This week I have a special five-part podcast series, sponsored by Verint on the Future of Communication in Financial Compliance on the Innovation in Compliance podcast series on the Compliance Podcast Network. My guest in this series is Phil Fry, VP and GTM of Financial Compliance Strategy at Verint. Over this series, we took a deep dive into the current status of communications in financial institutions; how to be or not be compliant; an analysis and insight into the area; and how to avoid accentuating the negative and the human element in compliance. In this five and concluding blog post, we look down the road at financial institution communications compliance.
In the rapidly evolving landscape of AI and digitalization, the importance of human compliance in regulatory compliance cannot be overstated. We shed light on the need to shift the focus from technology to understanding individuals and their communication channels when it comes to compliance. One of the main challenges highlighted in the episode was the siloed approach to communications within corporations. Many organizations fail to recognize the interconnectedness of different communication modalities and view them as separate entities. However, compliance demands a holistic approach that encompasses all in-scope individuals and the communications they use.
To address this challenge, a compliance communications platform can provide immense value. Such a platform captures, analyzes, and reports on all communication modalities, enabling a comprehensive view of compliance. It shifts the focus from technology to the alignment, visualization, and processing of data around people. By understanding individuals and their communication patterns, organizations can better ensure compliance.
Phil Fry emphasized the importance of data completeness, integrity, and control in compliance. A compliance communications platform should be able to capture and analyze data from various sources, including voice communications, chat, text, and video conferencing platforms like Zoom and Symphony, and even mobile devices. This comprehensive approach ensures that no communication is overlooked and that compliance requirements are met.
The episode also touched upon the role of IT teams in compliance. While IT teams have traditionally been responsible for implementing compliance solutions, the alignment between vendors, IT teams, and compliance teams can be challenging. Compliance teams must be involved in decision-making processes to align technology with risk management goals. This collaboration ensures that technology solutions are not just focused on functionality but also on addressing compliance requirements.
Looking toward the future, the episode discussed the role of technology in simplifying compliance processes and reducing complexity. Generative AI and machine learning are expected to play a significant role in analyzing and understanding compliance data. However, it is important to note that technology alone is not the solution. The analysis, visualization, and control of compliance policies are equally important to ensure proactive management and derive valuable insights from the data.
In conclusion, human-centric compliance in the era of AI and digitalization requires a shift in focus from technology to understanding individuals and their communication channels. Compliance communications platforms that capture, analyze, and report on all communication modalities are essential for a comprehensive compliance strategy. Collaboration between vendors, IT teams, and compliance teams is crucial for aligning technology with risk management goals. By leveraging technology and implementing effective data analysis and policy control, organizations can simplify compliance processes and ensure regulatory compliance in the digital age.
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