“We went ahead with AdvisorVault to archive our Google Team drives to ensure compliance with 17a-4 so that our employees can use it to collaborate compliantly. Additionally,
we’ve had several new employees join recently and AdvisorVault seamlessly added those to the archive as our FINRA D3P.” Said Erica Blob, Chief Compliance Officer of Brighton Park.
FINRA firms such as Brighton Park now want to use Google Workspace and Google shared drives as well as Microsoft Exchange with Microsoft OneDrive so they don’t need to manage any systems in house. This move to the cloud for data and email service makes perfect sense: It’s a great way to store and share electronic records, but by default Google and Microsoft cloud services are not 17a-4 compliant.
“The reason is, cloud services do not store data on non-rewritable disk, so records can be deleted or modified by anyone at any time. Therefore, firms using the cloud need to take an extra step,” says Allan Lonz, President of AdvisorVault. “However, it’s very easy to add AdvisorVault’s archiving solution to cloud storage and make it compliant. It took us about 25 minutes to make Brighton Park’s cloud FINRA compliant,” Lonz added.
In addition, AdvisorVault manages the whole process – from identifying what data needs to be added for 17a-4, to setting up the AdvisorVault software, and enabling full monitoring. Also, AdvisorVault trains compliance officers to perform regular data compliance supervision of electronic records, making sure FINRA firms who use the cloud are fully compliant. AdvisorVault also provides its customers with the third-party storage letters, which ensures firms achieve the D3P requirement of 17a-4 as well.