Compliance is a time-consuming responsibility, requiring precision and close oversight. This reputation has persisted for some time, even when regulatory compliance primarily concerned email and printed materials, as opposed to today’s constant flow of digital corporate output.

Optimizing Workflows for Compliance Management

We have gradually seen compliance become more of an industry on its own, rather than just another ‘hat’ for someone in an organization, which has been particularly evident in smaller businesses.

In recent years, the 'WhatsApp fines' alone have amounted to billions in penalties for noncompliance from the SEC and CFTC, adding pressure and scrutiny across corporations. We’ve now reached a point where the growth of communications platforms, regulations, and supervisory requirements has made it more difficult to detect noncompliant behaviour.

Something has to change for compliance teams to manage their growing workload effectively, as well as rising costs from using multiple solutions. Below, we share five tips for speeding up your compliance workflow!

Addressing Gaps in Message Review Efficiency

One of the biggest issues with traditional communications archiving is the lack of context in captured messages. From WhatsApp to Slack, piecing together how employees communicate is difficult without the right tools.

The industry standard right now is to convert all messages into email threads, which results in a fragmented review experience that disrupts the flow of a conversation. It's a slow, disjointed process that may also allow non-compliant behaviours to go undetected.

Some modern compliance vendors have begun to recognise this inefficiency, presenting communications in the original channel’s native format, with all interactions (comments, reactions, attachments) displayed inline to show the whole story.

This is a useful feature that presents conversations in a linear manner and allows users to review communications more logically.

AI's Role in Compliance Workflow Transformation

While AI is very much the tech of the moment, there’s a reason it has been adopted across a significant portion of global industries; it can greatly improve data processing and analysis.

The volume of communications compliance teams must review has increased 10-15 times over the past 10-15 years, so the ability to ‘learn’ noncompliant behaviour and flag it to the compliance officer’s attention is clearly of interest.

Effective governance is essential to democratizing data and #AI.

Unified and open governance promotes interoperability, accelerates data and AI initiatives, and simplifies regulatory compliance. See how: https://t.co/ClCCf051oD pic.twitter.com/Ih8dDOrNJg

— Databricks (@databricks) November 27, 2024

However, while AI and machine learning Machine Learning Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Read this Term are important, the industry is still struggling with how to implement them properly for compliance purposes.

Just as regulators are debating how chatbot-generated content affects existing regulatory frameworks, compliance vendors are ensuring they have the necessary data to take the transformational steps required. Compliance is a precise science, so aiming for a moving target is largely ineffective.

Unified Solutions for Enhanced Efficiency

The rise of digital communication channels like WhatsApp and SMS has driven compliance to address ‘off-channel’ communication risks, with significant penalties since 2021.

Many firms rely on multiple vendors to monitor diverse platforms, leading to inefficiencies from context switching and inconsistent functionalities. Regulated firms should prioritise vendors that offer unified solutions to streamline data storage and compliance.

Effective Website Change Detection

The SEC's Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term Rule in 2022 and the FCA Consumer Duty in 2023 highlight regulators' focus on consumer protection in digital spaces. Firms must document website changes affecting consumers, making efficient detection crucial for compliance teams.

Poorly executed solutions can increase workload, so exploring options like text diffs or visual overlays is essential to find the right fit.

Post-Meeting Analysis

Post-pandemic business habits heavily rely on online meetings, with regulatory focus now extending to video call supervision. Transcription tools are essential for compliance, enabling teams to quickly review flagged noncompliant terms based on lexicon policies, streamlining post-meeting analysis and improving efficiency.

Upgrading Compliance Systems for 2024

As compliance demands grow, it’s crucial for teams to organise data efficiently and access relevant information. Many established vendors still rely on outdated systems, lacking the flexibility needed to meet evolving needs.

When selecting or upgrading a compliance vendor in 2024, ensure they provide agile technology that supports efficient data management and helps teams cope with the increasing volumes of communications.