Markets in Financial Instruments Directive (MiFID II) has increased call recording, retention, and supervision requirements for firms. In addition, firms have requirements to perform periodic monitoring of their records, including relevant conversations, all to improve protections for investors. However, supervision at scale is very challenging.
Theta Lake provides integrated AI-based compliance and archiving for Red Box voice recordings with automated detection of regulatory, corporate compliance, and conduct risks in digital content.
The volume of call recordings from MiFID II requiring capture, retention, and supervision is growing. Organizations also need to better assess Dodd-Frank risks per CFTC requirements as well as ensure that state insurance suitability requirements are met. In addition, privacy rules like GDPR coupled with personal accountability regimes mean all those recordings need review, supervision, and audit.
Organizations don’t have the toolset to efficiently and affordably performing compliance review, supervision, and audit on large volumes of Red Box recordings. Existing approaches have been inadequate.
- Manual Review on Random Samples – Lacks scale and efficacy, while being costly
- Transcription with Search Tools – Lacks accuracy, takes too much time, costly
Preserve all your voice communications in one searchable archive according to your organization’s retention policies.
Identify misconduct, malicious behavior, or any behavior not consistent with regulations.
AI drives review activity for non-technical reviewers to more easily and consistently deal with recording supervision.
Identify relevant recordings, searching off of policy detection, transcripts, and participants.
- Spend resource and effort on recordings with identified risks versus raw transcript searches on random samples, enabling remediation of more organizational risks.
- Reports provide details on the audio recording, policy violations, reviewer comments, and review steps, providing a full picture and context of your call content and review status for managers and auditors.
- Increase Supervision Scale:
Review 100% of digital content with technology to allow you to focus manual review efforts on high-risk content instead of random samples.
- Streamline Review Workflow:
Visual detail for each review step, enabling workflow editing and built-in content validation and routing.