We recently introduced you to Smarsh, an organization that provides hosted solutions for archiving electronic communications, including various social media platforms. This week Smarsh and LIMRA formed a strategic partnership designed to help its members meet a variety of needs associated with electronic message archiving and compliance.
LIMRA + Smarsh = Compliance
LIMRA, which stands for Life Insurance and Market Research Association, provides insurance and financial services companies around the world with research and consulting. Its members include 850 banks and insurance companies in 73 countries, which not only makes this partnership expansive, it also gives Smarsh a huge landscape upon which to excavate.
According to the partnership Smarsh will host email, instant message, Bloomberg message and text message monitoring and archiving, including compliant financial websites, for LL Global Services, the parent company of LIMRA and its affiliates. Such capabilities will allow companies to manage all incoming, outgoing and internal email and messaging in compliance with SEC and FINRA electronic messaging requirements.
Big Picture Impact
Such a partnership of this magnitude is a great a benefit for Smarsh and LIMRA members alike, but its impact is sure to be much larger. As you may have heard, electronic information is growing faster than ever and the enterprise is hard pressed to manage it all.
First they have to locate it all, then they have to figure out what’s being stored. That process alone is a vast undertaking, but information is growing everyday through multiple channels, some of which aren’t very secure or have a high risk of leaking valuable information. Social media has posited itself as the most challenging because policies regulating its use within the financial industry are very new.
What we do know, however, is that companies need all the help they can get. Smarsh not only helps companies to monitor their information, it works to educate financial advisors and other executives about social networking compliance standards and other relevant information.