Industry In One: Financial Services (2019)

by Anna Lebedeva, IGP, CIPM, PMP

Project Underwritten by ARMA International Educational Foundation


This research report demonstrates the unique aspects of managing records and information in the U.S. financial services industry and equips readers with the knowledge needed to implement a successful records and information management (RIM) program. The report provides a practical guide for RIM professionals that may be transitioning into financial services from another industry or context for continuing a RIM career in the financial services industry. Managing records and information in financial services is extremely challenging due to intense regulatory scrutiny. Key sections of the report include a history of the financial services industry in the U.S., an industry overview and the major U.S. financial regulations affecting RIM, and highlights the most stringent recordkeeping requirements imposed on broker-dealers. The report also examines U.S. and global regulations impacting financial services firms (including privacy and cybersecurity regulations) and describes other non-regulatory drivers that make the business case for RIM in the financial services sector. The report presents findings from several industry surveys on the risks financial services firms have been facing in recent years and offers several risk mitigation actions RIM professionals can undertake to help their firms reduce the risks and potentially damaging consequences. The report also provides an in-depth overview of electronic communication technologies and how they should be managed to ensure compliance with legal and regulatory requirements. Finally, the report offers a future outlook for the financial services industry and the specific trends RIM professionals should closely monitor since these trends have the potential to make a direct and/or indirect impact on RIM.