On March 3, 2021, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced its 2021 Exam Priorities—the first such missive in the pandemic era. The Commission’s ability to be flexible and nimble in its approach to 2020 exams and plans for this year are laudable. To bolster that effectiveness, the recently created Event and Emerging Risk Examination Team will improve and expand OCIE’s rapid response capabilities. (I wrote more about the EERT here). Based on this year’s priorities, OCIE and EERT will be very busy in 2021.
Compliance and security for modern collaboration platforms like Zoom, Microsoft Teams, Cisco Webex, RingCentral, Red Box, and more is critically important particularly in light of the increase in usage of these platforms. To help you navigate the complexity and demonstrate a better way of conducting compliance and risk detection within these platforms, we've created a webinar series that deep dives into various areas. This post contains our upcoming webinars that you can attend live and others that are available on-demand. Each is between 10 - 25 minutes in length.
With over 10,000 registered representatives, Advisor Group is one of the largest networks of independent wealth management firms in the United States. The individual firms that comprise Advisor Group foster the spirit of entrepreneurship, and to support their success, the firm invests significant resources across the network. As part of that commitment, Advisor Group’s network of financial professionals enjoy state-of-the-art technologies, personalized service, and broad-based operational support.
When video conferencing platforms emerged as an innovative way to engage with customers, Advisor Group saw its value as an important resource for the firm’s employees and network of financial professionals. The firm adopted Zoom and quickly rolled it out. As a financial services organization Advisor Group had a regulatory obligation under Advertising Regulation FINRA Rule 2210 to review video communications to ensure they are fair, balanced, and not misleading.
Advisor Group understood the growing demand by its advisor team to leverage recorded video to better serve the clients and grow their businesses. A regulatory concern arose for the firm when Advisor Group identified that many internal employees were recording their Zoom meetings.
“As the popularity and use of video conferencing grew, we saw that people across our network were also starting to record their meetings and store the MP4 video file. This was introducing a regulatory issue that we needed to manage,” said Sean Mannello, Senior Advertising Analyst at Advisor Group.
The Compliance Team collaborated with IT to initiate a process of documenting and supervising the recordings. The initial effort was an involved, multi-step workflow that required a lot of manual, time-intensive effort uploading, downloading, and managing new recordings. From there, the compliance team had to review the recording, as well as manually document and manage the review workflow process. Collectively, the end-to-end cycle was taking upwards of 100 minutes of resource time for each video recording.
“The go-forward supervision process was a concern. We knew that the MP4 recording files were going to be huge and the amount of data would grow. The information was also going to be difficult and time consuming not only to review but also to physically handle with all of the uploads, downloads, and other required touchpoints,” said Mannello.
Topics: case study
It’s not a surprise that the work-from-anywhere model is here to stay. Many organizations would go as far as to say that it will become the new normal, where the physical location is secondary to the collaboration tools as to where business is actually conducted. With the rapid implementation of collaboration and communication tools, critical information is being shared across various channels. As a result, the attack surface for enterprises is widening, making it increasingly difficult to manage compliance protocols and reduce the potential of a data leak. With that, businesses face a new series of regulatory challenges for business preservation and supervision of Unified Communications from industry regulations like Dodd-Frank, PCI-DSS, and MiFID II.
Attivo Group is a collection of financial companies, providing advice and financial planning services to a large customer base. Based in the United Kingdom (UK) with offices in London, Cardiff, and Cheltenham, Attivo Group has adopted a growth-by-acquisition model with expectations of a 10-fold expansion over the next few years.
Topics: customer story
With the mass pivot to work-from-anywhere (WFA) business models, collaboration platforms have saved the day. Their feature-rich communication capabilities made it possible for organizations across industries to transition to remote work, without skipping a beat on the communication front.
"How do I do [fill in the gap]?" OR "Just HOW do you make security and compliance easier for [Zoom, Webex, MS Teams, RingCentral, RedBox...]?
FinTech Global released its annual Buyer's Guide this morning, which spotlights financial institutions and supplier ecosystem members in the regulatory technology (RegTech) market. The guide is intended to be a tool for financial institutions to navigate the available solutions, technologies, and suppliers of the RegTech market.
Typically, when we think about data breaches or loss, we picture scenarios where vast troves of personal data are accessed through brute force attacks or phishing attempts, resulting in thousands or millions of records being impacted. However, the release of smaller amounts of data, even a single PDF document or PowerPoint slide, can have serious and damaging ramifications for an organization.