The Securities and Exchange Commission (SEC) has a variety of rules and regulations in place regarding the archiving of records. The SEC Rule 17a-4 maintains that businesses in the financial sector have an obligation to use safe third-party software to archive their records. The main mission of companies like https://www.erado.com/ is to provide businesses in the financial sector with easy to use compliance archiving software solutions.
Selecting the best compliance archiving software for your business will require a great deal of research. Before selecting a software program to handle your compliance archiving needs, be sure to consider some of the following factors.
The Security Features the Software Contains
If you are like most business owners, the security of your electronic data is a top priority. When storing compliance archives, you need to make sure the information contained within them is safe and secure. The only way to do this is by investing in a software program with lots of security features.
Generally, programs that store data on WORM Optical systems are your best bet. This unalterable file format is both very secure and in compliance with SEC guidelines regarding the archiving of data and records. Choosing compliance archiving software with a security monitoring system built-in can also help you to avoid issues with data and record hacks.
Search Capabilities are a Must
Choosing a compliance archiving software program with granular search capabilities is also a good idea. A program with these search capabilities will allow you to access information quickly and effectively. The best archiving software programs are able to take data from back office reports, trade tickets, email and social media.
Being able to have all of the data produced by your company in one place makes it easier to manage and access when needed. Comprehensive search capabilities allow you to find the information you are seeking in a hurry, which is why it should be near the top of your list of priorities when choosing compliance archiving software programs.
Controlling Who Can Access This Data
If you are like most business owners, then you probably need to restrict access to some of the data you store. Selecting an archiving software program that will allow you to control who has access to different files on the system is essential. With this type of control, you will be able to avoid problems with former or disgruntled employees.
Yearly Validation of Security Controls
Most third-party compliance archiving software providers have very high standards when it comes to the preservation and accuracy of the data they compile. Using a software provider that undergoes yearly SSAE16 SOC2 certifications is something you should view as a necessity. These independent certifications are designed to validate the security controls a compliance archiving software provider has in place.
While finding the best compliance archiving software program will not be easy, it is well worth the effort you invest. With the right software, keeping record of all of the communications within in your business will be much easier.