solutions_challenge_supervision

Purpose-built to solve your

compliance challenges

Meet your retention and oversight
requirements with confidence.
Identify risk faster and more effectively.

Watch TechTALK

For compliance and risk professionals, electronic communications are often where the “smoking gun” is found. The exponential proliferation of these electronic records makes finding these needles in the haystacks challenging. Day-to-day monitoring can become more time-consuming and inefficient, especially as compliance programs designed for paper communication (or even email) haven’t scaled for today’s social and mobile workforce.

Organizations need to be able to search and produce the right content at the right time, especially when the regulator comes calling. They also need to demonstrate that the policies that are in place to govern usage of electronic communications are being enforced and are working as designed.

Smarsh helps organizations of all sizes manage the retention and oversight regulatory obligations for electronic communications from the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), Federal Financial Institutions Examination Council (FFIEC), Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), Financial Conduct Authority (FCA), Investment Industry Regulatory Organization of Canada (IIROC) and other similar governing bodies around the world.

Immutable Retention

Capture and preserve your records in an unalterable format.

Universal Search

Quickly and easily find the right information at the right time.

Policies

The efficient and powerful Smarsh policy engine will do the heavy lifting.

Supervision

Perform day-to-day monitoring faster, and identify risk more effectively.

Immutable Retention

The challenge:
No matter how a message gets sent – whether it’s via email, text or Twitter – it is the content of that message that determines its status as a business record. With that in mind, organizations are expected to capture these electronic communications, to store them in an unalterable format, and to verify the quality and accuracy of the storage process.

The solution:
Smarsh preserves records in a non-re-writable, non-erasable format, and all supported content and attachments within The Archiving Platform are stored in their native, unaltered format. Archived content cannot be modified, and every action taken within the platform is documented and stored in a read-only format, creating an audit trail. Smarsh automatically verifies the quality and accuracy of the storage recording process. Data is stored for the length of time specified in the customer’s retention policies, often dictated by recordkeeping regulation. Customizable reports of user activity within The Archiving Platform provide evidence of supervision procedures in practice. Smarsh also provides a third-party attestation letter to meet (FINRA/SEC) Third Party Downloader requirements.

Policies

The Challenge:
Even the most reasonably designed governance policies can be rendered unenforceable when a simple search across the growing volume of electronic communications returns too many false-positive results. How much time is wasted pushing aside bushels of frequent flyer offers and restaurant recommendations? Companies need to zero in on archived content quickly and truly find the risk. Outdated or unsophisticated lexicons/keyword lists leave you prone to overproduction or underproduction when searching for the records you need to find.

The Solution:
The Archiving Platform’s policy engine automatically classifies messages as they enter the archive and highlights keyword hits in each one. Content can be flagged for review, tagged based on cases, events or topics, assigned a Smarsh risk score for prioritization or auto-closed. Reporting and tracking of policy/lexicon effectiveness enables on-going fine-tuning and optimization, whether they are custom created, or built from one of the 35+ Smarsh expert templates.

Supervision

The Challenge:
To demonstrate enforcement of compliance policies, companies may need to perform regular review of their employees’ communications and/or advertising. Whether its daily, weekly, or monthly, these procedures add up to a colossal commitment of time and resources spent looking through data to find something that may not be there. With every new content type the organization uses, more business records pile up, creating more work for compliance.

The Solution:
The Smarsh Supervision module enables ongoing monitoring of content across the entire archive for companies that perform systemized supervision on a regular basis. Archived content is organized in Queues, enabling reviewers to quickly access their daily set of messages to review, track progress and prioritize content that merits further inspection or escalation. The familiar and intuitive interface is designed to help users both review a large volume of messages and identify problematic content quickly. Dashboards track team-based review, and reports enable supervisors to evaluate individual and team performance in real time.

“It takes a lot of effort to keep our fingers on the pulse of daily operations. Smarsh helps us do that, which makes our compliance job easier.”

When ONESCO first partnered with Smarsh, the Financial Industry Regulatory Authority (FINRA) had yet to issue guidance on blogs and social networking platforms. While many broker-dealers prohibited the use of social media, ONESCO was an early adopter, pioneering its use.

- Lonny Elfenbein, Compliance Consultant, Onesco

Read More
Find out more about
The Archiving Platform

Capabilities

Packages

Modules

Learn more about Smarsh solutions