With the mass pivot to work-from-anywhere (WFA) business models, collaboration platforms have saved the day. Their feature-rich communication capabilities made it possible for organizations across industries to transition to remote work, without skipping a beat on the communication front.
"How do I do [fill in the gap]?" OR "Just HOW do you make security and compliance easier for [Zoom, Webex, MS Teams, RingCentral, RedBox...]?
FinTech Global released its annual Buyer's Guide this morning, which spotlights financial institutions and supplier ecosystem members in the regulatory technology (RegTech) market. The guide is intended to be a tool for financial institutions to navigate the available solutions, technologies, and suppliers of the RegTech market.
Typically, when we think about data breaches or loss, we picture scenarios where vast troves of personal data are accessed through brute force attacks or phishing attempts, resulting in thousands or millions of records being impacted. However, the release of smaller amounts of data, even a single PDF document or PowerPoint slide, can have serious and damaging ramifications for an organization.
Video conferencing has increased in importance over the last year due to the shift for most business employees to work away from the typical office location, allowing employees to simulate in-person collaboration. But it's also changed the way businesses interact with their customers, particularly in the financial services arena.
Voice recording and review is an essential practice for highly regulated industries. This is because regulations concerning recording, handling, and retention have been in place for some time. To addressreview requirements, many organizations have turned to voice-to-text transcription, which companies have deployed in waves in an effort to gain better insights into their audio and video information. While many use cases have been popular in regulated industries like financial services and healthcare, the relatively small gain in insights using transcription compared to the high resource and time cost to implement them hasn’t yielded the right result.
On December 1, 2020, Canada's Office of the Privacy Commissioner (“OPC”) issued a report on a data security incident at the Quebec-based financial services firm Desjardins. The Desjardins incident involved an insider at the firm who accessed, collected, and leaked the personal information of over 9.7 million customers and users from Canada and elsewhere during a two year period—a staggering amount of data over an extended period of time.
With the centralized “in-person office” as we know it evolving to collaboration tools centered work-from-anywhere, it is no secret that this year has been challenging for most professionals regardless of their industry. This “new hybrid office” now lives inside the four corners of your computer screen regardless of your physical presence at home, in an office, or somewhere in between. From video conference calls to chat bubbles, our technology has undeniably been tested in a variety of new ways.
While most startup founders would prefer not to pore over laws, regulations and interpretive materials to design a perfect product, it’s an essential exercise for those developing financial services solutions. For fintechs and the other finserv-related startups (e.g., regtech, suptech, etc.) understanding the regulatory obligations of customers and prospects will be core to your mission. In some cases, the process of interpretation and analysis might be a heavy lift involving expert outside counsel, lobbying efforts, and specialized consulting services.