$14 Million in fines in December. Are You in Compliance with FINRA Regulations?

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In December 2016, the Financial Industry Regulatory Authority (FINRA) issued over $14 million in fines for violations. A large portion of those were for inadequate supervision and record-keeping. The Securities and Exchange Commission (SEC) rules 17a-3 and 17a-4 set out extensive requirements on how regulated entities must act. One major part of these regulations is the archiving of communications. The regulations state that organizations must preserve originals of all communications received and copies of all communications sent relating to their business, for a period of not less than three years. FINRA has made it clear that instant messages are included in the list of communications.

Is your organization using Cisco Jabber or Microsoft Skype for Business in your communications? Are you an organization governed by SEC and FINRA regulations? If so, your company needs to consider a solution that meets the requirements shown above. Simply putting records into a big database and hoping for the best is not a solution. When the auditors come knocking, you will need to be able to prove, that you can rapidly retrieve the relevant records in a timely manner. You will also need to prove that you review these records on a regular basis for possible violations. Thus, you need a complete application that includes critical items such as a complete audit trail, litigation hold, easy to use search functions, and automated flagging to meet these requirements.


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Mitchell Weiss joined ISI in 1994. He holds a Bachelor's Degree Management Information Systems from the University of Illinois and a Masters in Business Administration from the Stuart School of Business in Chicago.  He is an industry leader in all phases of managing Unified Communications.  At ISI, Mr. Weiss is responsible for the vision, strategy, and implementation of a suite of Unified Communications products including Voice and Video Recording, SIP Trunk Management, and Traffic Management.  Mr. Weiss also brings his knowledge of Cloud Computing to ISI, allowing the company to create new cloud based models for its software and services.

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