Securities America Taps Smarsh Professional Services to Reduce Electronic Communication Compliance Review by 8,000 Messages Per Day
Securities America is an independent broker-dealer representing more than 2,000 representatives across the country. They have been in business for more than 30
Securities America is an independent broker-dealer that is regulated by the Financial Industry Regulatory Authority (FINRA), and must adhere to its guidelines and regulations for supervision of electronic communication.
Securities America archives between 90,000 and 100,000 email messages per day and was flagging roughly 19 percent of these messages for review. That translated to 17,000 to 19,000 flagged messages each day. Even with 40 employees in the home office and about 200 employees in the field focused on email review, the time required to review messages meant that Securities America was often months behind on review, and their staff worked many weekends to keep up.
Securities America brought in Smarsh Professional Services to help them gain insight into which messages were being flagged and make adjustments for a more efficient process. This would allow them to eliminate the ‘noise’ of non-critical messages flagged in the system and reduce the number of messages requiring review.
Securities America reduced the number of messages being flagged for review in the first three months from 19 percent to 10 percent, or 8,000 messages per day. This adjustment allowed them to reduce time focused on email review by 30 hours per day. Now, they are able to keep up with message review and stay focused on those that matter the most.
“With the noise out of the system it allowed us to really focus on where the risk lies,” said Janet Hill, deputy director of sales supervision operations at Securities America. “And that’s the most important thing for us from a supervision standpoint.”