Collaboration tools like Microsoft Teams, Zoom and Webex Teams, RingCentral and Slack have become integral to how we work. With multiple ways to communicate and collaborate they’re vital for keeping workforces and customers connected whether remote, hybrid or office based. And with less and less physical in-person interaction, users are making use of the rich features to liaise and share information. Not least by adding personality and emotion with emojis, reactions and GIFs. But modern communications create compliance challenges when it comes to providing evidence and proof that is so often required for regulatory, HR, litigation or complaints resolution issues.
As enterprise communications technologies have evolved, the related challenge of managing business rules for groups permitted to use them and communicate with one another have become more complex. In financial services, business information barriers prohibit communications between specific groups to mitigate the risk of misuse of material non-public information (“MNPI”) to prevent market abuse and insider dealing. Information barriers requirements are spelled out in FINRA Rules 2241 and 2242, Section 204A of the Investment Advisers Act, in FCA’s SYSC 10.2 Rule as well as the SEC’s Exchange Act Section 15(g), which requires broker-dealers to:
Last month Theta Lake submitted a response to a request for comment from several federal banking agencies including the Federal Reserve, the Consumer Financial Protection Bureau, and the Office of the Comptroller of the Currency about the use of Artificial Intelligence (AI) and Machine Learning (ML) in financial services. In our response, we described how Theta Lake uses AI in its Security and Compliance Suite, offered thoughts about how the agencies might create a framework for assessing AI risk, and outlined a few standard practices that would facilitate strong AI development in the future.
Financial services firms have long used technology to supervise the communications and activities of employees, to ensure compliance with regulatory requirements and be able to detect issues such as market abuse, mis-selling or data privacy. It’s a key control for meeting regulatory obligations including MiFID II, CFTC, FINRA, IIROC and GDPR and a standard feature of working in a regulated industry. Likewise data loss prevention tools are commonplace across businesses to reduce the risks of data loss and exposure. All designed to protect consumers, employees, and shareholders.
As state and local government employees use collaboration and chat tools such as Microsoft Teams, Zoom, Cisco Webex, RingCentral and Slack to interact with each other and the public, the ability to search the full range of communications and content is critical. Whether it's a shared screen, whiteboard or chat conversation, government organizations must be able to quickly identify information about a specific individual or topic to meet public records requests. The legacy technology tools that agencies use to perform basic keyword searches on email, SMS, or social media content are insufficient in the era of collaboration and dynamic chat. State and local governments must ensure that their platforms for search, retrieval, and management of data align to the new applications employees are using for day-to-day business interactions.
Hear how Theta Lake addresses these issues with a solution built to solve state and local government challenges:
The rapidly increasing use of chat in modern work-from-anywhere workplaces has exposed new compliance, privacy, and security risks. Not least the need to comply with regulatory obligations for retention, supervision, privacy and security mandated by regulators worldwide.
Billions of dollars in fines and rising
Nearly half a billion dollars in fines announced by the European Commission for trading cartels involving ten global banks is a stark reminder of the challenges firms face in monitoring chat and instant messages to detect misconduct. Communications in chat rooms enabled the sharing of commercially sensitive information to go undetected for several years.
A question we often hear from customers is: “How do I manage the sheer volume of content, and how do I get the right reviewers to supervise it?”
If the last 14 months have taught us anything, it is the importance of being able to pivot not only quickly, but securely. For many organizations, that requires leaning into unified communication and collaboration platforms in ways they never have before. The concept of “work from anywhere” has gained traction within the last year and organizations that have been able to embrace the concept and continue to build trusted relationships with their customers saw an increase in business because they were able to adapt. Implementing unified communication and collaboration tools was a strategic move, and as a result, organizations were able to deliver superior client experiences. In a recent webinar, “Using Theta Lake Compliance to Maximize your ROI with RingCentral,” Daniel Bridges, former CTO of Attivo Group, explains how Theta Lake and RingCentral transformed his organization and enabled him to offer a more seamless client experience.