Today, we are excited to introduce the general availability of Box Governance, which gives customers a better way to comply with regulatory policies, satisfy e-discovery requests and effectively manage sensitive business information. We are also announcing that Box supports FINRA and SEC 17a-4 compliance for financial services firms. Box Governance helps customers meet legal, regulatory, and business policies for accessing, retaining, and disposing their information with a cost-effective and intuitive solution.
In the past, organizations have had to use costly legacy solutions not designed for external and mobile access. Many of these solutions are also fragmented, meaning content needs to be moved at various stages during its lifecycle. This results in misplaced documents and inconsistent adherence to policies, significantly increasing the risk of regulatory and financial penalties.
A new add-on service, Box Governance offers customers a new approach to manage content with a globally accessible, cloud-based solution that allows users to seamlessly manage the entire lifecycle of their business documents, from creation to retention and finally disposition, and all on a single platform. Meeting compliance standards doesn’t interrupt the user experience either, making it easy for employees and reducing the burden on administrators to ensure compliance.
Box Governance offers three key capabilities:
- Retention Management: Set automated policies to control the preservation and deletion schedules of your business documents. We announced the beta program of retention management in February, and early customers including Penn State and Emerson College helped us develop and test these capabilities.
- Content Security Policies: Prevent or flag downloads, uploads or sharing of sensitive information such as credit card numbers or social security numbers.
- Defensible eDiscovery: Identify and preserve documents and critical metadata while also preventing deletion of information to comply with discovery requests.
Box Retention Management allows financial services companies to be FINRA Compliant
Box Governance includes Retention Management to let customers in highly regulated industries, such as financial services, healthcare, and higher education, build automated policies for controlling the retention and disposition schedules of their documents.
With the general availability of Retention Management, today Box also enables institutions to comply with FINRA and SEC 17a-4 requirements. This allows investment banks and securities firms to meet requirements regarding how their broker-dealer records are stored, maintained and deleted. With FINRA fines reaching record levels coupled with the growing cost of compliance, financial institutions can use Box for their key business processes and collaboration needs without the additional cost or complexity of a separate records management system.
Box is the only cloud-based platform that enables users to create, access and collaborate on their business documents, while also providing robust information governance controls to ensure all business information is being shared, preserved and disposed of in a manner that adheres to internal and external compliance mandates.
To learn more about Box Governance, please visit us at www.box.com/business/governance-and-compliance/ or reach out to your Box contact.