Reflections from Comply2017

Patrick Barnert
By
Patrick Barnert
July 7, 2017
Blog

 

It’s been 4 weeks since attending Comply2017 in New York and I have been reflecting on what was a totally refreshing experience. Two days spent, meeting others with a shared interest in using innovative technology for compliance, was inspiring.

I wanted to share a few takeaways which were based on a few comments I heard.

Here’s the first, which is a quote from one of the presenters:

“The problem is, everybody plans and acts AFTER the crisis”

This is so true and a problem that troubles me. In 2016, for example, RBC was fined $2,000,000 for failing to record e-communications (read the FINRA report here).

Many of Qumram’s financial services customers come to us after they have a hefty fine imposed on them.

But why wait until the damage is already done?

#1 takeaway
Don’t delay, act immediately to address your compliance gaps, and avoid an unnecessary costly mistake.

The 2nd comment was my own after participating in a panel discussion:

“Compliance has the mandate to record digital channels, but the data is also useful for other departments, like marketing”

Regulations require financial institutions to record and archive all digital interactions with customers. That’s what we do – Qumram records every on-screen motion – every mouse movement, URL click, and text that is typed. We ensure 100% compliance for digital recordkeeping, for firms like UBS and Russell Investments.

But compliance isn’t the most exciting part. The vast amount of data captured through the recording process can be used in many ways, for example, to access customer behavior analytics, to assist fraud detection, to facilitate customer support, and to improve the dispute resolution process.

#2 takeaway
Record with purpose and re-use the data.

And the final comment I want to mention was:

“There is no future in compliance without tech enablement”

No-one has a crystal ball, so no one knows what the future holds. But we do know that innovation, disruption, and pace-of-change will continue to be the name of the game.

#3 takeaway
By leveraging RegTech, you can be equipped to change – in a quick, agile, and cost-effective way

If you would like more information on how Qumram can help you to achieve 100% regulatory compliance for digital record-keeping, get in touch.

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