Chris Hartley, CEO
As organisations enter the age of digitalisation, the regulatory landscape around them also evolves rapidly. Take financial institutions, for example. Since the 2008 financial crisis, the need to capture, record, process, analyse, and archive crucial data and voice communication has become unavoidable. Especially with regulatory bodies (backed by tough EU and US laws) having the power to demand detailed transaction reports from financial institutions, it is becoming all the more imperative to be able to furnish securely stored evidence data. Also, with organisations going aggressively online, balancing digital collaboration with compliance is adding even more regulatory stress. Although most financial institutions have already put significant effort into adhering to the same, they are realising that the traditional means of recording and storing information often falls short in the face of stringent compliance norms.
Enter Custodia Technology.
A leading provider of compliance technology solutions for the financial sector, Custodia enables financial institutions to capture, record, and retain the full array of voice, data, and collaborative communication interactions conducted through tools like Zoom, Microsoft Teams and trading telephony integrated into one platform for their everyday financial transactions. “We manage end-to-end compliance data management on behalf of financial institutions. Our specialised managed service and the cloud platform gives clients the ability to reconcile communication records for regulatory reporting without any hassle,” explains Chris Hartley, CEO of Custodia.
Untangling the Complexities of Compliance
According to Hartley, every financial institution is under the scrutiny of more than 750 global regulatory bodies and governing agencies. Although these organisations already have a fair amount of hold over the financial landscape, the EU’s market abuse regulation (MAR) enforced in 2016 further bolstered the surveillance. MAR not only raised the bar in terms of diligence and mapping behaviours but also made it mandatory for financial institutions to monitor and report potential financial abuse. But today, MAR is only the tip of the iceberg, as financial firms also have to deal with GDPR and MiFID II, among other stricter regulations.
But no longer! To help financial institutions offload the pressure of such regulations, Custodia offers Compliance Cloud One℠—a global SaaS-based compliance solution that can seamlessly record audio, video, screen-sharing, and messaging. And as the recording solution—built within Azure—is managed by Custodia’s team of compliance technology experts, the clients don’t require specialised skill or equipment to ensure adherence to the regulations. Hartley adds, “The proficiencies of Compliance Cloud One are complemented further by Custodia Assist—a managed service bundle, which enables organisations to seamlessly manage and monitor the recorded content, also giving the ability to track every single recording.”
Our specialised managed service and the cloud platform gives clients the ability to reconcile communication records for regulatory reporting without any hassle
Thanks to Custodia Assist, banks can even streamline their telephony recording practices. One of the main challenges for banks is to reconcile calls that were made from their telephony systems versus calls that were captured in their voice recorders as both systems are independent and siloed from each other. Custodia Assist with its big data platform bridges the gap between telephony and recording to give one holistic picture of their entire trading estate.
“On top of these existing capabilities, we have also added layers of data analytics and reporting to Compliance Cloud One, augmenting its already robust functionalities,” mentions Hartley. The cloud platform can be easily integrated with any digital collaboration tool used by financial institutions during their interaction with different transacting parties. Also, with Compliance Cloud One’s new and upcoming developments in machine learning that include state-of-the-art surveillance, today, clients can monitor communication recordings in real-time, identify risks, and Custodia’s in-built monitoring can proactively alert financial institutions to ensure their compliance obligations while providing strong controls and evidence of end-to-end recording.
The Future of Compliance Management
What’s more? Custodia facilitates a hybrid environment that enables recording and retrieving communication from on-prem systems as well as cloud systems. As such, Custodia’s clients can keep using their existing infrastructure while slowly looking to migrate entirely to the cloud environment. Financial institutions can even personalise the communication recording services to their specific needs by choosing from a set of industry-proven processes and purpose-built tools that thoroughly validate their recording.
Today, this bundled offering—Compliance Cloud One and Assist (a symbiosis of software and managed service) is witnessing rapid implementation worldwide, owing to robust yet low-cost implementation for clients. At this juncture, Hartley notes that the strength of Custodia’s offering is based around a triad of core capabilities: compliance excellence, global financial services framework, and the most advanced technical knowledge in the market. These proficiencies are driven by Custodia’s single focus on the financial services sector and its track record to choose the most appropriate technologies and methodologies and meet the bespoke regulatory needs of each client. And when combined with Custodia’s active presence throughout the world, such capability and capacity to manage the full compliance estate of local, regional, national, and multi-national financial corporations, makes the company a cut above the rest. But that’s not all! Custodia has also formed multiple partnerships with other industry leaders like Verint Systems and CGS to facilitate integrations with niche communication systems leveraged by financial institutions and strengthen the regulatory compliance game even further.
Riding the coattails of such timely and valuable partnerships, Custodia is now looking to broaden the footprint of its Compliance Cloud One platform across the global financial landscape. The company is also planning on strengthening its foothold in different economic regions like the U.S., EU, and APAC. And through these efforts, Custodia is all set to take the helm of the post-COVID-19 regtech domain.