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Regulators Requesting a Broad Range of Communication Records

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Published on : May 29, 2015

Regulators are growingly requesting a broader range of communication records from organizations while conduction a regulatory test/exam. Email continues to be the most commonly requested record for communication; however, this trend is quickly changing.

Around 77 percent of advisors state that the regulators have requested email data during a latest examination, states the Smarsh’s 2015 Survey from Electronic Communications Compliance. The data from Smarsh has been drawn from a latest survey where around 274 individuals were recorded in financial services and around 60 percent of people were identified as working for a RIA while around 38% of respondents stated they worked for a broker or a dealer.

In the past two years, sites requested were the topmost requested data format, according to Steve Marsh the CEO of Smarsh. The CEO further said that even though in 2015 only around 40 per cent of advisors stated that examiners requested how this information. Marsh further said that examiners that are trained to go in there and request for the same things. He further said that examiner generally request all the archived communications.

Over the next few years, this trend will shift towards digital communications such as social media posts along with text messages. However, the inability by several firms to capture and archive this type of communication will play into regulators slow adoption. A survey shows that only 5 per cent of respondents have the oversight solutions of text messages and 69 per cent of companies allowed their employees to use texts for business communications.