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Shield Meeting the Demand of Financial Institutions in Germany to Comply with Regulation Regarding Electronic Communications

Shield raises $15m

Shield Financial Compliance (Shield FC), today revealed that it is experiencing unprecedented demand from financial institutions in Germany. It includes large financial institutions and smaller regional banks turning to the Shield 2.0 Financial Compliance Data Management Platform. Working in collaboration with PwC, Thomson Reuters and as part of the Accelerator Frankfurt, Shield FC is offering these organizations the capability to capture, archive, record-keeping, and investigate of interactions across all electronic communications (eComms) channels. This is to satisfy the federal financial supervisory authority – BaFin.

Germany is renowned for having some of the most stringent regulatory requirements in the EU. Also, many financial institutions are struggling with how to fix big holes in their compliance readiness. CEO of Shield FC, Shiran Weitzman explains: “The accurate and comprehensive acquisition of structured and unstructured data; the ability to integrate and correlate trade and eComms information; how to run sufficient record-keeping and the tools to fully reconstruct and investigate trades promptly. These are the issues that keep compliance teams and senior management awake at night, in the wake of MiFID II, MAR, GDPR, and other recent regulatory changes.”

The Shield 2.0 Financial Compliance Data Management Platform was launched earlier this year to address and automate these exact issues, as well as future regulatory challenges such as those surrounding them. Last week, Shield FC was invited by PwC, to present how the platform could be used to also address record-keeping aspects of blockchain-based financial transactions, in the face of upcoming Blockchain regulation.

Next week in Frankfurt, Shiran will be at the Fin Meets Tech event to address these issues in a presentation entitled ‘Financial Compliance for MiFID II, GDPR, MAR and more.  Weitzman adds: “In the past, it may have been possible, yet not preferable, to manually manage many processes but now, with the volume and complexity of interactions and transactions taking place across voice, email, chat, SMS, etc it simply not viable from a cost or compliance perspective. This is why so many large firms are adopting innovative technologies from specialist start-ups such as Shield FC.”

He continues: “Our platform is truly agnostic, meaning firms can integrate their existing and future systems without additional cost or complication.”

Shield FC will also use the Fin Meets Tech event to introduce the machine learning capabilities being introduced to the platform. Weitzman gives a preview: “Powerful machine learning algorithms will automatically assess cases Compliance Officers investigate and those they reject. Each time a case is dismissed the platform understands why. Over time they are only presented with investigations that require their expert attention. This saves time means Compliance Officers focus on what matters most.”


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