September 04, 2014
Register Now for our upcoming Live Demo focused on social media and regulatory compliance next Wednesday, Sept. 10 at 11:00am PST. We will discuss the core requirements that any FINRA, SEC, IIROC or FCA regulated firm should be considering in order to minimize compliance risk, while also highlighting the Proofpoint Social Platform for Archiving.
Not a surprise, but noteworthy to see the interest level surrounding social media and regulatory compliance at the recent LIMRA Social Media for Financial Services conference in Boston. Good coverage provided here by Forbes Magazine.
Two interesting comments by Thomas Selman of FINRA were noted by Forbes that resulted from last summer's Social Media Sweep conducted against 23 FINRA regulated firms. Namely that, while over-all compliance appears to be good, regulatory concern has arisen that:
- Registered reps claimed more acumen than they had.
- Business records were stored in such a way that the social media formatting was lost when retrieved. This presents a real challenge to supervisory review.
Both concerns have been previously noted here, along with others that can arise if utilizing social archiving solutions not designed to withstand the rigors of financial regulatory compliance. For example, if:
- methods used to collect content are not complete or comprehensive;
- dependence of manual methods to map social identities to Active Directory information;
- use of data storage that does not ensure information is stored immutably according to defined retention requirements;
- data privacy and/or data security capabilities that do not meet internal IT standards
- review of social content for regulatory requires the deployment of new tools and costly and time consuming data migration
So, how can Proofpoint help?
Proofpoint’s Social Platform for Archiving automates the capture and archiving of social media content from specific social channels as required for regulatory purposes. Native APIs are used to capture social content from leading channels including Salesforce Chatter, Microsoft Yammer, LinkedIn, Facebook, and Twitter – with all content captured to establish a complete regulatory record. Social content is then fully integrated into the archiving solution that you already have in place, thereby eliminating the need to manage multiple supervisory tools for regulatory compliance. This enables the compliance officer to view the entire context of the content in each captured item, enabling fast and efficient compliance review in light of requirements set forth by IIROC and other regulatory entities.
Christopher Ricciuti is Vice President of Financial Services Archiving Solutions at Proofpoint, where he brings 10+ years of Financial Services industry experience. He focuses mainly on helping regulated organizations leverage next-gen communication technologies, such as social media, while maintaining regulatory compliance. Prior to Proofpoint, Christopher worked as a CTO on Wall Street and founded eDynamics, a social media compliance start-up. He holds an MBA from Babson College.
Robert Cruz is Senior Director of eDiscovery and Information Governance, bringing 20+ years of Silicon Valley based subject matter expertise in the areas of eDiscovery and regulatory compliance. He works with Proofpoint customers via workshops, seminars, and industry conferences to share best practices and review changes in regulatory environments. He previously held similar posts within the ECM and eDiscovery markets, and holds an MBA from Stanford University.