In this article, originally published by CCI, Mike offers pointers—such as documenting employee training, and implementing processes to remediate FINRA or SEC compliance violations—financial services firms can use to achieve reliable detection and appropriate remediation. Download the full article here.

The need for financial services firms to automate the retention of all digital messages is no longer a want, but a need. Without a comprehensive, automated system and self-documenting procedures in place, your organization could be found noncompliant when regulators come knocking.

Due to the growing volume of digital tools and communications generated by businesses, including emails, social media posts, websites, instant messaging, text messaging, and voice services, falling out of FINRA or SEC compliance is an absolute reality—unless you have the right systems and policies in place.

One thing we know is that financial regulators are not seeking perfect compliance processes and systems for the supervision of all electronic communications. People are only human, after all. However, FINRA and SEC regulators do expect firms to have policies in place, and to demonstrate formal strategies for supervision.

Capturing all of your organization’s digital communications in a comprehensive archiving platform is a huge step in avoiding fines for noncompliance, but auditing communications for adherence to policies has traditionally placed a major burden on FINRA or SEC regulated firms. Automating the supervision process saves time and company resources, and removes much of the risk for human error.

Mike Pagani, Smarsh Chief Evangelist and Senior Director of Product Marketing, is a regular contributor to Corporate Compliance Insights (CCI). In this article, originally published by CCI, Mike offers pointers—such as documenting employee training, and implementing processes to remediate FINRA or SEC compliance violations—financial services firms can use to achieve reliable detection and appropriate remediation.

Read Mike’s pointers for compliance strategy and execution here.