Compliance is growing more complex by the year. Presently, regulators demand oversight across more than 100 communication platforms, including email, IM, voice, video, social, mobile, and numerous collaboration tools.
In response, firms are expanding their communications capture to include new and additional channels. A Global Relay survey of over 12,000 firms found a significant increase year-over-year in the capture of modern platforms used for business purposes:
- WhatsApp up 36%
- Apple® Messages up 114%
- ChatGPT up 2900%
- TikTok up 2000%
With this influx of data, compliance teams face two pressures to improve operations: the first is an incentive to increase efficiency via new technologies, and the second is the pressure to keep up with increasing regulatory scrutiny. These motivating forces can be thought of as the carrot and the stick, compelling teams to implement a modern archive.
Carrot and stick: technology innovation and increasing regulatory scrutiny
The carrot
Technological innovations have increased the amount of data firms can capture and the ways they can harness that data. New technology allows organizations to communicate in novel ways without increasing the burden on their compliance teams.
An advanced recordkeeping solution can cut down review times, speed up eDiscovery, and forge entirely new pathways to business efficiencies. With more data and stronger analytics, a modern archive can help you identify business insights like where and how a sales conversation goes off the tracks, or what areas in cross-team collaboration need a little elbow grease.
By expanding beyond a traditional archive and leveraging artificial intelligence (AI), firms can identify risk in real time, leading to faster investigations, quicker reporting, and consistent governance.
The stick
In 2020, compliance teams had to quickly adapt to new communication and collaboration channels as companies shifted to work-from-home policies. Now, AI tools like ChatGPT are once again changing the way teams work. Regulators are also responding to the changing landscape, increasing their expectations on how firms demonstrate proactive compliance.
In 2024, the Department of Justice (DOJ) Criminal Division issued updates to its Evaluation of Corporate Compliance Programs (ECCP). The new guidance specified the importance of maintaining complete communications data and leveraging data analytics to enhance compliance operations. New channels like generative AI and ephemeral messaging platforms are called out as challenges compliance procedures must evolve to meet.
Upgrading to a modern archive that does more than just store data clearly demonstrates an investment in compliance, in line with regulatory expectations. Improved reports, eDiscovery, and monitoring all help protect against fines for noncompliance.
Everything a modern archive can do
A modern archive transforms recordkeeping functions from passive storage to a complete compliance engine. How? Because the way your archive stores data makes all the difference.
Improved monitoring
Global Relay Archive stores all communications data in a unified and enriched format. Your data is structured and classified as it is ingested into the Archive. Duplicate messages and irrelevant metadata are removed, classification tags are applied, audio is transcribed, and all data is unified as a single data format. This format optimizes LLM analysis, significantly reducing false positives and linking conversations that occur across multiple platforms.
Audio capabilities
New audio translation capabilities allow the standardization of over 50 different languages, so analysts from any location can review flagged audio in their native language. Translations also allow audio data to be indexed alongside all other data types, facilitating fast reports and comprehensive, cross-platform monitoring while meeting new regulatory expectations.
Advanced reporting
Improvements to reports and eDiscovery processes allow users to quickly surface and filter the data they despite new data types and larger quantities overall. When it comes to investigations, speed is of the essence. Compliance teams need to surface results quickly with the correct information included.
Security for today’s threats
Security measures must also be strengthened in step with increasingly sophisticated attacks. Compliance teams need to prove their books and records, respond faster, and reduce noise during review workflows. The Global Relay Archive is hosted in a private cloud storage, meaning the archive stays online when public servers go down, the Global Relay Archive isn’t affected.
Bespoke security measures like Constant Integrity Checking (CIC) continuously validate your communications data and eliminate the possibility of loss or corruption.
The power of a modern archive: Global Relay for Baird
Baird, an international financial services firm offering investment banking, private equity, asset management, and wealth management solutions, implemented the latest Global Relay Archive to support internal collaboration, improve workflow reviews, and provide an audit-ready trail of every message across every channel.
