From: RegTech Analyst
Lawmakers have hurled a smattering of new regulations against the financial industry over the last decade, forcing them to up their reporting efforts or risk facing fines and other sanctions.
In the US, legislators have introduced the Dodd-Frank Act and, across the pond, the EU has put in place laws like the Markets in Financial Instruments Directive (MiFID II), which is currently under review in regards to its rules about reporting requirements from third-country firms to the European Securities and Markets Authority.
Call recording is a key area that these rules regulate, with businesses having to ensure they follow the rules and stipulations set up by policy makers.
This is not always easy. However, Theta Lake is suggesting that it might have a solution. The RegTech company is at the forefront of call recording compliance, using a mix of automated risk detection and risk prioritisation to help compliance officers streamline their workflow.
Theta Lake has already created partnerships with Zoom, RingCentral and Cisco to help businesses using their solutions remain compliant.
Now it has unveiled a new overview to give companies a better understanding of how it can help them.
The overview states that Theta Lake can benefit businesses by enabling them to quickly and cost-effectively scale their supervision with automation, boost their compliance efforts by prioritising your review based on risk score, rather than random sampling and by reducing organisation risk with a consistent, efficient process for call recording review.
Theta Lake was recently audited by the American Institute of Certified Public Accountants regarding how it deals with data and was given a thumbs up in the resulting System and Organization Controls (SOC) 2 report.
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