A trader at a Swiss Bank was sacked for using “unapproved communications channels” with clients, the Financial Times reported recently.
An easy mistake anyone can make.
The rapid adoption of apps such as WhatsApp and Unified Communications (UC) platforms has fueled fast hybrid work growth.
Zoom, Slack and Microsoft Teams are now household names. Firms use their messaging services almost universally.
But those messaging platforms represent an axe-induced headache for compliance decision-makers.
Regulators are now penalizing firms in regulated industries for any non-compliant use of messaging systems.
Firms can comply in two ways.
Legacy Compliance Technologies (but UC is banned!)
UC platforms coupled with integrated legacy compliance technologies are a possible solution.
But they can’t do what regulators universally stipulate: that all conversations, messages and other communications (including SMS, Chat, emojis and reactions) must be captured, retained and supervised.
For firms and their executives to be compliant, most UC features therefore must be prohibited. That is the business equivalent of turning up to a gunfight with a toothbrush, with organizations struggling to remain productive in the hybrid workplace.
Apoplectic employees may tempt firms to ignore denying them effective use of collaboration tools and apps.
They will then risk huge fines for their employers and may end up being fired and elevating the risk for their employers.
Theta Lake: Compliance Without UC Restrictions
Theta Lake is a Californian software company founded in 2017. Numerous UC providers including Cisco, Zoom and Ringcentral are investors.
Its patented technology uses machine learning and AI to:
- Supervise
- Capture
- Compliantly archive
- Detect
- Remediate
every digital communications element, in ways that haven’t previously been possible.
Its API integrations let employees work unrestricted on UC platforms including Cisco, RingCentral, Salesforce/Slack, plus other critical platforms like Movius, Symphony, Box, Verint, and Bloomberg.
As Garth Landers, Theta Lake’s Director of Global Product Marketing explains:
“Theta Lake’s platform is purpose built to address the technical and compliance challenges facing financial services firms, making AI-enabled compliance monitoring an easy choice. Our integrations are developed using modern APIs. They ingest every aspect of a conversation including video, voice, SMS, chat, and file transfers.”
Theta Lake’s AI-powered risk detections analyze conversations in context. They identify for review teams specific non-compliant issues, including: –
- False or misleading statements
- Inappropriate content (profanities, hate speech etc.)
- Change of venue conversations
- Sensitive documents and discussions
- Malware and “shadow IT” URLs
Smart Workflows and Risk Score
“The platform’s smart workflows sample content based on risk score, source platform, participants, geography, and more to ensure that the right conversations are presented to the right compliance teams for supervision,” explains Landers.
“Conversations can be stored on Theta Lake’s SEC 17a-4 compliant platform or routed to a firm’s existing archive using our chat connector”.
Making the right choice could be the difference between a future mired in compliance, reputational and legal pain and a business advantage that enhances a firm’s top line.
Click here to know how Theta Lake’s AI-powered compliance platform can help your business.
