Are you in charge of handling regulatory exam inquiries? Are you building a financial firm that is subject to regulatory compliance?
If the answer is yes, then read through this article to find out more about the following:
Protecting customer data has become increasingly imperative for fintechs: digital broker-dealers, robo-advisors, online lenders, and providers of digital banking, payments, and finance tools. While the wide range of applicable regulations can make compliance challenging, you can simplify the challenges by reviewing our Data Protection Compliance Checklist. It can help you build data protection best practices that meet today’s requirements and also evolve over time as more and more countries and U.S states pass privacy and disclosure legislation.
A new presidential administration inevitably means changes in regulatory approaches and actions, which has a direct impact on fintech trends. In the world of fintech and digital compliance, the exact timing and nature of such changes will depend on a range of political and economic factors, as well as how fintech trends evolve. Regardless of what ultimately changes and when, InnReg does expect this one trend to have a significant impact.
Imagine the following nightmare scenario. At 5 AM, you get a call letting you know your company has just experienced a cybersecurity incident. Your clients cannot access their accounts. Your employees are also locked out. As you investigate further, you discover that your client data has been breached: names, addresses, account numbers, social security numbers.
As an executive or manager, you could easily cross the line and engage in activities that require FINRA securities licensing. The result: potentially steep penalties and fines. By outsourcing your compliance function, you get the appropriate licensed oversight you need, and reduce your exposure to the risks of costly supervision mistakes.
