Banks and financial institutions can now efficiently meet FINRA inspection requirements
SALT LAKE CITY, UT / ACCESSWIRE / December 11, 2024 / VirtuSpect, a leading provider of intelligent inspection management solutions, today announced the availability of Virtual Secure Office for FINRA (VSO-FINRA), a platform designed to help financial institutions comply with FINRA's regulations.
The VSO platform streamlines virtual inspection for residential supervisory locations (non-branch) and office of supervisory jurisdictional (branch) locations as specified by FINRA Rule 3110.18. VSO enables FINRA branch and non-branch compliance virtually, leveraging policy, procedure, risk assessment, and documentation templates developed by eDelta, a New York-based assurance and advisory service firm for financial institutions. Virtual inspections are completed through an intuitive mobile app, combining secure image and video uploads with conditional logic to validate adherence to compliance requirements.
The cloud-based VSO platform integrates seamlessly with compliance software and automates workflows such as scheduling, notifications, and escalation. Each inspection includes authenticated images, geolocation verification, and encrypted data storage for audit readiness. Inspections take as little as 10 minutes, saving significant time and costs per employee.
"The VSO platform is an essential tool for financial institutions that rely on work-from-home staff that eliminates the need for costly on-site inspectors," said Tim Harris, Chief Executive Officer of VirtuSpect. "Our platform enables, simplifies, and expedites regulatory adherence, but also supports remote work flexibility, giving our clients the ability to improve employee satisfaction while reducing real estate costs."
"With FINRA's post-Covid rule changes and guidance for virtual inspections, institutions have a great opportunity to assure compliance via reliable and efficient remote inspections, eliminating delays and significant travel costs," said Jon Bosco, Managing Partner of eDelta. "VSO offers a unique opportunity to virtually assess FINRA compliance through demonstrating required supervision. We are excited to provide the FINRA compliance templates to complement this initiative."
To learn more about VSO-FINRA, please click here.
To learn more about VirtuSpect's portfolio of advanced inspection services, please visit https://virtuspect.com/
About VirtuSpect, Inc.
VirtuSpect provides a Software-as-a-Service (SaaS) inspection management platform that can help ensure regulatory compliance and enable businesses to streamline operations, reduce risks, and enhance efficiency across all inspection processes. VirtuSpect orchestrates inspection processes by automating workflows and ensuring compliance, while seamlessly integrating with industry-specific enterprise applications. Designed for diverse vertical markets, the platform offers flexible inspection options, including third-party and managed virtual inspections via a mobile app. To learn more, please visit www.virtuspect.com.
Contact:
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Parallel Communications Group
515 708-1296
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SOURCE: VirtuSpect, Inc.
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