March 28, 2017
How would your firm handle a SEC, FINRA, FFIEC or FCA audit? Would you be scrambling to produce the required content? FINRA, SEC, FFIEC and FCA regulatory notices concerning web and social media sites like SEC Rule 17-a3 and 17a-4 explicitly state that firms must retain records of all business-related electronic communications to remain compliant with their regulations. Failure to comply can result in hefty fines, bad publicity, and ultimately loss of business. Automatic daily archiving of your website is an easy, hands-off way to ensure your firm stays compliant and is always prepared for an audit or inquiry.
Whether it's a lawsuit or FINRA arbitration, litigation can happen if a client feels there has been wrongdoing in dealing with your firm. Today's culture and political climate are such that the word 'fiduciary' is becoming more and more of a hot button. Even well-intentioned and well-run firms can be subject to legal scrutiny about hidden fees, disclosures, client permission, and more. Being prepared for possible litigation or arbitration is how smart firms protect themselves today. Demonstrating the best practice of securely capturing daily digital archives can go a long way in terms of how your transparency and integrity as a firm is viewed.
If your website crashed (or was hacked) today, what backup would you use to get up and running again? Don't count on your hosting provider or internal IT person to have one, as their only backup of your website (if they have one at all) is likely from way back when you first launched. In most cases you're on your own as far as recovering your content, especially recent content. With all of the variables in play, from hackers to malware to human error, keeping a daily backup securely in the cloud and ready to re-publish is excellent insurance to have in your back pocket.
If you happen to be paying attention to your Google rankings, you've probably noticed that they can fluctuate quite dramatically at times. Google's algorithm is not public, so it's a bit of a guessing game when it comes to figuring out what version of your website performs best for ranking. It could be extremely helpful to be able to turn back time and see exactly what you were doing right when your rankings were at their peak. There is no way to have that kind of valuable information without a continuous archive to refer back to.
If you're like most financial firms, one of the centerpieces of your client communication is a periodic newsletter or insights of some kind. This helps you share your thinking about the markets, trends, and news, and how you may change your approach for the coming months and years. So, how often did you get it right? Are there trends or events that you just seem to misjudge every time? Why? And how has your firm's approach and thinking evolved over time? Figuring these things out can improve your skills and your value to your clients. A website archive captures not just the webpages but all associated files, including all of your insights. This information can be very helpful in performing an internal year-in- review, or looking back over time and getting the big picture of how your firm has grown and where you might improve.
Through our partnership with PageFreezer, Ripcord Design is able to provide our clients with automatic website archiving as a simple add-on service. PageFreezer is a leading SaaS (Software-as-a-Service) application that enables financial services firms to permanently preserve their website and social media content in evidentiary quality and then access those archives and replay them as if they were still live.
Learn a bit more about our website archiving services, view PageFreezer's whitepaper on archiving for the financial industry, or send us an email at firstname.lastname@example.org to ask about pricing and adding it as a service.
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