Write Once Read Many, better known as WORM, is an old concept in data protection. But this old concept wasn’t enough to keep up with what Forms Logic was doing.
The idea of WORM is simple: Once you “write” something to the cloud, it can never be changed or modified. It’s a way of ensuring that data isn’t tampered with, which was an especially critical priority when digital data was first emerging.
Today, regulators require Broker-Dealers to comply with WORM standards to be in line with FINRA compliance oversight. Preserving records for seven years or more, so they can neither be re-written nor erased during that time is a requirement if firms are to comply with SEC Rule 17a-4 – an imperative under FINRA compliance.
But as Forms Logic has shown, today’s technology can do much more with data than merely protect it. It can help you process business effectively by making it easier to reproduce the data across multiple forms.
For Forms Logic customers, this concept known as WOMM – or Write Once, Map Many – is not as snappy an acronym, but the value it provides is far greater.
Consider when a financial advisor inputs a client’s name, address, and other vitals into a transaction form. Forms Logic’s Navigator platform allows it to do more than write once and read many. With WOMM, it is simple to repurpose that data across every subsequent form, creating the “persistency” of data. Reutilizing the data in this intelligent manner increases efficiency, reduces errors, and cuts down on double entries across the entire transaction.
Write Once, Map Many takes that protected data and makes it easy for financial firms to deploy it again and again. Perhaps even more critical for Broker/Dealers and RIAs, it simplifies the process of getting new clients onboarded and their transactions executed. Combined with one or more of the numerous e-signature providers supported by Forms Logic, there has never been a system that brings greater ease to paperwork and back-office functions than Navigator.
Especially when you consider the ease of implementation for all Forms Logic clients, it’s easy to enjoy the benefits of Navigator and its robust features like Write Once and Map Many.
WOMM. Now that you know what it does, you recognize it’s an acronym that deserves to become just as famous as WORM.