Enhancing Financial Communication Compliance with Veritas

In the fast-paced world of finance, communication is critical. Financial organizations rely heavily on seamless, efficient, and secure communication to maintain operations, build client trust, and meet regulatory requirements. However, the ever-evolving landscape of compliance regulations and the increasing complexity of data management have presented significant challenges. Veritas can help financial organizations overcome these obstacles.

Let’s explore the challenges financial organizations face in maintaining communication compliance and how Veritas’ expertly-vetted data compliance and governance solutions can equip businesses with the best compliance-ready tools to communicate effectively and safely.

Navigating the Complexity of Regulatory Authority

The financial sector is highly regulated, with various authorities such as the SEC, FINRA, and MiFID II imposing stringent communication compliance requirements. Staying up to date with these evolving regulations is a constant challenge. Financial organizations must ensure that all communications, including emails, messages, video, and audio, are recorded, archived, and retrievable for regulatory audits.

The Challenges of Securing the Growing Data Estate

The sheer volume of data generated in financial organizations can be overwhelming. Maintaining accurate records of communications is a strenuous task, made even more complex by various communication channels, including email, instant messaging, and voice calls. The risk of losing or mismanaging critical data is a looming threat.

Data monitoring presents another problem in and of itself. Organizations must leverage communication compliance solutions to protect sensitive information. In 2022, more than $1.8B in fines were issued to Wall Street firms for the misuse of WhatsApp communication. Whether employees communicate with organizational tools, off-channel applications, or customers, there is and will always be a significant risk to safeguarding an organization's reputation if these conversations are not archived and monitored properly in accordance with regulatory bodies.

Enable End-To-End Communications Compliance

Veritas, a leader in data compliance and governance solutions, offers a comprehensive set of tools to help financial organizations tackle these communication compliance challenges effectively.

• Minimize compliance risk and optimize discovery outcomes: Capture every conversation and collect content from over 120 content sources, including email, Microsoft Teams, Bloomberg, WhatsApp, and Zoom. Securely store all data in an immutable, regulation-compliant archive.

• Enforce data compliance across every channel: Enable seamless data archiving and retention with automated identifying essential content. This is vital to maintaining compliance for financial services organizations.

• Reduce Noise and automate compliance across the data estate: Leverage best-in-class Artificial Intelligence and Natural Language Processing with language detection sentiment analysis to identify content quickly and classify during ingestion and indexing by policy with pre-trained, expert-vetted policies and patterns. 

• Surface relevant content and review intelligently: Using built-in automation, AI, machine learning, and natural language processing, focus on risky behavior, surface relevant content, and stay ahead of compliance obligations. Drive alerts through Intelligent Review machine learning during the review process via built-in workflows you can design and control.

The challenges of communication compliance in the financial sector are complex and multifaceted. With the help of Veritas' compliance and governance solutions, financial organizations can confidently navigate this intricate landscape. Veritas provides the tools necessary for these organizations to thrive while complying with ever-evolving regulations by ensuring data governance, retention, and security. In an industry where communication is the lifeblood, Veritas offers a lifeline to ensure data flows securely and efficiently.