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Cyber SecurityInsights
·4 min read


ELECTRONIC RECORDS AND COMMUNICATION – GOVERNANCE REALLY DOES MATTER

Dan Manners·September 7, 2022
TwitterFacebookLinkedIn

Corporate governance may not be the most exciting part of the day, but good
corporate governance is exactly what is needed to ensure your firm is not making
the headlines for the wrong reasons.




Highly regulated industries such as US Broker Dealers, Health providers and
Insurance firms all have long-standing regulatory requirements for the retention
of corporate records and communications. For the US Broker Dealers, the SEC rule
17a(4) which mandates this requirement was originally established in 2003.   The
fact that this record keeping obligation had been established in the early
2000’s does not make the job of compliance any easier.  Arguably the challenge
today is even harder especially when considering (1) the sheer proliferation of
electronic communication tools available, (2) the ability to use personal mobile
devices for corporate communications and (3) most recently, the global pandemic
which has introduced both the full time remote and hybrid workplace scenarios.
Each of these factors contribute in a unique way to exacerbate the challenge of
compliance.

Financial services firms have been under heightened scrutiny, after several
high-profile regulatory enforcement actions. The commonality was the use of
unapproved channels, including WhatsApp, text messaging, and personal emails for
corporate communications. The SEC noted in one action that the bank “did have
policies and procedures in place, that employees were advised that the use of
unapproved electronic communications methods, including on their personal
devices, was not permitted, and they should not use personal email, chats or
text applications for business purposes”.



This highlights that even with good policies and procedures in place, compliance
challenges evolve over time, are based upon many variables and governance needs
to be proactively revisited and adjusted when necessary.  The SEC went on to
state “As a result of the findings in this investigation, the SEC has commenced
additional investigations of record preservation practices at financial firms”. 
True to this statement the SEC has been conducting industry “sweeps” to
determine if similar issues exist across the financial industry.



Given the proliferation and accessibility of electronic communication tools
especially on personally owned mobile devices, and the challenges of being able
to reinforce corporate culture on the remote and hybrid workforce, the critical
question has become: how do governance models need to adapt?   In synthesizing
decades of industry best practices and guidance from the Department of Justice
(DOJ), below are seven recommendations proven effective for strengthening
corporate governance frameworks, which apply across industries:

 1. Revisit policies and procedures – Long gone are the days in which polices
    can be written, posted on the policy portal, and assumed to be found and
    followed.  Firms need to go back to those policies and scrutinize them with
    an eye on; how the organization will prove that the policy has been well
    communicated, how the policy provides for governance, and most importantly
    how the organization will show it as being effective.  This is one of the
    first very first stops for any regulatory review.
 2. Tone from the top – Management tone is never more apparent as when there is
    the need to deal with issues of non-compliance.  The broader organization
    takes its cues from these events and as part of a regulatory review,
    regulators will review how previous infractions were managed.  In one
    publicly available example, senior managers that violated policies were
    subject to termination.
 3. Challenge the status quo – While formal governance committees have
    traditionally been established for some time, this committee needs to
    challenge the status quo such as revisiting previous decisions like the use
    of Bring Your Own Device (BYOD).  An option here may be to rotate individual
    members who participate in the governance committee within each represented
    functional area.
 4. Regular attestation – Reminders and attestations to regulated personal
    should be frequent, with some firms requiring this even weekly. This allows
    firms to have evidence showing any deviation from the policy will be
    considered intentional.
 5. Business confidence and trust – Firms need to be innovative and act quickly
    to build their trust with employees and accommodate the speed of business. 
    Two ways to enable trust and confidence are (1) create a risk-free amnesty
    program where the business can disclose the use of un-approved tools akin to
    a whistleblower hotline and (2) enable an efficient and nimble process to
    evaluate new communication channels.
 6. Bring Your Own Device (BYOD) – Without a firm’s ability to monitor personal
    communications on devices which allow for both corporate and personal
    communications, the risk of maintaining a BYOD program has been proven as
    too high.  Firms should look to roll back their BYOD program and once again
    look towards issuing corporate locked down devices. All corporate issued or
    sanctioned devices should only be able to perform communications routed
    through the corporate infrastructure.
 7. Revisit the technical architecture – The technical retention architecture
    needs to become more flexible to accommodate for a faster speed of adoption
    of new communication channels including both voice and data communications
    or as noted above business confidence will be lost.  Reliance here many
    times is on the vendors who will need to step up to the challenge and push
    their level of innovation, especially in the use of cloud technologies.

Requirements for regulated firms to retain business communications have been in
place for a long time. #Corporategovernance policies, procedures, and
technologies must ensure compliance in a new age of personal communication
devices & tools. #respectdataClick to Tweet

It’s clear, the requirements for regulated firms to retain business
communications have been in place for a long time.  Firms had put in place,
policies, procedures, and technologies to ensure compliance.  It is also just as
clear that we are entering a new age in which the governance over those same
policies, procedures and technologies needs to be looked at with a fresh new
perspective.  Thoughtful changes to governance frameworks may be just the key in
both keeping up with change and keeping your firm out of the press.



 

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Corporate GovernanceRegulated Industries
Dan Manners
Director, Compliance & Risk Strategy at Breakwater Solutions
Dan Manners is a Director in the Compliance & Risk Strategy practice at
Breakwater Solutions and is based in New York, NY. Mr. Manners works with
clients to assess their data environment risk, establish strategies and roadmaps
to mitigate those risks, and operationalize programs of change. Prior to
Breakwater, Mr. Manners was a senior IT executive supporting Legal and
Regulatory Compliance functions at HKM Advisory Services, Deutsche Bank, and
Bankers Trust. At Deutsche Bank, Mr. Manners was directly responsible for
providing a global service supporting Deutsche Bank’s requirements for
eDiscovery and regulatory electronic communications archiving and a senior lead
in developing Deutsche Bank’s Group Information and Records Management function.
Mr. Manners has a BS from NY Institute of Technology.



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