Future-Proofing Compliance Amid a “Multiverse of Madness”
Smarsh is a Business Reporter client.
Are you ready to thrive in the new age of working?
The world as we once knew it has changed. Forever.
Not unlike the fantasy film character Doctor Strange, compliance teams in regulated financial firms around the world face their own “multiverse of madness”—new challenges accelerated by the global pandemic, the rise of cryptocurrencies, Russia’s war on Ukraine and resulting sanctions, the demographic shift to younger investors and the dawn of the metaverse.
As the pandemic continues, working remotely has made us more physically disconnected but more reachable than ever—and cemented how integral digital communication channels are in our working lives. Employees are on the go, and meetings held in person are increasingly rare. The previous world of “email and phone” has transformed into email, phone and a range of messaging and communications apps.
While this revolution has empowered employees and customers like never before, it has also created immense challenges for compliance teams. Remote work makes it easier for bad actors to engage in undetected misconduct and harder for firms to promote a positive culture.
Compliance leaders are dealing with higher communication volumes, riskier behaviors, increased regulation and low budgets, and yesterday’s approaches simply won’t work. To remain compliant, each new communication channel must be recorded, monitored and searchable. In this new age, the new workplace is creating new data to capture, which requires new tech to remain compliant.
Fortunately, innovations exist to address these challenges. Breakthroughs in natural language processing and multilingual analytics expertly pinpoint key risks across languages. Increased data volumes are now easily managed via massive cloud infrastructure. Finally, advances in machine learning enable fairer, more equitable artificial intelligence.
As a compliance and archiving solutions provider, Smarsh has been rigorously tuned in to these changes and is trusted by many of the world’s largest banks and financial firms. We recently launched our Communications Intelligence Platform to enable compliance in this new world of work and provide companies with a future-proof foundation for their communications data strategies. This enables firms to leverage artificial intelligence and public cloud infrastructure to capture, retain, analyze and act on insights across any communications data in any language, at any scale.
The new work environment is creating new communication and corporate risks. Uncertainty and change, though, need not spell disaster. Enlightened organizations that are agile and open to leveraging best-in-class new technologies, such as Smarsh’s Communications Intelligence Platform, can rise to the challenge and turn communications data into an asset rather than a liability.
— Goutam Nadella, Chief Product Officer, Smarsh
This article originally appeared in Business Reporter. Header Image credit: iStock id1307248234
