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Shield | Electronic Communications Surveillance raises Compliance Regulatory

Connecting and analyzing different types of electronic communications can provide the type of insight and analysis modern financial firms need to compete in todayu2019s financial services markets. Read this file to know more about Electronic communications surveillance raises regulatory and technological challenges. Source: https://bit.ly/30cvAAH

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Shield | Electronic Communications Surveillance raises Compliance Regulatory

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  1. SHIELD Electronic Communications Surveillance Anti-fraud, anti-moneylaunderingandotherfinancialregulationsrequire financialservicescompaniestotrackelectroniccommunicationsin variousforms. However, thisoftenrequiresthesefirmstocollect substantialvolumesofdifferenttypesofcommunicationsdata. Standard lexicon-basedsearchsoftwarecommonlyusedinfinancialservicesis effectiveuptoacertainlevelofscaleandcomplexity, butthedemands oftoday’sfinancialregulatorsareoutpacingtraditionalenterprise softwaresolutions.

  2. Legacysoftware solutions come up short Data managementhasbecomeacriticalcomponentofday-to-day operationsforregulatedfirms, butcollecting, validating, standardizing, andintegratingdifferenttypesofdataisatechnologicallychallenging task. Manyregulatedfinancialcompaniesrelyonprocessesthatsimply collectthesepiecesofinformationanddumpthemintolargedrives. Thosesolutionshaveprovenfunctionalinflaggingandrecording informationrequiredbyapplicableregulations. However, these softwareapplicationsisolatedifferenttypesofdigitaldata – voice, text, andgraphicdatainitsvariousforms – andstoreitseparately. This archiveddataisoftendifficulttoaccessandanalyzeafteritiscollected, andasaresultcreatedahugeloadofdatasilos. Source: https://www.shieldfc.com 02

  3. Newcommunications channels emerging daily Peopleareconstantlylookingforbetter waystoconnectwitheachother, andtech companiesareinnovatingnewwaysto meettheseneedseveryday. New electronic communicationstechnologies areallowingfinancialfirmstoconnect bothinternallyandwiththeirclientsin increasinglyeffectiveways, whichhas improvedqualityofservice. However, the newcommunicationschannelsemerging everydayareraisingnewchallengesfor regulatory compliance. Increasing regulatory complexity affects e-communication Afterthefinancialcrisisof2008, regulatorspassedasuiteofnewrules aimedatpreventingfraudandotherimproperfinancialpractices. Theseregulationscastawidenet, requiringfinancialservices companiestocollectandstorecountlesspiecesofcustomerand transaction-relateddata. However, thecollectionofsuchcopious amountsofpersonalandfinancialdataalsoraisesincreasingly significantprivacyconcerns. Connectingandanalyzingdifferenttypesofelectronic communicationscanprovidethetypeofinsightandanalysismodern financialfirmsneedtocompeteintoday’sfinancialservicesmarkets. Theregulatoryandtechnologicalchallengesfacingtoday’sregulated financialservicescompanydemandinnovativesolutions. Source: https://www.shieldfc.com 03

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