Raise Your Archiving IQ: Why You Must Future-Proof Your Archive
In the fifth and final instalment of this blog series, we explain how a cloud-enabled, unified data strategy is critical to future-proofing your archive
The world of decentralized work has brought major advances in how we connect and communicate, with the adoption of tools that have unshackled many organizations from email as their ‘go-to’ digital communication.
However, as newer applications have eased the challenges of collaboration and data sharing in an evolving work environment, the multi-channel workplace has presented unique challenges for regulated organizations when it comes to data governance.
In particular, financial firms are grappling with the supervision and compliance implications of this newly hyper-connected workplace, with regulators coming down hard on those who fail to meet recordkeeping requirements. In many cases, employees’ using ‘unapproved’ (i.e. unmonitored) channels or devices for business communication has added to the severity of the fine.
Now more than ever, having a unified data strategy is key to staying ahead of evolving demands for electronic communications supervision, which will also realize countless benefits.
Here are just some of the ways that financial firms can leverage digital-first data archiving and retention capabilities to futureproof changing archiving needs.
Consolidated, manageable data in the cloud
Capturing and preserving data across a dispersed workforce using applications like Slack and text messages, through to video conferencing and file sharing services, must be at the forefront of a firm’s compliance strategy. Cloud-native platforms bring capabilities that unify disparate data to maintain regulatory compliance while accelerating digital transformation. Having a scalable cloud architecture for your archive also delivers faster time to value and reduces overall costs. For these reasons and more, Gartner predicts that cloud-native platforms will serve as the foundation for more than 95% of new digital initiatives by 2025 — up from less than 40% in 2021.
Furthermore, with many legacy compliance products reaching their so-called End-of-Service-Life (EOSL) within the next two years, and extended support (where available) time-restricted, modernizing outdated data governance technologies becomes even more critical for compliance and IT leaders.
AI-powered working practices
While frequent reference is made in the industry to employing Artificial Intelligence (AI), few financial firms – certainly those without access to data science capability – are realizing its benefits. The widespread application and potential of AI is as much a challenge as it is an opportunity, but as a deluge of communications pass through organizations daily, it’s increasingly important for firms to first capitalize on machine learning capabilities that can subsequently inform policy through pre-trained AI models. These models can then enhance business efficiency around communications surveillance to understand not only what’s being said, but how it’s being said. Sophisticated behavioral analytics can also spot threats such as rogue trades or disclosure of confidential information.
Reduce litigation and enforcement risk
Along with more resilient oversight practices, rising volumes of communications data create a more urgent need for processes that help eDiscovery users to quickly identify required data, often on a critical timeframe.
If a firm receives a legal or regulatory request for digitally stored data, its legal and compliance teams will often have to drop everything to find, gather, and submit data to a strict deadline. Too often, this means diverting scarce IT resource to retrieve potentially years of data across multiple locations adding time, stress, and cost to the eDiscovery process.
Having a centralized platform with unlimited storage capacity and customizable workflows is one of the stand-out benefits of having a cloud-based archive solution and enables teams to find, organize, and share all relevant data and defense documents for audits, legal cases, internal investigations, and more in seconds, not days.
These are just a handful of reasons why a cloud-first approach to electronic communications capture and retention is key in an increasingly complex digital world. Taking active steps to consolidate your communications data, sooner rather than later, will not only help you realize more productive and efficient workflows, but it will put your organization in control of your data, so you can capitalize on your strengths, identify weaknesses, and promote a culture of actionable insight.