Manage FINRA Regulatory Controls in the Financial Investment Sector with BPM
Ability to monitor human tasks with different workflows to stay compliant with FINRA standards
Revamp the existing decade old publishing system that can enable financial investment advisors to create new business process workflow, monitor and manage human tasks, track the activities in the process at various stages, provide different approval mechanism to stay compliant with FINRA standards, high-performant concurrent user access, extensive templating mechanism, schedule various documents to published at certain time period, and integrate with the existing SaaS product to automatically upload certain reports. The below are some of the high level requirements:
- Templating Engine: Ability to choose different templates based on the report under creation.
- Content Authoring: Ability to publish content from the SaaS platform or insert content from external documents and appends additional pages.
- Disclosure Compliance: Ability to adhere to required legal or regulatory disclosures as per FINRA compliance.
- Content Preview: Ability to preview the content with appropriate template and content in place before submitting for approval.
- Workflow Administration: Ability to provide users, groups and roles or integrate with LDAP to have content authors and content approver hierarchy.
- Approval/Reject Workflow: Business process workflow with email notification to all approvers. This includes human task management process where the content sent for approval process goes through the workflow and take necessary path based on content approved or rejected.
- Workflow Auditing: Ability to log when the content enters the approval process and track each stage to indicate who approved or rejected the content, reason for approval or rejection, date/time, and notify other approvers and content author.
- Mediation & Distribution Routing Engine: Ability to distribute the approved report immediately or at later date and time scheduled by the author. The delivery can be cancelled if not yet distributed which should go thru the workflow process and proper auditing will be recorded.
- Internal Subscriber Distribution: Ability to distribute the reports to internal subscribers: sales, trading, marketing, reviewers.
- External Subscriber & Partner Distribution: Ability to distribute the reports to External subscribers: authors, paying customers, prospects, Partners who wants to receive reports based on their data being used.
- Third Party Distribution Channel: Ability to integrate with different third party distribution channel APIs like Bloomberg, Factset, CapIQ, AlphaTheory, and others.
- Distribution Rules & Priorities: Ability to distribute the reports in different ways based on the rules set in the system that includes how and when internal, external, and third party channels should receive the reports.
- Report Archiving: Ability to retain report metadata that includes creation, rejection, modifications, distribution and other activities happened on through out its lifecycle for certain years to adhere to FINRA compliance.
- The old publishing system is decade old built with PHP Symfony framework.
- The Engineers who built the old system was no longer with the client and there were no documents available.
- Understand different FINRA standards and perform Gap analysis with the old system.
- Identify appropriate workflow framework that can satisfy business needs as well as integrate with existing SaaS product.
- Treselle team had multiple calls with the business users, CFA advisor’s to understand the FINRA regulations, and gathered necessary requirements.
- Reverse Engineered the code base and created map-gap analysis between the old system and the new requirements.
- Helped business users to understand and decide what was done, what’s needed, what to throw away, and what was missing via requirements documents created from reversed engineering activity.
- Chose Alfresco Activiti BPM as it has many out of the box functionalities that satisfied almost 70% of the requirements.
- Activiti Designer was a key driver for the adoption as it allows to create different BMP workflows graphically which business users can create on their own.
- Actitivit Explorer helped to address human based workflow tasks which avoided to create a separate task management system.
- Actitivi REST API enabled to integrate with SaaS product.
- Provided capabilities to generate reports on current and historical reports was helpful to adhere to FINRA standards.
- Integrated with external distribution list and publish the approved document at scheduled intervals.