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

CEO rails against DEI rollbacks
CEO rails against DEI rollbacks

Claims of merit miss the point, according Stoy Hall.

Trump announces auto tariffs with 'no exceptions' and markets got spooked
Trump announces auto tariffs with 'no exceptions' and markets got spooked

Expectation of the Fed staying on hold for longer is also rising.

How much do American teens really know about money?
How much do American teens really know about money?

Spoiler Alert: Not as much as they need to, report reveals.

BlackRock's Boivin expects US stocks performance rebound
BlackRock's Boivin expects US stocks performance rebound

Investment Institute head says European stocks gains will be short-lived.

Robinhood to offer private bank, enhanced wealth management
Robinhood to offer private bank, enhanced wealth management

Trading app to add new services in collab with banking partner.

SPONSORED Retirement plan balances are flourishing. Why are so many advisors missing out on a $3 trillion opportunity?

Participants who receive professional 401(k) advice see higher returns on average, net, than those who don't.

SPONSORED Focus on clients, not compliance – why Gary Corderman found his fit with Farther

This wealth management platform finally delivers on the technology promises other firms couldn't - giving advisors a better way to scale and serve