Artificial Intelligence

Smarsh 10th Annual Risk & Compliance Survey Highlights Surging Regulatory Risks Of Remote Work With Intensified Use Of Digital Communications By Financial Firms

Published

3 years ago

February 22, 2021

Smarsh®, enabling organizations to manage risk within their digital communications and future-proof their compliance and supervision, today released its 10th Annual Risk & Compliance Survey Report, capturing the responses of more than 100 compliance professionals in the financial services industry. The survey finds that last year’s widespread and rapid shift to work-from-home models in response to the global COVID-19 pandemic proved to be a double-edged sword for businesses — technology made it possible to connect, collaborate and be productive, but the lack of oversight for those new channels creates significant regulatory and reputational risks.

Smarsh captures and archives billions of digital messages per month from broker-dealers, registered investment adviser (RIA) firms, insurance companies and global banks. The firms and institutions included in the survey encompass 450,000 professionals supporting more than $1.3 trillion in assets under management.

Commenting on the survey results, Stephen Marsh, Founder and Chairman of Smarsh, said, “Our findings underscore that financial services organizations have adopted digital communications and collaboration platforms like Zoom and Microsoft Teams at a far more significant scale and speed than commonly assumed. The pandemic has accelerated digital communications trends that are positioned to remain part of the long-term industry landscape, regardless of what happens in the public health arena this year and beyond. Given the incredible growth in volume and variety of digital communications content, firms need to make sure that they have extended their retention and oversight efforts accordingly. Those that fail to do so are much more vulnerable to risk.”

“Firms are facing an urgent need for much more comprehensive supervision of the broadest possible array of digital communications and collaboration tools,” continued Marsh. “Regulators have made it clear that failure to do so will trigger significant fines and penalties. As a result, financial services companies have two choices: They can break their budgets by hiring entire new departments of compliance professionals to conduct more manual supervision, or they can adopt the latest technologies to conduct cost-efficient, highly scalable supervision of digital communications that helps them more effectively meet regulator expectations.”

Key Findings

Approximately 70% of respondents shifted primarily to remote-work models due to the pandemic. Within that group, 86% have moved more than three-quarters of their workforce to a remote model. As a result of the shift to the remote workforce, financial firms have major concerns about cybersecurity risks and employee supervision challenges in an environment ripe for fraud and mistakes.
More than half (51%) of survey respondents indicated they’ve recently adopted tools like Zoom, or added seats or capabilities, in response to work-from-home mandates. However, of the 83% of firms that allow conferencing tools, only 22% have established retention and oversight programs for the resulting communications content. That’s concerning, suggesting a compliance gap exists between company policies and procedures and firms’ regulatory obligations. As new communication tools continue to proliferate and evolve, this gap is likely to widen.
Instant message and collaboration platforms, like Microsoft Teams and Slack, have become the connective tissue for many organizations that have shifted to remote work. However, they too present unique retention and oversight challenges. Of the firms that use these tools for business, nearly one-third (30%) do not have a system for retaining and monitoring the content that’s being generated.
Although 48% of respondents saw “understanding new and changing regulations” as a top concern related to electronic communications policies, regulation and enforcement, 63% lacked confidence they could satisfy examiner demands for communications data from digital meetings solutions platforms even though business communications from these digital platforms is fair game for regulators.

Facing the Challenge

In 2020, collaboration and conferencing platforms became critical. Collaboration platforms bundle instant messaging, video conferencing, whiteboarding and other capabilities into a cohesive, easy-to-use package. Even when the global pandemic comes to an end, the shift to a heavily remote work organization and the embrace of the ever-increasing number of digital communications tools is here to stay for the long term.

The Smarsh 10th Annual Risk & Compliance Survey Report reveals that regulators will remain vigilant in scrutinizing financial firms that fail to capture, retain, monitor, and produce upon request all work-related digital communications content. That is why these firms require a combination of strong compliance and supervision policies, employee training, and modern technology to mitigate risk adequately.

“The future of digital communications compliance for wealth managers and financial institutions will be defined by what we call ‘Communications Intelligence’,” notes Marsh. “Put simply, this is the seamless combination of digital communications content capture, surveillance, archiving and e-discovery, integrated with the latest artificial intelligence technologies. At the heart of Communications Intelligence is our recognition of the enormous potential for leveraging the ever-increasing volumes of digital data to proactively identify potential regulatory risks while empowering businesses to find previously undiscovered insights that are critical to growth and innovation.”

Related Topics:COVID-19 latest-news Smarsh Stephen Marsh

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Artificial Intelligence

Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms

Published

4 hours ago

April 25, 2024

CISION (PR Newswire)

MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.

SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/enghouse-video-partners-with-sonifi-health-to-deliver-advanced-telehealth-solutions-in-hospital-rooms-302126882.html

Artificial Intelligence

Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

Published

10 hours ago

April 25, 2024

CISION (PR Newswire)

Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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View original content:https://www.prnewswire.co.uk/news-releases/global-insurance-provider-selects-3clogic-to-streamline-ai-and-contact-center-capabilities-with-servicenow-302127739.html

Artificial Intelligence

ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO

Published

10 hours ago

April 25, 2024

CISION (PR Newswire)

screenpoint-medical-leadership-transition:-pieter-kroese-confirmed-as-ceo

Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.

The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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