Compliance is no cheap date. For the financial industry, meeting the requirements of FINRA has always required two separate systems — one for files and one for electronic communications. Citrix ShareFile and The Archiving Platform at Smarsh came together to find a one stop shop for investment bankers, brokerage houses or fund managers who need file archiving solutions.
FINRA compliance and file archiving solutions
Any regulated industry can tell you about the cost of compliance. Digitizing files has provided much needed ease of doing business — eliminating the need to share paper copies or trade files on flash drives.
But for the financial services industry, it's not just documents that require compliance. The Financial Industry Regulatory Authority (FINRA) requires the collection and archiving of electronic communications, including email, instant messages and even social media.
Until now, the industry had to manage two separate solutions and pay to monitor both of them.
Two requirements — one platform
With ShareFile, digital financial records are managed in compliance with FINRA, including archiving, audit trails and indexable records. All document usage — with 25 customizable permission settings — is noted in easily accessible reports.
Smarsh is the leading archive platform for business, but particularly for electronic communications. Email, social media, and other communications are stored and secured in an unalterable, and search-ready state.
How it works
One of the benefits of ShareFile is the use of encrypted email and the elimination of attachments. You set permissions for a file or folder and then send a link to share the file. Smarsh could archive the email, but wasn't able to access the "attachment" linked in the email without manual intervention to gain access to the files or folders.
We worked together to find a solution for our customers. Smarsh added a new document type to their platform and the ShareFile API authenticates the user automatically. Now Smarsh could automatically archive the entire communication with immutable retention (a regulatory term for data stored and secured indefinitely in an unalterable and search ready state).
Great for customers
For the IT professionals charged with monitoring compliance and responding to audits, the workload is cut in half.
In the past, depending on the number of user accounts, IT teams had to log in and out of two systems to create a comprehensive and compliant response. The process was time-consuming, labor intensive and required multiple FTEs.
Plus the more manual intervention required in a process, the greater the opportunity for error, redundancy or duplication of effort. The whole point of technology is to make business easier to conduct.
The right partners
Regulated industries require customized file archiving solutions, and we're thrilled to provide the only turn-key solution for FINRA compliance.
If you're new to ShareFile, sign up for a free, 30-day trial. Or call us at 1-800-441-3453. We're happy to answer any questions you have.