This Connected Suite Spotlight Series is for clients using the Professional Archive, and anyone who is interested in benefits and tips for compliance best practices for financial services.
Workflows and Review Queues
Review Queues are easily set up with one-click functionality allowing reviewers to mark and assign messages, read and add notes, and create escalation paths. They are configurable to be populated by specific network or content types.
Configurable Workflows are the backbone of review efficiency. You can easily mark messages as reviewed, for escalation or a violation. Escalation queues allow supervisors to quickly identify and assign messages that require additional review or urgent attention. Reviewers can prioritize easily with at-a-glance status and disposition of messages.
Because financial services firms must establish a supervisory system for the review of all electronic correspondence with procedures for reasonable review; it’s important to set up an effective workflow that flags, escalates and enables actions to address potential fraud and violations.
At a minimum, written supervisory procedures (WSPs) must identify the designated supervisor, outline the process to follow to conduct each review, when (i.e., how frequently) actions will be taken, and how to document that required supervisory steps were taken.
Consider these items when building workflows for your team:
- Ensure search covers all communications for key employees, especially those with high-risk functions.
- The primary reviewer should enter notes and flag emails for secondary reviewers.
- Flag emails for instant messaging, social media, slang, jargon, misspellings, and variations.
- Search for client information/personal information sent unencrypted/not secured.
- Search for communications sent to/from an employee’s personal (non-work) email. Search for conflicts of interest (gifts and entertainment, outside business activities and political contributions).
- A combination of lexicon-based reviews and random sampling is recommended.
- If review is based on percentage, include the sample size.
- Supervisors must follow up on red flags indicate that a registered representative is not following written procedures.
- Use an audit history and notes to document your review.
Now you’re ready to leverage our Supervision Connected App to develop and maintain policies and procedures reasonably designed to prevent and detect securities law violations by associated persons working for you. It’s easy to set up supervision and review to prevent and detect violations by persons subject to supervision, ultimately protecting your company from the risk of being fined for failing in compliance obligations
Questions? Need more help? Get in touch with us by creating a case in Smarsh Central.