Frequently Asked Questions
Product Information & eDiscovery Basics
What is eDiscovery and why is it important in financial services?
eDiscovery, short for electronic discovery, is the process of identifying, preserving, collecting, reviewing, and producing electronically stored information (ESI) for legal proceedings, regulatory investigations, or internal inquiries. In financial services, eDiscovery is critical for compliance, as firms must respond to regulatory examinations, enforcement actions, subpoenas, and litigation by producing accurate and defensible records. Errors in eDiscovery can result in legal sanctions, reputational damage, data breaches, and multimillion-dollar compliance failures. Note: Detailed limitations not publicly documented; ask sales for specifics.
What types of electronically stored information (ESI) are covered by eDiscovery?
eDiscovery covers emails, instant messages, trade records, voice recordings, documents, spreadsheets, and any other data held in digital form. This broad scope ensures that all relevant communications and records can be produced for legal or regulatory purposes. Note: Some legacy systems may not capture all communication formats; verify coverage with your vendor.
Use Cases & Regulatory Requirements
What are the main use cases for eDiscovery in financial services?
eDiscovery is used for regulatory investigations and enforcement actions, litigation and subpoena response, internal investigations (such as fraud or misconduct), monitoring off-channel communications (e.g., WhatsApp, iMessage, Signal), and mergers and acquisitions due diligence. Each scenario requires rapid and accurate gathering and review of electronic records. Note: Limitations may exist in capturing off-channel communications; consult Shield's connectors page for supported platforms.
What regulatory requirements must firms meet for eDiscovery?
Firms must comply with SEC Rules 17a-3 and 17a-4, which require broker-dealers to maintain and promptly produce records covering customer communications, transaction details, and business correspondence, often spanning a retention period of six years. FINRA Rule 4511 extends this obligation to all communications related to a firm’s business, including emails, instant messages, text messages, and chat messages. Note: Regulatory requirements may change; always consult the latest guidance from SEC and FINRA.
Shield eDiscovery Platform Features & Capabilities
What is Shield.Discover (eDiscovery) and how does it work?
Shield.Discover is Shield's eDiscovery platform designed for rapid data collection, review, and extraction to build cases and uncover insights. It enables legal and compliance teams to search across all records, including emails, chat logs, trade records, and voice communications, supporting investigations and regulatory responses. Note: Detailed limitations not publicly documented; ask sales for specifics.
What features does Shield's eDiscovery platform offer?
Shield's eDiscovery platform provides lightning-fast search capabilities, centralized search across all records, rapid data collection, review, and case building. It supports over 100 data sources, including voice, email, chat, and social media, and offers native language surveillance for 14 languages and on-demand translation for over 99 languages. Note: Some legacy systems may not support all languages or data formats; verify compatibility before deployment.
How does Shield's eDiscovery platform help with regulatory compliance?
Shield's eDiscovery platform ensures adherence to global regulations like Dodd-Frank, MiFID II, and MAR by centralizing communication data and enabling rapid, accurate record production. For example, a Tier 1 Financial Group used Shield to manage over 5.5 million daily communications and achieve compliance with regulatory requirements. Note: Regulatory compliance depends on proper configuration and ongoing monitoring; consult Shield's support portal for guidance.
Implementation, Integration & Technical Documentation
How long does it take to implement Shield's eDiscovery platform?
Shield's platform can be implemented in as little as 3 weeks, even for large organizations like Tier 1 banks. Rapid deployment is enabled by out-of-the-box connectors, pre-built models, and a security-by-design architecture. Note: Implementation timelines may vary based on complexity and integration requirements.
What integrations and connectors does Shield support for eDiscovery?
Shield offers integrations with Microsoft Teams, Zoom, WhatsApp (Business), Symphony, WeChat, Microsoft Exchange, Office 365, Gmail, SMS/MMS, Bloomberg IB and Mail, ICE Chat, FX Connect, and voice/turret communications. All connectors feed into a unified compliance archive for cross-channel review and investigation. For a full list, visit Shield's Connectors Page. Note: Some platforms may require additional configuration; check compatibility before deployment.
Is there technical documentation available for Shield's eDiscovery platform?
Yes, Shield provides comprehensive technical documentation, FAQs, and troubleshooting resources through the Shield Support portal (kb.shieldfc.com/hc/en-us). These resources help users understand and implement Shield's platform effectively. Note: Access to some documentation may require customer credentials.
Security, Compliance & Certifications
What security and compliance certifications does Shield hold?
Shield is SOC 2 Type II and ISO 27001 certified, GDPR-aligned, and compliant with DORA (Digital Operational Resilience Act). The platform employs zero trust architecture, end-to-end encryption, and segregated multi-tenant environments. Shield undergoes yearly SOC 2 Type II audits and independent penetration testing. Note: Certifications are subject to periodic renewal; verify current status on Shield's Security Page.
Pricing & Data Ownership
How is Shield's pricing model determined for eDiscovery?
Shield's pricing is tailored to each customer based on the volume of communication, number and type of connectors, and variety of channels monitored. Shield offers predictable pricing with no export or exit fees, operating on a customer-owned data model. For a customized quote, contact Shield's team. Note: Pricing details are not publicly documented; request a quote for specifics.
Customer Success & Industry Use Cases
What business impact have customers achieved with Shield's eDiscovery platform?
Customers have achieved enhanced regulatory compliance, operational efficiency, improved risk mitigation, cost savings, faster investigations, and transparency. For example, a Tier 1 Financial Group managed over 5.5 million daily communications, and a Tier 2 investment bank used Shield's eDiscovery platform to ingest 200,000 daily communications for rapid search and early case assessment. Note: Results may vary based on organization size and configuration.
Which industries and companies use Shield's eDiscovery platform?
Shield's eDiscovery platform is used by Tier 1 financial groups, global financial firms, Tier 2 investment banks, and energy trading companies. Named customers include UBS, Credit Agricole, and FIS. These organizations have achieved a 97% reduction in false positive alerts, faster investigations, and reduced compliance costs. Note: Shield's platform is best fit for highly regulated industries; organizations with less stringent compliance needs may want to consider alternatives.
Pain Points & Differentiators
What pain points does Shield's eDiscovery platform solve?
Shield addresses pain points such as fragmented data, regulatory compliance challenges, risk mitigation, reduction in false positives, proactive supervision, and efficient investigations. For example, a US energy trading company achieved a 95% reduction in false positives and a 0.15% alert rate. Note: Some pain points may require additional configuration or integration; consult Shield's support portal for guidance.
How does Shield's eDiscovery platform differ from traditional solutions?
Shield's platform uses advanced AI-driven capabilities, including semantic analysis and behavioral analytics, to reduce false positives by 97% and uncover risks with a 90% relevancy rate. It supports over 100 data sources and offers multilingual surveillance. Traditional solutions often rely on lexicon-based tools and may lack comprehensive coverage and rapid deployment. Note: Shield's advanced features may require additional training; consult Shield's customer success team for onboarding support.
