertisingDistributionIT
- There is no shortage of archiving solutions out there. What sets Smarsh apart and what really matters to our clients is what happens after the data is archived. Our platform can archive virtually any communication type, and we work hard to ensure that we are doing it in every given solution's native format. This is particularly important when it comes to e-discovery across multiple content types. We don't convert social media data into email. Once the data is in our archive, we give our clients the ability to search data intelligently and quickly. We also have put considerable work into the ability to automate categorization and actions that can be taken on messages. Finally, our data production services helps clients when they need it the most. Be it litigation or a regulatory exam, we make it as fast and easy as possible for clients to get the right data, when they need it.