Staying Ahead of Regulatory Requirements
The banking industry has always been strictly regulated. Regardless of the size of your institution, you must be able to quickly adapt your banking records and information management program to the changing regulatory environment, so you can meet the demands of regulators and protect you customers’ information . Whether you are reviewing the latest OCC guidance, navigating the many requirements of Dodd Frank, maintaining compliance with the SEC and CFTC, or preparing for an internal audit, partnering with the right records and information management provider can help you mitigate regulatory risk and comply with confidence.
Be Prepared for Reporting and Recordkeeping of Swaps and Derivatives
As part of the Dodd-Frank Wall Street Reform Act, institutions that offer and trade swaps and other derivatives may be subject to new reporting requirements with the Commodities Futures and Trading Commission (CFTC). In order to meet the 72-hour trade reconstruction provision, you need to have your banking records management program in order.
Iron Mountain’s Professional Services can help your institution evaluate their processes and technologies, and tailor a banking records management solution to serve the specific swap and derivative reporting requirements outlined in the Dodd-Frank Act.
The Importance of the Designated Third Party Requirement
Many securities firms have overlooked a critical record keeping obligation: the designated third party (SEC Rule 17A-4) or technical consultant requirement (CFTC Section 17 CFR 1.31). Again, as part of the Dodd-Frank Act, the requirement allows for improved transparency in the marketplace. In 1993, we became the first company to file a third-party undertaking in accordance with this ruling and can walk you through what you need to know. Check out our Financial Services Compliance page for more information.
Learn how the OCC’s Guidance on Third Party Management may Impact Your Records Program
In 2013 the Office of the Comptroller of the Currency (OCC) released an update to its governance ruling, highlighting the importance of reviewing critical third-party relationships that are critical to banking operations and services. Download our whitepaper for information on how the OCC’s recommendations may impact how you manage your records and information management program.