New Reg BI standards are coming: Here’s how RegTech can help you prove compliance

Right now is not ‘business as usual.’

In fact, as we enter the second decade of digital transformation and compliance standards continue to evolve, you can make the case that the days of business as usual were already long gone. Simply put, keeping up with the pace of digital transformation is mission critical.

One way to take advantage of this trend is to make sure your solutions are delivering on their promises. And, in the financial world, that means using high-powered regulations technology — RegTech — to reduce the cost, time, and effort of ensuring compliance.

Coming soon: New Reg BI standards

On June 30, Regulatory Best Interest (Reg BI) will test the mettle of your reporting processes.

While Reg BI has been around since the 1930s, the new requirements establish a ‘best interest’ standard of conduct for broker-dealers and associated persons when they make a recommendation to a retail customer, and requires them to provide a brief relationship summary to retail investors, according to FINRA.

In short: Reg BI provides transparency for the retail customer and the SEC will be looking for noncompliance.

Is your RegTech solution ready to report?

In order to prove compliance for the new Reg BI standards — and many other SEC regulations — your system needs to be able to securely store and surface your relevant data. That’s where a comprehensive content services platform can help.

The right content services platform inherently provides the necessary functions to prove Reg BI compliance, including:

  • Instant surfacing of relevant data
  • Review processes that are triggered by relevant content and timelines
  • Agile and custom workflows that keep data moving
  • Risk mitigation through intelligent automation
  • Secure information monitoring

As a RegTech solution, the OnBase platform is expertly tailored to deliver the necessary monitoring and proof of compliance for Reg BI. Additionally, the recent partnership between Hyland and Iron Mountain®, the global leader for storage and information management services, has produced a new solution: Government Rules as a Solution (GRaaS).

Simple, automatic, accurate compliance

GRaaS brings Iron Mountain’s vast Policy Center solution to OnBase, so your firm gets updated compliance regulations from an international network of law firms and can immediately apply compliant monitoring and reporting.

Although business is not usual right now, with solutions like GRaaS and RegTech, your Reg BI compliance can be simple, automatic, and accurate.

Ready to learn more? Check out the ebook Governance Rules as a Service: A revolutionary document retention solution from Hyland and Iron Mountain.

Bryan Boynar has expertise in the financial services and insurance fields and has been a contributor to the Hyland blog.
Bryan Boynar

Bryan Boynar

Bryan Boynar has expertise in the financial services and insurance fields and has been a contributor to the Hyland blog.

... read more about: Bryan Boynar