A Cost-Effective Search Platform for Regulatory Compliance in Financial Services
Searching and Analyzing Millions of Records to Ensure Regulatory Compliance
As the number of laws and compliance regulations continues to grow in the financial services industry, it can pose a challenge to implement a solid regulatory compliance strategy while keeping costs down.
Watch the video to learn more about how a large financial institution used a search solution to address data storage, costs, analytics, regulatory compliance reporting, and non-compliance detection across their various data sources.
The Growth of Organisational Data and Compliance Costs
In today's digital age, data provides a wealth of insights to businesses. On the other hand, the huge volume of data can also create challenges to manage and use data effectively. For many organisations, the ability to deliver transparency through data is critical, not only for operational success but also for meeting stringent industry standards.
In e-commerce or customer service, search functionalities can directly affect a business' bottom line because they influence how people find information during their buying journeys. By contrast, in the financial services sector, there is a legal requirement to retain data and make it available and searchable for a period of time, and businesses often incur substantial costs to provide sufficient data transparency to remain compliant with the regulatory requirements. Unsurprisingly, according to a Thomson Reuters' global survey of 600 financial services firms, 68% of respondents were expecting a compliance budget increase in the next year.
Given the costs required for a robust compliance strategy, many financial organisations have looked to search platforms as a cost-effective, versatile alternative to traditional compliance solutions.
Regulatory Compliance for Large Financial Institutions - A Case Story
Just like many other financial organisations, one of our large financial services customers needed to store authentic copies of data from multiple sources in order to ensure their operations align with compliance practices.
The customer had implemented a platform for archiving all electronic communications, such as emails, phone recordings, and digital messages but needed Search Technologies’ help to build a search application for compliance reporting and non-compliance detection.
The search-enabled platform for regulatory compliance allows for:
- Quickly searching over hundreds of millions of records from both internal and external data sources
- Saved searches, legal holds, and document archiving
- Flexible reporting and exporting capabilities
- Flagging non-complying patterns based on sophisticated search criteria and rules
- Active Directory support
- Voice call preview integration
Our customer used the Hitachi Data Systems platform for search, analytics, and discovery, but many other search engines, including the open source Solr and Elasticsearch engines, can be leveraged to build flexible, scalable platforms that can handle huge amounts of data across the organisation.
The custom search platform for regulatory compliance provides a search-centric view of all data sources, enabling our customer's compliance team to control costs, operate more efficiently, and successfully maintain compliance standards across all electronic communication touch points within their financial services business.
Watch my video above for additional details.