Google has announced general availability for Financial Industry Regulatory Authority (FINRA) compliance for Google Workspace. This includes support for the following regulations:
- SEC Rule 17a-4
- SEC Rule 18a-6
- Financial services regulations like CFTC §1.31
Cohasset and Associates, a trusted compliance consulting firm, will be providing an attestation for the Google Workspace FINRA solution.
What is the Financial Industry Regulatory Authority?
FINRA is a nonprofit organization which is responsible under federal law for supervising member firms. All broker-dealer firms that sell securities to the public must join FINRA. FINRA expects that its members use software that adheres to the above-listed rules and regulations.
They also must engage in rigorous cybersecurity and technology governance. These requirements are over and above other global and national data security and privacy regulations, most of which Google Workspace is also in compliance with (with customization).
Google Workspace FINRA Compliance
Recordkeeping, supervision, surveillance, and oversight are all critical to adhere to the various standards and regulations that fit under the FINRA compliance umbrella. Google supports this with the preservation of records in a non-rewriteable or erasable format.
Gmail, Chat, and Calendar meet essential recordkeeping requirements by preserving communications through robust archival journaling. Drive features retention policies for critical documents and files, and Meet offers compliant recordings and storage.
FINRA Solution Possible With Trusted Third Parties
Financial institutions have been using Google Workspace as a secure solution for many years, but with a high degree of customization to use it in compliance with FINRA. The new FINRA solution works with the partnership of trusted Digital Communications Governance and Archiving (DCGA) vendors to make this customization much easier, even approaching out-of-the-box with some Google Workspace apps.
AODocs is enabling Google Drive document workflows and archiving. Mimecast, Smarsh, and Global Relay are providing connectors for Google Workspace to their archiving solutions.
The FINRA solution does come with an added cost. You must first have the Enterprise Plus Google Workspace plan. Then, you need to add on Assured Controls or Assured Controls Plus to that plan. If you want to implement this solution, get in touch with us. We are aware of all of the compliance requirements of financial service businesses, and will make sure you’re not just compliant with FINRA, but everything else you need as well. Our experience ensures that nothing gets missed. Contact us today to get started.
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