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Cloud Technology Blog for RIAs and Broker-Dealers

SEC’s 2017 Examination Priorities Reinforce the Advantages of a Turnkey IT Solution

The SEC’s Office of Compliance Inspections and Examinations (OCIE) recently released its national examination priorities for 2017.

While reviewing the regulator’s examination initiatives to protect investors—and the overall integrity of the U.S. capital markets—as the investment landscape continues to become more complex, we uncovered several SEC priorities that underscore the benefits of a turnkey approach to IT and cybersecurity.

3/28/17 11:00 AM / by Justin Kapahi posted in Cloud Desktop, Cybersecurity, Compliance

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It’s Time for CCOs to Start Making Technology Decisions at RIAs

Compliance is about more than paperwork. Cybersecurity is taking center stage.

 

A startling realization is dawning on Chief Compliance Officers at RIAs. After years of focusing on documentation that proves employees are behaving properly, a new responsibility has emerged. As technology increasingly permeates every aspect of wealth management, regulators are calling upon CCOs to step up and make crucial decisions about cybersecurity at their firms. 

3/22/16 12:47 PM / by Sam Attias posted in Cybersecurity, Compliance, Technology

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External IT News Round-Up 3/6 to 3/12

A weekly round-up of everything you need to know.

As an added service for our blog readers, External IT provides a weekly round-up of the stories you need to know in the financial industry.

A CRM giant has collaborated with over 20 partners from various industries to create an ecosystem that aids advisors in their quest to streamline operations and better serve their digital masses. A major robo software provider unveiled an account aggregator for investors. Questions in the Series 63, 65 and 66 exams got a 21st Century facelift ­– an event that last occurred in 2010. Charging clients upfront flat fees, rather than basing on a percentage of AUM, is a boon for some advisors. And a global financial executive says it’s time for any advisors holding out on necessary technology upgrades to accept the need to adapt.

3/11/16 12:29 PM / by Alexander Lapa posted in Cybersecurity, Compliance, News

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External IT News Round-Up 2/28-3/5

A weekly round-up of everything you need to know.

3/4/16 11:00 AM / by Alexander Lapa posted in Cybersecurity, Compliance, News

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SEC to Intensify RIA Oversight with more examiners

Agency will shift staffers from broker-dealer space, and may outsource advisor inspections.

2/23/16 12:46 PM / by Justin Kapahi posted in Compliance, SEC, News

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RIA's and Funds, heed the SEC’s Warning and beware Outsourced CCOs

Getting help with compliance is a good idea, but it’s no excuse for gaps in oversight.

Why do so many financial firms choose to outsource the role of their Chief Compliance Officer, the role that serves as the last line of defense between a company and regulatory violations? In a word: Complexity.

Thousands of pages of federal rules. Millions of account transactions. Billions of dollars in motion. And trillions of bytes of data stored on firms’ operating systems. There’s no escaping the fact that the financial industry gets more complex by the day. Even the smallest RIA or fund relies on a combination of third parties, from technology vendors to other financial institutions. Each partnership introduces more information to monitor and more processes to follow.

1/13/16 3:42 PM / by Sam Attias posted in Compliance, SEC, Technology

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Weekly News Round-up 10/25-10/31

A Weekly Round-up of everything you need to know

As an added service for our blog readers, External IT provides a weekly round-up of the stories you need to know in the financial industry.

10/30/15 4:27 PM / by Robin Brown posted in Compliance, SEC, News

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SEC Announces a Second Round of Cybersecurity Examinations: Are You Ready?

On September 15th, the SEC issued a new Risk Alert that registered broker-dealers and investment advisors need to follow very closely, or face regulatory scrutiny.

9/24/15 5:16 PM / by Justin Kapahi posted in Cybersecurity, Cloud Computing, Compliance, SEC

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Six Steps to Greater IT Security and SEC Compliance for RIAs and Broker-Dealers


Hackers target financial services firms 300% more than other categories of business, according to Websense Security Labs. It’s a sobering statistic, but hardly surprising given the volumes of money and personal data held by the industry. Awareness of the problem is high, with firms of all sizes – from major banks through to smaller financial advisors – using sophisticated IT security technology to defend against cyberattacks. Without new and continuously updated technology, the likelihood of a successful data breach or malware infestation increases every day.

8/21/15 4:59 PM / by Justin Kapahi posted in Cybersecurity, Compliance, SEC

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Cybersecurity Remains An SEC Compliance Priority. Is Your Firm Ready For An Exam?

How did your firm compare with the RIAs and broker-dealers who were examined as part of the Securities and Exchange Commission’s (SEC) cybersecurity sweep? The findings, published earlier this year by the SEC’s Office of Compliance Inspections and Examinations (OCIE), revealed plenty of good practice but also that it is patchily applied.

8/14/15 10:00 AM / by Justin Kapahi posted in Cybersecurity, Cloud Computing, Compliance, SEC

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