Recently I've had the opportunity to work with one of my customers helping them get ready for bringing a dealer broker group into their business. This means that they will need to be SEC and FINRA compliant in their IT practices. I have to say its been an interesting journey. I've come to really appreciate the value of Email archiving. I've also gained an appreciation for the size of the job these Two regulatory agencies have to do. After the recent recession a lot of people have been critical about the regulation of our financial markets and rightfully so. We've said there needs to be more accountability and more historical tracking of information. We expect the organizations responsible for our dollars to be able to go back in time and find information about transactions, conversations and agreements among other things.
I'm happy to report that the IT industry has stepped up with tools that will make that a possibility. The question is, how quickly will these businesses adopt the new technologies? I think that they will do it because they have to. I think they will because the cost of not doing it is too high. This started me thinking about what other industries should require this kind of compliance. I think education and healthcare will be next.
I discovered in my research that the legal cost of email discovery is 50% of the total when dealing with legal problems where email is involved. With the new email archiving tools that are available that could help companies reduce risk and cost considerably. I'm always encouraged when IT solution providers find a way to make business more efficient and help them save money.
Thanks for reading ~pz
No comments:
Post a Comment