Nervous Unified Communications will unleash heavy regulatory compliance fines?

How Theta Lake fully enables UC so that enterprises still comply with stringent regulations

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Nervous Unified Communications will unleash heavy regulatory compliance fines?
Unified Communications

Published: May 10, 2022

David Bradley

Journalist

Do you think you have a challenging job? Consider a financial services Chief Compliance Officer and the stressful decisions they must make.

Recently, this has included blocking regulated users from using aspects of UC collaboration tools to avoid being non-compliant and risking the ire of regulators.

But there’s one company that makes collaboration and regulation win/win: Theta Lake.

Avoiding fines

Global regulatory requirements like SEC Rule 17a-4 and FINRA rule 2210 in the US stipulate that written electronic communications must be captured, retained, and supervised. Recent guidance has extended the scope of electronic correspondence to apply to dynamic collaboration features like polling, whiteboards, webcams, and screenshares.

Facing fines for non-compliance is something no CCO wants to face.

One solution is to allow full use of collaboration tools, but to increase staff. That’s expensive (and not likely), and it doesn’t scale well. Another is to simply review less content. That increases risk.

How Compliance Loses Friends and Alienates People

For some firms, the easiest decision is simply to disable features. They might allow some, like video, but prohibit the use of chat, or screenshares. This avoids retention and supervision requirements, but cripples the use of the platform. It creates tension with departments that rely on these tools, especially in a WFH environment.

For the CCO, it’s then a question of balancing regulation compliance with executing and growing the business. The firm must maximise value from the collaboration platform(s) that they have licensed too.

Business Growth Without Regulator Wrath

When properly supervised, regulated users can take advantage of features like in-meeting chat, emoji, and on-line meetings.

Dan Nadir, Theta Lake’s Chief Product Officer explains:

“Using Theta Lake, firms can select which features of a meeting they want to capture and selectively archive only those components. For example, a firm may want to pull in only the in-meeting chat and not record or retain the rest of the meeting. This ability to selectively archive gives users the features they want and the compliance team what they need.”

Theta Lake will automatically:

  • Selectively capture and retain only specific portions of a meeting
  • Monitor specific users that require supervision across dozens of platforms including Zoom, MS Teams, Slack, RingCentral, and email.
  • Dynamically monitor only the specific groups (e.g. MS Teams) that contain regulated users.

The key: Only “eComms” data is retained and supervised.

“Compliance teams can leverage selective archive and Theta Lake’s AI technology to help reduce review to a manageable scale,” says Nadir. “Unlike lexicon-based approaches, the Theta Lake technology highlights problematic content without flooding reviewers with false-positives. Theta Lake also stores everything in a searchable WORM archive or can deliver it to an archive of record.”

Suddenly the COOs decision making has become easier – and a win/win for everyone.

To learn more about Theta Lake’s compliance solution visit the Theta Lake website

 

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