The Investment Center Inc., three-time award winner for broker-dealer of the year by Investment Advisor Magazine, has selected SunGard’s Protegent Social Media Surveillance to help enforce internal social media policies and manage supervisory regulatory requirements. SunGard’s Protegent Social Media Surveillance helps firms monitor and archive their employees’ content posted to social networking Web sites, such as Facebook, LinkedIn and Twitter. The Investment Center will use Protegent to help increase visibility into their advisors’ social networking activity and proactively fulfill regulatory obligations.
The growth in usage of social networking Web sites by securities firms and their advisors combined with evolving regulatory and firm-specific supervisory requirements have resulted in a need for more sophisticated surveillance systems. SunGard’s Protegent Social Media Surveillance helps firms adhere to Financial Industry Regulatory Authority (FINRA) supervisory requirements by using automated tools for moderation and pre-approval of content that may be considered as an advertisement. Sell-side broker dealers like the Investment Center can adhere to FINRA books and records surveillance requirements with Protegent’s alerting, reporting and archiving capabilities. Protegent helps firms establish and enforce social media policies through a pre-approval content library, lexicon detection and email notifications.
Doug Wright, chief compliance officer of The Investment Center Inc., said, “SunGard’s Protegent Social Media Surveillance will help us adhere to regulatory guidelines set forth by FINRA and quickly identify violations that may present risks to our firm. Additionally, one of the main reasons we made the decision to go with SunGard’s solution is that, unlike other software solutions, the SunGard system requires no additional adjustments to settings on the various devices used by the firm’s advisors accessing and posting to these sites.”
Steve Sabin, chief operating officer of SunGard’s Protegent business unit, said, “Social networking Web sites can introduce potential risks to regulated firms. Protegent’s Social Media Surveillance will help the Investment Center lower overall regulatory risk exposure and enforce internal social media policies.”
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