At a recent RegTech event in NewYork, topics ranged from AI and blockchain to cybersecurity and IoT, but the standout issue was voice compliance, which consistently emerged across various discussions.
Digital communications governance solution provider Theta Lake, who attended the event, recently delved into some of the insights to come from the day.
Theta Lake highlighted a growing concern among the audience, with 67% reported an uptick in regulatory inquiries and examinations related to voice compliance. The discussions underscored the evolution of voice communications, which are no longer isolated within on-premise systems, it said. The integration of voice with other communication modalities like texts, chats, and screen sharing, particularly through Unified Communications and Collaboration platforms, was a major focus, pointing to the need for advanced multimodal recording solutions.
Theta Lake’s participation underscored the urgency in addressing these complexities. Their compliance teams emphasized the necessity of capturing all facets of conversations across acomm, vcomm, and ecomm platforms to ensure comprehensive recordkeeping. This approach is increasingly vital as generative AI assistants and summarization tools complicate the compliance landscape, necessitating selective retention of outputs to stay aligned with regulatory mandates.
Another critical area explored at the conference was the need for highly accurate, context-rich transcriptions. While baseline transcription technologies have seen advancements, they often fall short of the specific requirements for compliance. This has led to calls for innovative solutions that incorporate context, enrichment, and specialized learning models to significantly improve transcription accuracy, tailored to the nuanced demands of regulatory compliance.
The event also featured a session led by Marc Gilman, General Counsel and VP of Compliance at Theta Lake, titled “More Than a WhatsApp Issue: Reducing Off-channel Communications and Improving Reconciliation”. With recent fines exceeding $3bn due to failures in recordkeeping and off-channel communications, this session drew significant attention and sparked extensive discussion among attendees. It highlighted the ongoing challenges and opportunities within the realm of voice compliance, shaped by technological, architectural, and regulatory shifts.
Theta Lake’s commitment to robust Digital Communications Governance was evident, advocating for a comprehensive approach that accommodates various digital voice communication methods within enterprises. They also encouraged participants to explore their latest White Paper, which delves into key compliance considerations for transitioning to cloud-based voice solutions.
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