FINRA continues to boost its surveillance capabilities by adopting new technologies like the cloud. Reuters recently interviewed the CIO of the Financial Industry Regulatory Authority, Steven Randich, who commented on the agency’s ongoing 30-month roll-out of cloud computing. According to Randich, by moving to the cloud, FINRA will get “dramatic processing and storage scale at commodity prices.” Indeed, Reuters estimates that FINRA will save $10 million to $20 million annually.
The takeaway here is that FINRA continues to improve its capabilities in light of advancing technologies. As FINRA is able to turn around results from its investigations exponentially quicker, compliance officers should expect FINRA to expand its regulation efforts. Compliance officers should ensure they are keeping pace with FINRA by seeking out ways to boost their own compliance and technological capabilities.