Finra wants to improve how it digitally interacts with member firms

Finra wants to improve how it digitally interacts with member firms
Regulator launches multiyear program it hopes will make compliance programs more efficient.
MAY 14, 2019

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. (More: Finra reveals how it spent $61 million in fine money last year) 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.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.