Platform Governance
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Platform Governance enables your firm to deliver repeatable results in today’s business world. Whether you’re looking to reduce risk, improve quality, increase productivity, or differentiate your service offering, it all starts with a clear governance plan. Talk to the Beacon Strategies team about how we our 10-point governance plan can identify and build more winners from your business portfolio today.
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Introduction
- Purpose of the Governance Plan
- Scope of Technology Platforms Covered
- Regulatory Compliance Needs Overview (SEC, FINRA, Insurance, State Agencies)
Governance Structure
- Governance Committee
- Composition
- Responsibilities
- Roles and Responsibilities
- Executive Oversight
- Technology Leadership
- Compliance Officers Field Representation (non-voting)
Business and Technology Platform Roadmap and Priorities
Develop a brief two-year platform roadmap that describes the high-level themes of directional initiatives that the business is prioritizing to meet strategic and competitive needs. The roadmap reflects the needs of each of the business buckets so that common themes can be systematically evaluated.
Platform Roadmap (Internal and Advisor Stack Reviews)
- Current State (inventory, integrations, data sources of truth)
- Two Year State
- Prioritization Consideration
- Scale/Competitive Impediments
- Data as an Organizational Asset CONSIDERATIONS
- Technology Innovation: Balance between innovation and compliance.
- Emerging Risks: Proactive measures for adoption of emerging technologies and threats
- AI and Machine Learning business impacts
- Documentation: Comprehensive records of governance activities and decisions
Product Management and Project Management
- Product Management
- Requirements Gathering
Project Management
Implement governance for initiating, prioritizing, funding, tracking, and measuring successful projects based on stated project sponsor’s goals and alignment with documented requirements. Implement standards for designing, negotiating, and managing projects that align with specific objectives and outcomes. Ensures optimization of investment aligning with stated results.
- ROI Measures
- Approved Toolsets
- Project Portfolio
Risk Management Framework
- Risk Assessments (internal, platform, and vendor platforms)
- Identification of Technology Risks and Business Impacts
- Our platforms
- Third Party products and vendors
- Onshore/Offshore Dependencies
- Impact Assessments
- Risk Mitigation Strategies
- Controls Implementation
- Incident Response Plan
- Business Insurance Strategy
- Work From Home/Remote Mitigations
Regulatory Compliance Governance
- SEC Requirements
- Data Security and Privacy (e.g., Reg S-P)
- Recordkeeping (e.g., Books and Records Rules)
- FINRA Requirements
- Communications with the Public (e.g., Rule 2210)
- Supervision and Surveillance (e.g., Rule 3110)
- Remediations and Emerging Regulations Adaptation
Technology Platform Standards
- Architecture and Design Principles
- Development and Deployment Processes
- Security Standards and Best Practice
- Data Governance and Management Data Governance
- Integration, Sources of Record, and “One Version of the Truth”
- Information Security Standards Alignment, Monitoring, and Attestations
Vendor Management
- Due Diligence Process (SEC Rule 206(4)-11
- Contractual Requirements (SEC and FINRA compliance)
- Ongoing Monitoring and Auditing Responsibilities
- Relationship Reviews and Agreement Alignment
- Contract Tracking/Aging Notifications/Terms/SLAs
- Product Life Cyle
- Utilization/Administration
- Due Diligence Process
- Process, Control, Improvement/Reviews
- Incident Management and Response
- Incident Reporting Procedures
- Escalation Protocols
- Post-Incident Review and Remediation
- Training and Awareness
- Compliance Training Programs
- Technology Awareness Initiatives
- Role-specific Training (e.g., for IT staff, compliance officers)
Continuous Improvement
- Data Hygiene Tactics, Initiatives and Practices
- Monitoring and Review Mechanisms
- Feedback Loops, Adaptation, and Emerging Opportunities
- Regular Governance Plan Reviews
- Project Governance Reviews
Beacon Strategies Evaluation/Review
Review effectiveness of results 6 months after implementation
Conclusion
- Summary of Key Points and Actions
- Organizational Commitment to Compliance and Governance, Budgeting, Resourcing etc.