Theta Lake’s 2020 State of Digital Communication Compliance and Supervision Survey Finds 89% of Compliance Professionals Aren’t Ready For Modern Collaboration Tools
Santa Barbara, CA – March 4, 2020 – A new Theta Lake survey of over 100 global compliance professionals finds that the adoption of collaboration platforms including voice, video, and chat capabilities are increasing as are concerns about how firms will manage compliance, information security and brand reputation risks associated with these new modes of communication.
You don’t need to look far to see video communications at work in nearly every industry in 2020. Multiple surveys show over 80% businesses are using two or more collaboration tools.
At the same time, public data from key regulators including the FCA in the United Kingdom and the CFTC and SEC in the United States show that fines levied for communication compliance monitoring topped $150,000,000 in 2019. Compounding this regulatory focus, FINRA highlighted digital communications, including collaboration platforms, as a priority for its 2020 broker-dealer examinations.
Given this backdrop, Theta Lake sought to understand firms’ compliance readiness for the use of modern collaboration and messaging tools, which have fundamentally challenged the concept of ‘electronic communications’ with integrated voice, video, chat, and messaging features. The fact that the majority of firms (68%) are somewhat or not very prepared for the increasing use of video, combined with increased regulatory focus on video and collaboration marks this as a critical moment for compliance benchmarking and preparation purposes.
Theta Lake’s Survey provides an instructive tool for compliance officers grappling with the technology, regulatory, and governance requirements for procuring and deploying new video and collaboration platforms.
For more information and to download the full report, visit https://thtl.ke/survey2020.
About Theta Lake
Theta Lake, a RegTech 100 company, provides cloud-based RegTech with compliance AI for video, voice, chat and other modern digital communications. Its patent-pending technology uses AI with deep learning, and seamlessly integrates with the leading communication platforms like Zoom, Red Box Recorders, RingCentral, Vbrick, Vidyard, Videolicious and more to detect compliance risks in what was shared, said or shown in modern digital communications. This includes AI to power directed workflow, adding consistency, efficiency and scale to the compliance review and supervision process while driving down the cost of compliance. To learn more, visit https://thetalake.com or follow us at @thetalake.
Theta Lake Press Relations