As a financial services firm, you’re trusted by your clients to handle their money in a responsible manner. You’re also bound to FINRA compliance standards, but is your IT services provider staying up to date on the latest standards? It’s a good idea to ask. As the customer, you should always know exactly what’s included in your contract.

At Netready IT, we are committed to providing IT Services that include FINRA compliance. 

Never assume your provider includes FINRA compliance standards as part of your IT services package. It may be an additional charge or they may not be specialized in this area so it is worth clarifying. They also need to be aware of standards today as well as stay educated on updates. Laws and regulations are subject to change, sometimes quickly, so technology needs to be adapted to meet these standards.

Ways Your IT Services Provider can help with FINRA Compliance

  1. Make sure they are following the standards. These include mandatory security controls, notification to your team about security concerns and breaches, acceptable security standards and vendors, assignment of cybersecurity, and training of protocols. If they aren’t doing these, they may not be the right provider for your financial services firm.
  2. Include your team in communications. If your team isn’t aware of the FINRA compliance standards and security implementation, your firm can still be held responsible in the event there is a violation. It’s like the old drivers school scenario; if there is a stop sign and you don’t see it, it’s still there and you, as the driver, are still held responsible if you go through the stop sign. It’s the same for compliance.
  3. Understand cybersecurity standards related to cloud technology. According to the FINRA compliance website, “Cloud technology is complex, and firms should consider any potential differences in cybersecurity management between cloud services and on-premise systems.” In other words, your IT Services firm should understand and implement changes aligned with FINRA.

As an IT Services provider for many years, we understand FINRA Compliance. Our technicians stay up to date on the latest standards so we can better serve our financial services clients. We want to store data in a way that is safe and compliant without risking your business, or ours.

Netready IT is dedicated to protecting, securing, and serving our financial services clients.

Ready to learn more? Contact us today!