Ariath glossary: Audit Log
A time-stamped record of activity in a system: who did what, when, and what changed. A useful log is protected from alteration and can be searched when someone needs to reconstruct an event.
In brief
- What it does
- Records who did what in a system, and when, so activity can be reviewed.
- How it differs from a system log
- A system log is mainly technical. An audit log is about accountability for actions.
- What it needs in a wealth management firm
- Defined events, protected records, set retention periods, and a way for reviewers to search them.
How it works
How audit logs work
An audit log is built up one event at a time:
Capture the event
The system detects an action, such as a sign-in, a change to a record or an AI request.
Record the details
It stores who acted, what they did, when, and what was affected, as a time-stamped entry.
Protect the record
Entries are stored so they cannot be quietly changed or removed.
Retain and search
Entries are kept for the retention period the firm sets, and can be searched when someone needs to review them.
Retention periods depend on the firm's own policies and the requirements that apply to it, so confirm them with your compliance lead or counsel.
A log is only useful if it records the right things, is protected from alteration, and can be searched when needed.
Comparison
Audit logs vs. system logs
Both are records of activity. They are written for different readers.
System log
Records technical events, such as errors and performance, mainly so IT or engineering can troubleshoot.
For example
An entry showing that a service restarted at a certain time.
Audit log
Records who did what and when, so activity can be reviewed and reconstructed after the fact.
For example
An entry showing which user ran a workflow, and when.
Some systems keep both, and the line between them varies by vendor. Ask what each one records.
In practice
Audit log examples in wealth management
Firms use logs to reconstruct how a task was handled. These examples are illustrative.
Record changes
Showing who edited a client record, what changed and when.
Access events
Showing who viewed or exported sensitive client data.
AI requests
Showing who ran an AI-assisted task, what was asked and which workflow handled it.
Approvals
Showing who approved a draft or an action before it went ahead.
Configuration changes
Showing who changed a setting, such as a permission or a retention period.
For AI workflows, teams often ask what should be recorded about each request, how long the record should be kept, and who can query it.
What it needs
What a useful audit log needs
A log supports a review only if it was designed to. Firms typically define:
- Which events are recorded
- Accurate time stamps
- Protection against alteration
- Defined retention periods
- Search and export for reviewers
- Restricted access to the logs themselves
These are firm decisions, set in line with the firm's own policies. Confirm the specifics that apply to your firm with your compliance lead or counsel.
In Ariath
Ariath documents structured, queryable records of requests, with audit and retention settings configured around each workflow.
Common questions
Frequently asked questions about audit logs
What should an audit log capture?
That depends on the firm's policies. Common elements are who acted, what they did, when, and what changed.
Is an audit log the same as books and records?
No. An audit log records system activity. The books and records rule describes categories of business records that registered advisers must keep. Whether a given log falls within the rule is a question for the firm's compliance lead or counsel.
How long should logs be kept?
Retention depends on the firm's policies and the requirements that apply to it. Confirm the specifics with your compliance lead or counsel.
This entry is educational. It is not legal or compliance advice and does not guarantee regulatory compliance. Confirm the requirements that apply to your firm with your compliance lead or counsel.
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