The challenge
To compliantly request and manage client information, store & guarantee accuracy.
Data storage risks.
You will be requesting and storing a large amount of sensitive client information. KYC, fact-find or ongoing financial data. Data needs to be stored for compliance and operational use. Digital storage presents risks to financial advisors such as legal and reputational.
Mitigate these example risks
Numbers
Widespread
data breaches in Q4 2023
Tuckers Solicitors LLP
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Free Assessment
Free Assessment
…we have an it provider
This is great that you have an IT provider and they do a great job, we work with you and your existing suppliers in a true partnership. Your IT provider is a data processor for you, as is any cloud software provider. We also hear ‘We are fine, we are part of a group‘ – unfortunately in our experience the individual advisor firm is responsible for digital governance.
Question – does the scope of their service & contract cover all of these risk areas, are they responsible with ensuring you mitigate these risks and proactively advise, guide and monitor for new risks? Typically their scope is limited to your website, devices, printers, office networks etc and they don’t cover cloud software, GDPR compliance, resilience planning, supporting your continual service delivery.
Answer – This is our core, we specialise in supporting financial advisor firms such as yourself. Our service is friction-less, high value, involves minimum team distractions and we bet that it costs less than going it alone or asking your IT Supplier. Why not contact us today, for a free and confidential assessment of key risks facing your business – awareness is the start.
Case Study – Email
Helping you communicate with clients at all stages; prospecting, introduction, information gathering, engagement, research & recommendation, implementation and on-going service. Nearly all clients have email, and use these to share information with you quickly and easily. Have you ever considered the amount of information contained in the interactions with just 1 client?
Email is typically delivered by a cloud provider (Google, Microsoft etc) and we bet reliance on this as a means of communication is critical for your business (imagine you didn’t have access to email for a week!). Your client emails might contain their KYC document copies, their financial records, family member details – lots of sensitive personal information (as defined by GDPR). These can be attachments or included in the text of the email – it’s all information.
The fact you hold this vast amount of data imparts certain legal and commercial demands on your business. You need to ensure you can operate efficiently, also meeting your obligations as a data controller (GDPR). Our service helps you address and easily mitigate some of the common risks introduced by using email, all whilst enabling the benefits & flexibility of email to continue. What if your email was breached – what data would they have access to and what could they send to your clients? What if your business lost email access for a day, week or month? What if you lost all emails? We can help.
Some service benefits
Meet, Email or Call
Get Started Today
Get Started Today
Our clients typically spend less than 3 hours per employee closing the majority of digital risks we identify, the majority spent in training.
Platform at your fingertips
As part of our service we provide you with a digital governance platform, this is your organisations hub to manage your IT governance. It is crammed with useful guides, policies and procedure templates. Even better the templates will be pre-populated with relevance to your organisation; for example your suppliers, your software and the specific data you process. This enables you to demonstrate compliance to GDPR practices, Cyber best practices and industry leading IT governance practices.
Your team will have access to the hub, they will be able to access training materials, organisational policies & procedures as well as guides on keeping your and their personal data safe. A core element of the platform is incident management, everyone in your organisation & supply chain can easily report incidents (possible data breach, security concerns, phishing email attempts). The platform provides a centralised overview of the risks facing your practice and allows resolution options (ignore, self resolve, third party supplier support or we can mitigate with you).
The hub is also your central point to manage your suppliers within your business, they often play a critical role in delivering on your promises to clients and invariably will have access to your clients data too. The platform enables you to define best practice standards, templates and monitoring for dealing with your suppliers. Understanding your suppliers and their strengths & weaknesses enables you to support them to closing the weaknesses whilst utilising their strengths, as they say you are only as strong as your weakest supply chain member.
