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.
