Future-proof compliance in the Multiverse of Madness

The world as we once knew it has changed. Forever.

Later this year, the superhero movie, Doctor Strange in the Multiverse of Madness, will be released. The film centres on Doctor Strange and his mystical allies as they enter a portal into a multiverse of alternate realities to confront a powerful new adversary.

Much like Doctor Strange and his friends, compliance teams in regulated financial firms around the world are facing new realities, accelerated by a confluence of events: the global pandemic, the rise of cryptocurrencies, world events such as the ongoing war in Ukraine and the resulting sanctions against Russia, the demographic shift to younger investors and the dawn of the metaverse.

As we come out of the pandemic, working remotely has made us more physically disconnected but more reachable than ever – and cemented how integral digital communication channels are in our working lives. Employees are on the go, in the office or at home. A meeting that is totally held in person will increasingly be a blue moon event. The previous world of “email and phone” has transformed into email, Teams, Zoom, Slack, WhatsApp, WeChat, Reddit, TikTok and more.

While this revolution has empowered employees and customers like never before, it has also created immense challenges for compliance teams. Remote work makes it easier for bad actors to engage in undetected misconduct and harder for firms to promote a positive culture.

To remain compliant, each new communication channel must be recorded, monitored and searchable. The net result: compliance leaders are dealing with higher communication volumes, riskier behaviours, increased regulations and steady or lower budgets. Yesterday’s approaches simply won’t work. In this new age, the new office is creating new data to capture, which requires proven new tech to remain compliant.

Fortunately, innovations already exist to address these challenges. Breakthroughs in natural language processing and multilingual analytics cut through false positives to expertly pinpoint key risks across languages. Increased data volumes are easily managed via massive cloud infrastructure. Finally, advances in machine learning enable fairer, more equitable artificial intelligence.

As a compliance and archiving solutions provider, Smarsh has been rigorously tuned in to these changes and is trusted by many of the largest banks and financial firms in the world. We recently launched our Communications Intelligence Platform to enable compliance in this new world of work and provide companies with a future-proof foundation for their communications data strategies. This enables firms to leverage artificial intelligence and public cloud infrastructure to capture, retain, analyse and act on insights across any communication in any language at any scale.

The new work environment is creating new communications and corporate risks. Uncertainty and change, though, need not spell disaster. Enlightened organisations that are agile and open to leveraging best-in-class new technologies, such as Smarsh’s Communications Intelligence Platform, can rise to the challenge and turn communications data into an asset rather than a liability.

By Goutam Nadella, Chief Product Officer, Smarsh