Dodd-Frank Act Drives Need for Information Governance

In a recent article in Information Management Magazine, Dodd-Frank Act Puts Focus on Information Governance, authors Fred Pulzello, and Sonali Bhavsar suggest that the regulations stemming from the Dodd-Frank Wall Street Reform Act (Dodd-Frank) should prompt financial organizations to change the way they look at information governance.

What does this mean for financial organizations? Since Dodd-Frank increases the focus on comprehensive recordkeeping as well as establishing robust compliance practices, organizations should examine their current business and data governance practices to make sure that they are in compliance.

As Dodd-Frank is implemented, financial organizations should ask themselves:

• Do we have the systems capabilities in place to identify, track and preserve the required records?
• Is now a good time to perform a holistic data assessment of the information and records our firm currently has stored across all data repositories, content management systems and archives?
• Are we able to implement defensible data deletion policies as prescribed by the new Dodd-Frank requirements?
• Can our current data storage and archiving capabilities withstand the volumes for day-to-day reporting and historical archiving? If not, how can we strategically clean up our data storage?
• Will new technologies be needed to assist, and what does the implementation timetable look like to be in compliance?

Here at StoredIQ, we believe that establishing an actionable information governance plan will help financial organizations comply with these new stringent requirements for record keeping and reporting.  Taking a proactive approach to information management will help financial organizations to reduce risk, preempt litigation and avoid fines by identifying and securing documents as required by law.  Also, it will ensure that valuable business information is safe and accessible to authorized personnel only, according to regulatory compliance requirements and corporate access policies.

To learn more about how StoredIQ’s actionable information governance solutions can help you manage your data to meet Dodd-Frank requirements, contact us today at info@storediq.com or visit www.StoredIQ.com.

Upcoming New FINRA Regulations… Are You Ready?

Amendments to broker-dealer books and records requirements under FINRA 4511 and 4512, take effect December 5, 2011. The new rules require member firms to make and preserve certain books and records to show their compliance with securities laws, rules and regulations. These requirements will undoubtedly impact ongoing records management and retention processes for broker-dealers, as well as impact future FINRA audits and legal discovery requests.

Planning for FINRA Compliance
With the effective date only a few months away, broker-dealers will need to be prepared to show updated policies and procedures with supporting systems to be ready for their 2012 FINRA audit. Compliance officers should ask:

• Do we have the systems capabilities in place to identify, track and preserve the required records?
• Is now a good time to perform a holistic data assessment review of the information and records your firm currently has stored across all data repositories, content management systems and archives?
• Are you able to implement defensible data deletion policies as prescribed by the new FINRA requirements?
  Can your current data storage and archiving capabilities withstand the volumes for day-to-day reporting and historical archiving? If not, how can you strategically clean up your data storage?
• Will new technologies be needed to assist, and what does the implementation timetable look like to be in compliance by December?

Meeting FINRA Requirements with StoredIQ
StoredIQ’s Information Governance solution provides broker-dealers with a comprehensive, secure and efficient approach to meeting their FINRA information governance needs. With StoredIQ, companies can manage risk and contain costs by leveraging automated compliance and governance policies.  The result is an efficient and cost-effective answer for today’s highly regulated business world.

By implementing StoredIQ now and planning accordingly, broker-dealers can be in compliance by the December 5th FINRA implementation date and ready for a 2012 FINRA audit examination.

To learn more, download the StoredIQ FINRA Solution Sheet or contact us for more information.

Madison Chooses StoredIQ to Manage eDiscovery In-House

Madison Capital Management, LLC (“Madison”), an alternative investment management firm with offices in the US and Europe has deployed StoredIQ’s Intelligent Information Management Platform to gain actionable intelligence from its rapidly expanding electronic data – allowing legal and IT teams to work in tandem to enhance eDiscovery strategies, meet compliance mandates and reduce risk and cost.

We wanted to better understand what data we have, where it resides and determine how we can better manage our information across the enterprise and do so in a proactive manner. With StoredIQ we are able to make intelligent decisions about the state of our data based on corporate policies and legal discovery requirements. – Tony Balding, vice president, software solutions at Madison

From a GC’s perspective, we needed a solution that allowed me to work closely with the IT department, analyze the data to determine the merits of a dispute quickly, understand related review cost and provide a defensible audit trail. StoredIQ exceeded that expectation with their unique capabilities, such as analyzing data where it natively resides, the user-friendly legal and IT workflow, and the scoreboard that keeps track of review costs as data is identified, preserved and collected. – Judy Michael, assistant vice president, legal, asset and risk management at Madison

Market-leading companies use StoredIQ to respond rapidly and efficiently to legal matters, litigation, and investigations. Utilizing StoredIQ, corporate legal teams can locate, analyze and act upon unstructured electronically stored information much more comprehensively and efficiently. As a result, companies can better manage their legal risk and reduce expenses, while formulating superior legal strategies. With StoredIQ, companies:

• Quickly locate matter-relevant electronic documents with advanced search technology
• Analyze electronic documents in-place with detailed data topology maps, advanced analytics, and precise data explorers
• Preserve and collect data to a secure legal hold repository, preserving all metadata and business context
• Perform first-pass reviews on documents before exporting data downstream
• Act on and manage potentially relevant data in a legally defensible manner with audit trails and a robust chain of custody

StoredIQ’s award-winning solution streamlines eDiscovery processes for legal and IT, allows for early case analysis “in the Wild,” and provides complete cost predictability.

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