Financial institutions are grappling with significant, ongoing challenges in their management of valuable communications data. These challenges are driven by accelerated technology change, a wholesale shift to cloud platforms and many long-lasting changes in working practices and behaviors post-COVID. Financial institutions have experienced a seismic shift from an era where all communications data was stored in centralized servers within the walls of its enterprise data centers. Now, email, chat, voice and video along with other dynamic forms of collaborative content, is stored across a myriad of third-party communications channels and cloud-based platforms outside the perimeter of the enterprise.
Adding to data complexities, authorities in financial centers worldwide are increasingly focused on the risks and potential gaps in institutions’ ability to comply with complex global retention regulations.
Against this backdrop, how can risk and compliance leaders retain the flexibility and agility of instantaneous digital communication while keeping the increasing volume and veracity of critical communications data under control?
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