The financial industry is heavily regulated, and for a good reason. To maintain a safe and secure financial system and protect investors' interests, FINRA (Financial Industry Regulatory Authority) and SEC (Securities Exchange Commission) have established stringent compliance requirements for all business operations of firms operating within the financial sector. One such requirement is message archiving, which is essential to any firm’s compliance with FINRA and SEC regulatory requirements. Let’s take a closer look at why message archiving is so important to financial firms.
What Is Message Archiving?
Message archiving is the practice of preserving digital communication records in an organized manner for future reference. This can include emails, text messages, chat messages, social media posts, etc., that are sent or received by employees of a company. Message archiving ensures that all communication records are stored securely and easily accessible as needed.
Why Is Message Archiving Important in Financial Compliance?
The purpose of message archiving is to ensure that all communications related to business operations are documented for future reference. This record-keeping helps firms meet FINRA/SEC regulatory requirements by proving that they’re compliant with internal policies and procedures related to customer privacy and data security standards. In addition, it allows them to quickly access necessary information if ever required in an investigation or audit process.
Message archiving is essential to any firm’s compliance with FINRA and SEC regulatory requirements. Firms that do not archive their messages are at risk of being fined or shut down. If you’re a financial firm, it’s important to implement an archiving solution that can capture all communication channels, including iMessage. At FirmScribe, we offer a secure and compliant message archiving solution that can be up and running in just minutes. Contact us today to get started.
