Is Box.com FINRA Compliant?

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Box.com is a document management system that is designed to help keep all of your files in one online location which can be accessed from any browser-capable devise via a reliable internet connection. Box.com features include being able to share and edit items in real time, inviting others to collaborate on documents, and enhancing document sharing while maintaining confidentiality. With the conveniences of Box.com, the question arises of whether it can be used in compliance with regulatory standards set by the Financial Industry Regulatory Authority (FINRA).

What Does FINRA Do?

FINRA is a non-governmental agency that regulates the financial industry. Created to help investors feel safe in the market, FINRA enforces compliance with certain rules and regulations which, if not followed, can result in hefty fines. In addition to enhancing security and confidence, FINRA helps keep the financial industry uniform and structured. Though FINRA is not itself a governmental agency, they are overseen by the SEC and make sure all firms are in compliance with SEC rules. FINRA requires all brokers to be licensed and pass qualification exams, and are constantly monitoring the operations of firms to make sure that high ethical standards are maintained.

Using the latest technology, FINRA is able to detect any insider trading or any other unfair practices and also watches to make sure that confidential information is kept securely. FINRA has the power to enforce compliance on their own, but in some cases also refer rule-breakers to the SEC.

With so much at stake if compliance is violated, even unintentionally, it’s important for firms and brokerages to find any advantage they can to make sure that industry compliance is maintained 100% of the time, while not interfering with day-to-day business operations.

Add-On for Box.com

In order for your business to be FINRA compliant while using Box.com, you will need to purchase the add-on service called Box Governance. This add-on has all the necessary components that will help you perform functions such as designing document retention and viewing audit trails of important and confidential documents.

A File Management System that Does More

Compliance with FINRA is made much easier if brokerages, businesses, and firms move from a paper-heavy filing system to a paperless document management system.

While Box.com is technically compliant, there are other criteria to consider while choosing a document management system:

  • Workflows
  • File Security
  • Accessibility and Shareability
  • Ease of Auditing
  • Backup Features

eFileCabinet offers some of the industry’s most powerful software, helping not only increase the ease of compliance, but also helping increase security and efficiency, all while saving users time, space, and money.

With tough security features created to protect the confidentiality and privacy of files, such as role-based security, off-site backups, and 256-bit encryption, eFileCabinet is one of the most secure document management options on the market today.

These security and privacy features also help make adherence to FINRA regulations easier and less time-consuming than many other alternative management options. By having critical documents accessible instantly and securely, when audits come along they can be over quickly and with minimal hassle.

eFileCabinet enhances the ease of sharing documents on the go with a fast and reliable client portal called SecureDrawer. SecureDrawer gives you access to, and the ability to share, important documents 24/7 from any web connection. We understand that files often need to be shared with customers who may not already have an eFileCabinet account. To allow sharing with these clients, users can create a temporary guest profile for these individuals. Creating a guest profile allows you to share necessary files with the right people anytime and anywhere. We’ve taken every step to reduce the number of obstacles for using this application down to one: having a browser-capable device with an internet connection.

An additional feature that eFileCabinet offers is the ability to create workflows. By automating specified business processes, a workflow and document management system allows work to be shared more efficiently between staff members. For instance, once a worker has completed a task, he or she will automatically receive the next task, which will help you eliminate unproductive down time. The workload will also be distributed more evenly among staff members, preventing team members from becoming overloaded with tasks. Employees will also be assigned tasks that match their skill level, ensuring the best possible outcome for every project.

eFileCabinet—A Stronger Choice

eFileCabinet is also FINRA-compliant and always will be compliant by implementing regular system updates. An enterprise-level piece of technology, eFileCabinet was created with the intention of being used by businesses that receive substantial amounts of oversight and need to have security as one of their top priorities. Box.com, on the other hand, requires an additional add-on to reach eFileCabinet’s baseline security and compliance standards.

The benefits of paperless document management systems are clear, but with so many options to choose from it is sometimes hard to know which is the right choice. With eFileCabinet, you can feel confident that your data is organized, secure, compliant, and flowing between the right people. All these benefits help increase profits by saving time, space, and money.

To learn more about how eFileCabinet helps businesses stay compliant, while also helping them run more efficiently, fill out the form on this page for a trial offer.

By | 2017-06-05T15:51:11+00:00 September 17th, 2015|
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