Compliance Regulatory Challenges for Electronic Communications Surveillance

1. ELECTRONIC COMMUNICATIONS SURVEILLANCE RAISES REGULATORY Anti-fraud, anti-money laundering and other financial regulations require financial services companies to track electronic communications in various forms. However, this often requires these firms to collect substantial volumes of different types of communications data. LEGACY SOFTWARE SOLUTIONS Data management has become a critical component of day-to-day operations for regulated firms, but collecting, validating and integrating different types of data is a technologically challenging task. Regulated financial companies rely on processes that simply collect these pieces of information. NEW COMMUNICATIONS CHANNELS Tech companies are innovating new ways to meet these needs every day. New communications technologies are allowing financial firms to connect both internally and with their clients in increasingly effective ways, which has improved quality of service. INCREASING REGULATORY COMPLEXITY After the financial crisis of 2008, regulators passed a suite of new rules aimed at preventing fraud and other improper financial practices. These regulations cast a wide net, requiring financial services companies to collect and store countless pieces of customer and transaction- related data. Connecting and analyzing different types of electronic communications can provide the type of insight and analysis modern financial firms need to compete in today’s financial services markets. The regulatory and technological challenges facing today’s regulated financial services company demand innovative solutions. FOR REFERENCE: https://www.shieldfc.com