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Three Tips for Choosing the Designated Third Party (D3P) A Guide for Small FINRA Firms
Toronto, Sept 06, 2012 — /BackupReview.info/ — As part of the auditing process, FINRA will want to know who has been selected as the designated third party storage provider (D3P). This means, they want to know which independent company has been hired to taka a copy of the firm’s electronic records and reproduce them for future audits. This regulation has serious consequences for FINRA firms and should form the basis of their data compliance strategy because the D3P should also act as the remote backup provider to archive electronic records in accordance with FINRA rules 17a-3 and 17a-4. This way several key rules are simultaneously met.
However, for small firms such as broker-dealers, finding this kind of provider can difficult because data is often dispersed throughout the whole organization on servers, desktop computers, laptops at branch locations or in the cloud. In addition, this data is stored in various formats such as emails, social media posts, office documents or scanned electronic records. Therefore, it is hard for small firms with limited budgets to find the ideal solution to effectively store this diverse information and at the same time satisfy the important D3P obligation.
CHOOSING THE D3P
To achieve this regulation, small firms must understand that they need a provider who can capture a multitude of different data formats from various systems, consolidate it into one easily accessible platform, and make it readily available to compliance officers at any time. In addition, they need a provider who allows them to control the cost of the service as they grow; small firms surely can’t spend thousands of dollars a year archiving data to simply keep auditors happy.
Nonetheless, a small firm should look for three important features in a D3P:
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