FT Adviser reports that Defaqto has launched a compliance hub for advice firms. No further detail on its scope or how it will work has been given.
Steve Burns, EAC Network Solutions: Tools like this are only as useful as the evidence a firm can put into them. For practices of 20 to 150 users, whether in financial advice, law or accountancy, a compliance hub will likely expect proof of good IT practice, not just a policy document, things like who accessed which client file, when data was moved or shared, and how it was protected along the way. Many firms assume their systems already capture this, but it is worth checking now whether your IT setup can actually produce that kind of audit trail on request, rather than finding out when a regulator or a hub like this one asks for it. That is as much an IT conversation as a compliance one, and it is better had before the question is asked than after.
Source: FT Adviser
