A Significant Tool for Asset Managers and Broker-Dealers

  • Ensure all business-related content/communication is retained for regulatory checks
  • Ensure all hard copies and electronic data are retained/records are kept (making them accessible at any time)
  • Ensure internal and external audits are conducted regularly to make sure proper controls are in place; address gaps using the findings
  • The rule of four could make things easy for any organisation
  • Storage — digital storage of information can help employees access content from anywhere
  • Copying — all business-related content sent or received by advisers should be retained in soft or hard copy for regulatory purposes
  • Archiving — this refers to moving data from a primary location to another location, so that it can stored/archived and pulled up when required
  • Destroying — this is another important step in the archiving process. Destroying documents after the stipulated time frame (six years) can help free up space

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