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Fintech Global: Theta Lake, Verint team to reshape risk mitigation tech in hybrid working era

By December 9, 2021June 29th, 2022No Comments
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Theta Lake and Verint has partnered to provide financial and trading organisations with extended capabilities to help avoid the legal and reputational consequences of misconduct, data loss and security issues.

According to Verint, the partnership and technology integration combines Verint’s communication capture, data management, analytics offerings and operational assurance with Theta Lake’s automated collaboration risk monitoring and policy supervision technology.

This, Verint claims, will empower financial institutions with a holistic set of capabilities as they move towards hybrid ways of working.

The partnership will enable organisations to automate risk monitoring and assessment of voice, video conferencing, chat, screen and content sharing across all major UC platforms such as Zoom, Webex by Cisco, Microsoft Teams, Slack, Symphony and RingCentral. It will also be able to automate risk monitoring across turret providers like Speakerbus, BT, Cloud9 and IPC.

It will also free up skilled resources, reduce costs by automating workflows around conduct monitoring, review, policy enforcement and investigations and enhance efficiency. The alliance will also identify risky behaviour from the full context of unstructured collaboration streams to stay compliant with financial regulations, data protection laws, industry standards and corporate liability obligations.

The Theta Lake and Verint collaboration will also help to create a complete view of risk in conversations and information shared across multiple collaboration tools and uniformly apply policies to address those risks as users move from chat to video and audio.

Verint will leverage the integration with Theta Lake’s technology to expand its support for financial institutions facing challenges with complex requirements under MiFID II, Dodd-Frank, GDPR, SEC 17a-4, FCA rules, SOC 2 and other policies. Those who use the combined solution will also be able to benefit from omnichannel compliance recording, data discovery and data governance alongside Theta’s integrated offering of AI and machine learning-powered communication. Risk detection, policy supervision, risk analysis and eDiscovery.

According to Verint, this will enable market participants to take a proactive approach to communication risk management by spotting earlier signs of market abuse, identify insider trading, prevent data loss, uncover collusion and coercive behaviour and filter sensitive content.

Theta Lake senior vice president of business development, operations and finance Anthony Cresci said, “As a collaboration-first, hybrid working model emerges in the financial industry and beyond, and with an increased use of video, real-time messaging, screen sharing and unified communications, new forms of risk arise that regulated firms can’t turn a blind eye to.

“Businesses can more confidently expand their use of these collaboration channels and all their features and functionality by taking a proactive approach to compliance and risk management that automates the detection of data leakage, acceptable use, data privacy, and regulatory or corporate compliance risks across what is shared, shown, spoken, and typed.”

Verint senior vice president of global channels and alliances John Bourne added, “Remote employees, diversifying communication channels and the evolving sophistication of malicious behaviour, have made identifying compliance breaches and misconduct even more complex. Yet, legacy solutions and manual approaches to monitoring and risk detection are not built to scale, lack accuracy and are resource intensive.

“This is where our partnership with Theta Lake comes into play, by helping financial services firms detect and act upon risky, non-compliant or unethical behaviour across the widest range of collaboration captured in the modern workplace.”

Theta Lake recently bolstered its partnership with Webex by Cisco through the introduction of electronic communication capture and security and compliance archiving tools.

This article was originally published on December 9th, 2021 at FinTech Global.

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