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 behavior.
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 behaviors to go undetected.
Some modern compliance vendors have
begun to recognize 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” non-compliant behavior 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 prioritize 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 the 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
organize 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.
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 behavior.
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 behaviors to go undetected.
Some modern compliance vendors have
begun to recognize 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” non-compliant behavior 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 prioritize 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 the 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
organize 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.
