As part of the SEC’s Books and Records rule, RIA firms need to capture and store written communications with clients for no less than five years. Examiners are said to focus on an RIA firm’s policies and procedures related to archiving and supervision of communications as well as the implementation of the system in place. It is best practice for the RIA firm to have a designated person, such as the chief compliance officer (“CCO”), to conduct supervisory activities over client communications to mitigate compliance risks.
To help, we created this complimentary checklist outlining the top tips for archiving data to meet the regulatory compliance requirements related to email, webpage, and social media communications.
These tips include:
- Understanding the difference between an archive and a backup
- Make sure you know what needs to be captured and reviewed within your archiving solution
- Archive your data to a separate, secure location
Contact us if you any questions about our archiving solution or compliance software.