FINRA Shares Firms’ WFH Practices

On May 28, 2020, FINRA issued its Regulatory Notice 20-16 sharing firms’ WFH practices observed to date.  They include common practices adopted across most industries, as one would expect.

During the TRANSITION TO WFH, firm practices included:

  • Increased Customer Assistance through outreach and web-based communications, to ensure customers knew how to access representatives and other resources;
  • Location Monitoring & Contact Lists to know where staff were and ensure they knew how to stay in touch;
  • Increased Support for staff, including more frequent training and communications, and increased tech support; and,
  • Heightened Focus on Confidentiality and Cybersecurity issues, including reminders, training, and monitoring of heightened risks.

efforts included:

  • Increased Communications;
  • More Frequent Meetings, with greater regularity;
  • Increased Supervision, through supervisory checklists, remote affirmations, and encouragement to “over-escalate” issues to supervisors and management; and,
  • Monitoring of Emerging Risks.

included additional precautions attempting to replicate virtually various “line of sight” supervisory techniques, including:

  • Pre-screens with reminders and affirmations;
  • Surveillance through lowered reporting thresholds and increased scope of trade or exception reporting; and,
  • New Monitoring Techniques, for example, always-on web-cams, frequent check-ins or roll-calls, and recording of real-time chat rooms.

FINRA Reg. Notice 20-16 is here.

Posted in: FINRA
Jump to Page
Arrow icon Top

Contact Us

We use cookies to improve your website experience, provide additional security, and remember you when you return to the website. This website does not respond to "Do Not Track" signals. By clicking "Accept," you agree to our use of cookies. To learn more about how we use cookies, please see our Privacy Policy.

Necessary Cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. These cookies may only be disabled by changing your browser settings, but this may affect how the website functions.

Analytical Cookies

Analytical cookies help us improve our website by collecting and reporting information on its usage. We access and process information from these cookies at an aggregate level.