Background

Recognizing that compliance requirements have been stricter for fi nancial services than most other industries, the full-service brokerage fi rm Morgan Keegan, based in Memphis, has been actively using compliance management systems since 1998. Owned by Regions Bank, Birmingham, AL, Morgan Keegan fi rst purchased a program from a vendor that had one of the only available compliance management systems at the time. But the product was infl exible, and the investment fi rm’s compliance reviewers could not manually change things to fi t their system. “Basically, that vendor didn’t put enough time into its product to keep up with what clients need,” said Parker Mabry, senior vice president of IT for Morgan Keegan. In 2000, Mabry’s IT department found a second company with a more fl exible technology that offered more control and the ability to customize the features. However, after an initial honeymoon period, Morgan Keegan experienced some troublesome stability and speed issues with the second compliance system. “The servers and software would prevent mail from fl owing in and out of our world,” said Mabry, who acknowledged that was a risk faced by organizations requiring Pre-review, i.e., the ability to catch outbound e-mail before it leaves the company.

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