A simple and well constructed article around the evolution of compliance Technology over the last two years.
The next big surveillance area primed for bleeding-edge breakthrough technology? Voice.
In the beginning: "I can remember as a compliance officer, one of my colleagues was running Excel sorts in tables every day. And they were doing sort after sort after sort," recalled Nosal. "They didn't even realize they could do not just primary sorts but secondary or tertiary sorts. Little things like that were consuming tons of hours and not taking advantage of technologies even available then." What's next: managing the overload The tools enabling compliance people to do their jobs are getting broader. They have also been getting a bit confusing. "During the last 2 years the industry saw rapid deployment of the number of key technology capabilities, one of the biggest being this notion of cross-market analysis, the ability to look at trading and securities traded on multiple exchanges and multiple geographies at the same time, and more importantly, the ability to look at related securities," he explained. As a result, Nosal believes we're moving to an era of managing overload. The overwhelming volume of alerts has to be managed more efficiently. The new software will still perform the analytics, establish preventative controls, and enable these firms to leverage huge volumes of data to prevent malpractice and compliance events from occurring.