The Financial Industry Regulatory Authority Inc. is taking on a multiyear project to improve how member firms digitally interact with the regulator.
Based on feedback from more than 50 firms about how the industry engages with Finra for compliance information, the agency identified six areas in which it believes processes can be improved. It plans to implement the program, called the Digital Experience Transformation, in stages through 2022.
When completed, Finra envisions a centralized task management platform for compliance professionals, actionable notifications to offer early warning on compliance issues, a simplified user experience tailored to the role of the user, a centralized workspace for better interactions between firms and Finra staff, easier integration between a firm's technology and Finra's data, and a database of Finra information for firms to access whenever they want.
Finra president and CEO Robert Cook said the project will result in more efficient and effective compliance programs.
"We believe that there is significant opportunity to further enhance compliance and reduce costs by transforming firms' digital experience when interacting with Finra, whether that involves sending and receiving data and reports, managing compliance tasks and notifications, or accessing regulatory guidance," Mr. Cook said in a statement.
Digital Experience Transformation is the latest development of the Finra 360 initiative launched in 2017. In April, the regulator created a new Office of Financial Innovation to improve how it evaluates firms' use of technology.