Compliance teams have a complex role. When an issue is identified quick actions are required and compliance officers will often benefit from an extra pair of hands to help manage the workload.
According to a Reuters report[i], one of the top ten concerns for U.S. compliance officers in 2019 is “all things ‘tech’, including data protection and cybersecurity”. However, even though “tech” is seen as a concern or challenge, it can actually be a help rather than a hindrance to in-house compliance teams.
Over the years BSI has helped our clients to address many of these challenges by leveraging multi-functional technology in creative and innovative ways.
Some of the challenges we have helped compliance professionals resolve include:
- Insider trading and market manipulation
- Solution: We use technology to run daily searches across various client databases and providing relevant documents for review each day
- Outcome: Client’s in-house compliance team was able to search, filter and analyse transactions daily as part of its Insider Trading governance procedure
- Cooperation with regulatory bodies
- Solution: We support the collection and review of millions of documents in relation to a high-profile multi-jurisdictional regulatory investigation by an international regulatory body
- Outcome: Client’s in-house legal team was able to comply with the requests of the regulatory body, mitigate its financial penalties and protect its market reputation
- Cooperation and self-reporting
- Solution: We assist external counsel to comply with very strict deadlines in a regulatory investigation case therefore enhancing the end client’s will to cooperate and respond to the requests in a timely manner.
- Outcome: The end client’s positive relationship with the regulator which facilitated the continuation of the investigation and the communications between the parties, avoiding roadblocks, delays and extensions.
- Anti-money laundering:
- Solution: We have access to the latest technology that allows for the necessary monitoring and automated alerting when certain words or information is used by a user in an enterprise – therefore alerting compliance teams and potentially avoiding the cause of greater harm to the organization.
- Outcome: Monitoring and compliance solutions allow compliance officers to take internal action and be aware of what is happening within their organization before it’s too late to minimize damage or risk.
- Conduct risk:
- Solution: We work with our client’s human resources team to forensically collect and review the emails of an employee under internal investigation for inappropriate conduct.
- Outcome: Client’s HR team identified relevant emails to substantiate the claims made against the employee in question and take relevant action.
Most, if not all, of the communications, decisions and actions in each of these scenarios involved electronic data created via email, chat or text message. Collecting and analysing electronic data is becoming more and more challenging as data volumes continue to grow at an unprecedented rate.
Organizations often struggle to identify and action the relevant information within large, diverse and dispersed data sets. Leveraging the right multi-functional technology supported by adaptable and reusable workflows can help to unlock a myriad of challenges facing in-house compliance teams today.
The Data Management and Privacy Team at BSI work with our clients to understand and prepare for both their day to day compliance challenges, as well as potential legal or regulatory requirements which might affect them down the line. Our consultants help our clients focus on the issue at hand and not the setup around it, making sure the use of tech is not a concern to them.
