Digital transformation has been a fundamental enabler for financial services firms. It is hard to underestimate the opportunities and regulatory benefits firms can derive from the implementation of technological solutions but maximising their potential can present challenges. Thomson Reuters Regulatory Intelligence's sixth annual survey and report on fintech, regtech and the role of compliance explores these challenges, particularly in the context of corporate governance and risk management.

If you didn’t have a chance to attend Zoomtopia this year, there’s still time to watch the sessions as all are available on-demand. Theta Lake was a sponsor of the show and is a long-time partner of Zoom, offering its users the ability to leverage every aspect of the platform and have full coverage for security and compliance across those communication channels.

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.

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?”

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.