The Financial Industry Regulatory Authority (FINRA) is an independent agency that delivers auditing and regulation enforcing services to the financial industry. Though they are not a government entity, they are authorized by Congress to protect American investors and work closely with the US Securities and Exchange Commission) and enforce those important regulations as well as their own.

eFileCabinet is listed in the FINRA Compliance Vendor Directory as of June 5, 2019. The FINRA Compliance Vendor Directory is a service that allows financial organizations and other businesses to search for vendors that offer compliance-related services.

eFileCabinet features several tools to help keep businesses compliant with a number of different regulations and governing bodies. As a member of the financial industry, keeping your organization compliant can be a source of constant stress that’s always in the back of your mind. Performing self-audits and constant reviewing of records to make sure you’re meeting the standards set by your industry can be time-consuming to the point that you’re slipping behind other important work.

Employing a document management solution to handle your records makes keeping compliant easier by helping you meet those standards with just a few mouse clicks. eFileCabinet is one of the few solutions that utilize necessary security measures and automation features to keep your archive of documents safe and able to meet nearly any standard.

Security

eFileCabinet allows businesses to secure their digital documents with all the necessary precautions needed in order to protect their client’s private information. Bank-level encryption through SSL/TLS connections allows for the safe transfer of documents over the web. Furthermore, admins of the system can set their own security parameters such as only being able to access the system from certain IP addresses and setting the level of required password complexity for their users.

Having comprehensive permission settings is also a large part of compliance. Group-based permissions can keep client documents only accessible to an authorized few, while the rest of the users can’t even find them within the system. Permissions allow you to extend full control over who can view documents and even the level of control they have when they can. You can allow some users to read a document, but cannot edit it or upload a new version.

Automated Retention

Nearly every compliance standard has a requirement for certain records need to be retained for a designated amount of time. The longer that businesses retain certain records, the more it opens them up to liabilities, so it’s prudent to not hold onto a record any longer than necessary. eFileCabinet allows you to automatically assign a retention date to every document you enter into the system. It can detect what kind of document it is, and give it the appropriate amount of time for it to be retained. It can either delete the document or notify you when the date arrives.

Versioning and Audit Logs

Businesses, especially those in the financial industry need to keep careful logs over all documents. Audit logs that are acceptable for most compliance standards must include a list of all actions performed on a document including who did it and when. eFileCabinet’s audit logs immediately record events and can be downloaded in spreadsheet form, providing all the essential data associated with each new version. Users can also return to a previous version to view changes to the document that may have occurred.

eFileCabinet makes staying compliant so much easier and less stressful, allowing you to focus on the work that matters to you. To see the previously mentioned features work first-hand, fill out the form below to view a free demo.