Communications compliance is now firmly on the agenda in many boardrooms.
Within the rapidly evolving landscape of financial services, effective communication compliance has become a pressing concern, driven by the alarming trend of multibillion-dollar fines for inadequate monitoring, with the United States experiencing penalties exceeding $2 billion USD. In February 2024, a record 16 companies were hit with fines totalling $81 million, underscoring the regulators’ zero-tolerance approach to non-compliance.
Cisco and Theta Lake’s collaboration, launched in 2018, exemplifies a thoughtful response to the prevailing industry hurdles. Theta Lake amplifies the security and regulatory capabilities within Cisco’s Webex conferencing platform. This joint resolution aims to empower businesses to securely leverage Webex’s capabilities, thereby minimizing the risk of penalties, boosting customer satisfaction, and increasing return on investment.
The Theta Lake’s “Digital Communications Governance, Compliance, and Safety Survey” for 2023-2024 provides insight into the dynamic landscape of digital communications, highlighting shifting trends and complexities in governance, compliance, and safety strategies. With findings from over 600 IT and compliance professionals, it is revealed that 40% of corporations have elevated communications compliance to a board-level concern, highlighting the pressing need for an updated compliance and safety framework specifically designed for Unified Communications and Collaboration (UCC) tools, which are increasingly integral to modern office operations.
As regulatory pressures intensify and reputational risks escalate, companies are reassessing their communications compliance methods to ensure seamless harmony between corporate objectives and regulatory requirements.
A recent industry survey reveals a significant reevaluation of communication compliance strategies among financial institutions, with nearly four-fifths of respondents adjusting their methods, while slightly over one-seventh are preparing to do so, and roughly half are considering a complete overhaul. Traditional approaches often fall short of effectively engaging with, retaining, and monitoring interactions across diverse communication channels, thereby leading to suboptimal performance and regulatory nonconformities. To mitigate these obstacles, businesses are inadvertently forcing employees to explore unregulated communication platforms by restricting essential choices that customers crave.
Theta Lake, in collaboration with Cisco Webex, offers a tailored solution for compliance, monitoring, and security that effortlessly integrates across the entire Webex platform, covering all modes of communication – visual, audio, and written. This resolution provides significant value to major organisations, including several of Webex’s largest clients – six of the top ten North American banks.
Where Should Companies Begin When Revamping Their Digital Communication Strategy?
Proactive management of compliance complexities necessitates a deliberate and systematic approach. As the digital landscape rapidly transforms, organisations must proactively align with emerging regulations and undertake a thorough revamp of their digital communication governance strategies to ensure future-readiness.
Cisco and Theta Lake propose a three-pronged approach:
- Dependable file protection starts by capturing accurate knowledge at its source, including its context and time of origin, to ensure a solid foundation for future reference and preservation. The accuracy of financial records depends heavily on this step, ensuring seamless reconciliation and reporting.
- As data traverses multiple channels with comprehensive protection, the process of searching and navigating through data and its interconnected communications becomes seamless and efficient.
- AI-powered synthetic intelligence expertise, specifically designed for compliance purposes, streamlines the handling and oversight of vast volumes of communication data, empowering organisations to identify and proactively address risks while maintaining robust compliance standards.
The Cisco SolutionsPlus program offers a range of options for examining Cisco-approved products. As a SolutionsPlus companion focused on driving collaboration and ensuring safety through innovative technology, Theta Lake’s comprehensive suite is now available for acquisition via the Cisco value chain. Utilizing the latest technologies or leveraging Theta Lake’s SEC-17a-4 compliant framework, this solution offers integrated, policy-driven capabilities for:
- Newly Integrated: Voice Recordings, Enterprise Texts (SMS), and Name Element Data
- : Video recordings, and selective archiving of all or any assembly parts together with audio or in-meeting eComms (reminiscent of chat, polling, Q&A, transcripts, and closed captioning).
- All content materials, replies, reactions, files, and rich media, including images and GIFs.
- : All content material together with polls, Q&A, surveys, and extra.
- t: Archiving & supervision help of log exports by way of SMTP or Relaxation API for SMS and omnichannel content material.
As regulatory scrutiny intensifies, the collaboration between Cisco and Theta Lake has evolved from a strategic advantage to a vital necessity for financial institutions seeking to ensure robust communication compliance.
The comprehensive Theta Lake “Digital Communications Governance, Compliance, and Safety Survey” 2023/24 can be downloaded to explore further details regarding the various use cases that Cisco supports in the Financial Services industry.
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