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AdvisorVault Adds Compliance to the Cloud - AdvisorVault, the only remote backup provider designated to small financial firms now protects customer data in the cloud. This ensures firms who are members of FINRA regulated by the SEC meet the data retention requirements of 17a-3 and 17a-4
AdvisorVault Adds Compliance to the Cloud

 

NewswireToday - /newswire/ - Toronto, Ontario, Canada, 2011/03/02 - AdvisorVault, the only remote backup provider designated to small financial firms now protects customer data in the cloud. This ensures firms who are members of FINRA regulated by the SEC meet the data retention requirements of 17a-3 and 17a-4.

   
 
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This ensures firms who are members of FINRA regulated by the SEC meet all the data compliance regulation such as the long-term retention and supervisory rules contained in 17a-3 and 17a-4.

“Very often firms are using cloud providers to store critical data and communications, but these services are not actually storing this information in a compliant format,” Said Allan Lonz, President of AdvisorVault, /advisorvault.org, a remote backup provider specializing in small financial firms, “But that’s not the biggest problem; firms are not able to easily review this data and make is readily available to regulators during an audit,” added Lonz.

Although using a cloud provider has huge benefits, especially for small firms, it has opened the door to other serious risk, and financial firms must be sure to add an additional level of compliance. Most cloud providers really don’t understand the specific data compliance requirements, especially for broker-dealers, investment advisors and wealth management companies. However, it is a simply process to ensure this level of compliance is maintained – and cloud providers are more than happy to work with compliance vendor to ensure these rules are met for their customers.

How to add Compliancy to the Cloud:

Despite the complexity of today’s compliance rules, the same basic policies apply even if the data is stored in the cloud. Although moving data to the cloud certainly solves the disaster recovery requirements and reduces the IT management burden, three concerns remain:

- The long-term retention of data stored in the cloud;
- The supervision and retrieval of this data;
- Designated Third Party (D3P) requirements.

To accomplish these additional demands a process has to be added to ensure these three requirements are met. They key is finding one provider who can easily plug-in to the data resided in the cloud and transferred it to a secondary compliant infrastructure to ensure audits are passed with success. But most importantly firms will be confident that they are maintaining the highest level of customer confidence at all times.

About AdvisorVault
AdvisorVault (advisorvault.org), is the only remote backup provider specifically designed to help small broker-dealer firms achieve today’s stringent data compliance requirements. With our designated third-party status (D3P) we help small firms achieve all the required data compliance rules defined in 17a-3 & 17a-4, as well as the supervisory and disaster recovery demands contained in FINRA rules 3510 and 3010.

Contact AdvisorVault and learn more about our complete solution for data stored in the cloud.

 
 
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Written by / Agency / Source: AdvisorVault

 
 

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AdvisorVault Adds Compliance to the Cloud

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Publisher Contact: Allan Lonz - AdvisorVault.org 
866-925-1941 alonz[.]advisorvault.org
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any AdvisorVault securities in any jurisdiction including any other companies listed or named in this release.

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