Shield | Electronic Communications Surveillance raises Compliance Regulatory

SHIELD

Electronic Communications Surveillance

Anti-fraud, anti-money laundering and other financial regulations require financial services companies to track electronic communications in various forms. However, this often requires these firms to collect substantial volumes of different types of communications data. Standard lexicon-based search software commonly used in financial services is effective up to a certain level of scale and complexity, but the demands of today’s financial regulators are outpacing traditional enterprise software solutions.

Legacy software solutions come up short

Data management has become a critical component of day-to-day operations for regulated firms, but collecting, validating, standardizing, and integrating different types of data is a technologically challenging task. Many regulated financial companies rely on processes that simply collect these pieces of information and dump them into large drives.

Those solutions have proven functional in flagging and recording information required by applicable regulations. However, these software applications isolate different types of digital data – voice, text, and graphic data in its various forms – and store it separately. This archived data is often difficult to access and analyze after it is collected, and as a result created a huge load of data silos.

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Source: https://www.shieldfc.com

New communications channels emerging daily People are constantly looking for better ways to connect with each other, and tech companies are innovating new ways to meet these needs every day. New electronic communications technologies are allowing financial firms to connect both internally and with their clients in increasingly effective ways, which has improved quality of service. However, the new communications channels emerging every day are raising new challenges for regulatory compliance.

Increasing regulatory complexity affects e-communication After the financial crisis of 2008, regulators passed a suite of new rules aimed at preventing fraud and other improper financial practices.

These regulations cast a wide net, requiring financial services companies to collect and store countless pieces of customer and transaction-related data. However, the collection of such copious amounts of personal and financial data also raises increasingly significant privacy concerns.

Connecting and analyzing different types of electronic communications can provide the type of insight and analysis modern financial firms need to compete in today’s financial services markets.

The regulatory and technological challenges facing today’s regulated financial services company demand innovative solutions.

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Source: https://www.shieldfc.com