Our customer, a leading asset management firm, deployed websites across 70 countries and required a web archiving solution that could capture all of these instances, ensuring they could accurately evidence what was published and when.
The customer has a global network of third-party brokers and intermediaries regularly publishing key financial promotions. Therefore, full compliance was also hinged on the ability to capture and archive records of this content in the event of a customer complaint of regulatory investigation.
To ensure compliance with MiFID II and the FCA, the firm previously employed several full-time staff to monitor their web content manually. This burden was removed with the MirrorWeb platform, driving down costs and significantly improving record-keeping accuracy.
One of the UK’s largest asset managers, overseeing billions in AUM for both institutional and retail clients. With a global reach and thousands of employees, this publicly listed firm is dedicated to creating long-term value for clients and helping them meet their investment goals.
MirrorWeb was tasked with creating a complete archive of the client's web and social media channels to meet compliance obligations. The client needed to archive every website instance across 70 countries along with a network of intermediaries and third-party brokers. Additionally, the ability to archive approval workflows (as and when new pages are published) was critical to ensure the highest record-keeping standards.
Using MirrorWeb’s archiving platform, our financial services customer is able to automate the entire web archiving process in the time-stamped ISO compliant standard WARC file format. Each individual archived file is signed with a SHA1 digital signature, providing an immutable record of all digital communications.
The MirrorWeb Platform archives all of the client's web and social media content with full authenticity. Every instance of the website is captured based on geo-location, including personalised content. Each archive is then available to be replayed, searched and interrogated at any time through the dashboard.
Previously, the client had employed several people to monitor, screenshot and store their digital content to satisfy this regulatory requirement. The process was labour intensive, open to error and impossible to maintain to ensure full record-keeping compliance.
Their Service Delivery Manager commented: “The MirrorWeb platform has revolutionised the business’ capability.”
The global asset manager was able to improve financial promotion and record-keeping compliance, reduce headcount and ensure data sovereignty. The platform also allowed the client to capture all approvals workflows through their CMS when a new page is published, taking an instant archive of the published article along with a record of the audit log.
The data gathered through the MirrorWeb Platform not only surpasses the current FCA guidelines, but also helps firms with legal discovery cases.
Together, MirrorWeb and the client have also deployed technology to help monitor sensitive content on third-party websites such as financial promotions. Changes to such content can be flagged and archived, ensuring that any financial instrument is monitored for full compliance.