Compliance officer

A frustrating (and regular) day in the life of Tom, Compliance Officer

I’ve been a part of the Shield team for a year now, and the thing that always amazes me, is the fact that no matter how big or small, how tech oriented or not, whether it’s an EU bank or a US one, most compliance officers face the exact same problems and struggles in their day-to-day.

In essence, they spend too much time on simple, mundane activities, mostly alert saturation.

A day in the life of a compliance officer

I would like to walk you through a day in the life of a compliance officer in a financial firm. Let’s call him Tom.

Tom wakes up, goes to work, gets to his desk and starts working. He opens his Inbox and what does he see? A few requests from your boss to investigate a certain trader’s behavior last Monday, a few other investigations to be done and of course over 100+ alerts to review in the trade surveillance system.

Now, in order to investigate this trader within the bank’s data, Tom needs to now dig up everything he can on this specific individual including all calls, emails, and chats he had done that day together with ALL the trade data he can gather.

Another day at the financial firm

Another day at the financial firm

Sounds easy right?

Well, here’s the catch, all these data sources are stored in separate systems, with a different IT admin in charge who of course won’t give him access to this vital information so easily, needs approval and so on and so on. Not to mention the 100’s of alerts Tom needs to review in the hopes of finding a smidge of a scenario that can be turned into a real investigation.

This is the day to day of thousands of compliance officers, analysts, operation consultants or anyone who needs to perform investigations at the firm, and this is real.

Follow us on LinkedIn for unique content


So what do you do about it?

For years, the approach financial firms have taken to compliance, regulations and their requirements have been tactical, “cross that bridge when you get there” mindset. Buying systems and licenses with every requirement that arose – for example if the regulation said to record calls, they bought a system just for that and the list goes on as the communication channels grew.

This created an IT disruption called data silos.

From a compliance standpoint, at Shield, we placed all that data into our compliance platform using AI-powered correlation engines. And now a Compliance Officer like Tom will have a visualized workspace to dig through relevant data and inevitably create effective investigations. In order to help Tom reduce his false positive alert list, we have modules in place to perfect scenarios and make his work more efficient.

Essentially you need to close the gap and the disruption I have just described both from a compliance perspective as well as a technological one.

With our platform, firms are not only meeting regulatory requirements but also reducing compliance costs and risks and most importantly empowering the business with the latest and greatest technology in the world of regulations.

 

Share this post