ACA Group (ACA), the premier governance, risk, and compliance (GRC) advisor for the financial services sector, has announced a substantial upgrade to its eComms Technology Solutions suite within the ComplianceAlpha® platform. This upgrade brings advanced archiving functionalities designed to enhance efficiency and offer increased control for clients of ACA Group.
Enhanced User Interface and Functionality
The newly developed archive function features an updated user interface (UI), offering fast search functionalities and an improved user experience (UX). This allows users to navigate through extensive datasets effortlessly. The enhanced features enable users to extract and export data directly from the search interface, reducing reliance on third-party support and significantly speeding up response times to regulatory inquiries. Cutting-edge features like random sampling enhance compliance oversight, setting a new standard for the governance of electronic communications within the industry.
Regulatory Landscape and Compliance Challenges
As the SEC and CFTC continue their enforcement campaign on books and records, now entering its fourth year, with fines exceeding $3.28 billion, the regulation of electronic communications remains a crucial focus for regulatory bodies. According to the 2024 Investment Management Compliance Testing Survey, 59% of investment management compliance professionals identified electronic communications surveillance and off-channel communications as their primary concern. Additionally, recent SEC examinations have underscored the importance of books and records compliance (58%) and electronic communication monitoring (73%).
Expert Insights on Archiving Capabilities
“Robust archiving of electronic communications is crucial as regulators increase their focus on compliance with books and records and governance of digital communications,” said Peter Kenny, Managing Director and Head of Global Surveillance Strategy at ACA Group. Our advanced archiving solutions provide firms with greater control over their data, featuring faster search capabilities and streamlined data extraction through an enhanced user interface.
Comprehensive eComms Technology Solutions Suite
The comprehensive eComms Technology Solutions suite from ACA Group provides powerful tools for capturing, archiving, and monitoring electronic communications throughout their digital lifecycle. Featuring over 150 predefined risk scenarios and integration with more than 85 connectors in over 25 languages, the suite achieves an 80% reduction in false positives, significantly bolstering firms’ digital communications governance strategies.
Key Components of the eComms Technology Solutions Suite
- Capture: Ingests communications from various platforms, including email, financial platforms, collaboration tools, social media, mobile capture for Bring Your Own Device (BYOD), and voice transcription.
- Archive: Meets critical regulatory requirements while equipping firms with efficient tools for addressing complaints, audits, and investigations. Features include streamlined data migration, a reliable and fast search experience, and a simplified user interface that includes dynamic filters, message highlighting, saved searches, search history, and calculated results.
- Surveillance: Automates the oversight of high-risk activities using AI technologies such as Natural Language Processing (NLP) and Relationship Forensics. Notable features include data curation, dynamic risk scenario inputs, risk detection and scoring, cross-module integration, and an efficient workflow for identifying, investigating, remediating, and documenting risks.
Empowering Compliance Teams
Together with ComplianceAlpha’s analytics and reporting functionalities, the eComms Technology Solutions suite enables compliance teams to maintain policy adherence and respond swiftly to regulatory or audit inquiries.
Meeting Evolving Compliance Needs
With the increasing demand for electronic communications archiving solutions amidst heightened regulatory oversight, our eComms Technology Solutions suite is specifically designed to address these evolving requirements,” remarked Patrick Olson, CEO of ACA Group. These solutions, seamlessly integrated into ComplianceAlpha and coupled with ACA’s managed services and advisory expertise, enable compliance professionals to manage regulatory risks with greater efficiency.