11. What is FINRA and do you offer security documentation for helping ensure the safety and security of customer data?

FINRA is the Financial Industry Regulatory Body, a non-governmental, non-profit entity consisting of thousands of securities firms and brokers.

FINRA’s mission, according to their website, is to ensure the following:

  • every investor receives the basic protections they deserve;
  • anyone who sells a securities product has been tested, qualified and licensed;
  • every securities product advertisement used is truthful, and not misleading;
  • any securities product sold to an investor is suitable for that investor's needs; and
  • investors receive complete disclosure about the investment product before purchase.

Simply stated, FINRA’s mission is to safeguard the investing public against fraud and bad practices, for which they rely on a number of initiative for undertaking necessary action against firms, such as disciplinary action. What’s important to note about FINRA is the need for ensuring the safety and security of customer information, more generally known as Personally Identifiable Information (PII). And while FINRA is an entity dedicated to helping create transparency and accountability within the financial markets, they still call for information security best practices amongst securities firms and brokers, such as having a documented Business Continuity Plan in place, along with other supporting policies, procedures, and practices. FINRA actually provides a sample BCP document available for instant download at http://www.finra.org/Industry/Issues/BusinessContinuity/P006464.

Security Policies are Essential for FINRA Best Practices

FLANK offers hundreds of information security and operational specific policies, procedures, forms, checklists, and templates for instant download today, effectively helping put in place much-needed FINRA mandates and best practices for information security.