AdvisorVault Adds Remote Data Archiving Service

AdvisorVault, a remote backup provider for small financial firms, offers Remote Data Archiving to help Financial Industry Regulatory Authority, Inc.‘s members achieve SEC rule 17a-4.

By far, the most troublesome data compliance regulation for FINRA members is the electronic records retention and supervision rule 17a-4.

This piece of legislation imposed by the SEC mandates that all members firms perform three basic functions:

SEC 17a-4 Requirement One: Backup data relating to their books and records and keep a copy separate from the originals
SEC 17a-4 Requirement Two: Archive these electronic records for at least 7 years on non-rewriteable media
SEC 17a-4 Requirement Three: Assign an independent company, called the designated third party (D3P) who can also access this data for auditors in its original format

For large firms with full IT and compliance staff this is not a problem. They have the money to build and manage their own systems in house and can archive their electronic records in accordance with FINRA and SEC rules. But for small firms with limited budgets this is a problem, and trying to manage this process is impossible. So they need to outsource these key requirements to a third party provider, but with all the choices out there, how do small firms choose one provider who can offer a solution to ensure the electronic records retention and supervision rules of SEC 17a-4 are properly met?

Remote data archiving is a technology used by small broker-dealers, investment advisors and wealth management firms to accomplish SEC 17a-4. It provides a ready made option to ensure all the critical FINRA and SEC regulation surrounding electronic records retention are met.

Benefits of Remote Data Archiving:

Outsourced: Remote data archiving is an outsourced solution managed by a third party. The software is automatically updated and the whole process is monitored to ensure compliance at all times
One Flat Monthly Fee: It includes the protection of data on all servers, computers and laptops at all locations including head office, branch location and home/travelling users
FINRA Compliant: Data is stored and retained in accordance with FINRA rules in a secure remote location
Setup: Remote data archiving does not require special hardware and includes all the software to protect and unlimited number of server and computers at all locations
Secure Data Protection: Data is encrypted and stored at in AES 256 secure format.
Protection for all data formats: The solution support the protection of data contained in the books and records, other documents, databases and emails

To watch a 3 minute presentation of the product