Financial institutions and companies in other regulated industries are under the microscope like never before. With increasing global commerce, growing data volumes, data privacy issues, aggressive regulators and cybersecurity crises, corporations are facing immense pressures and challenges in maintaining compliance and managing their legal and IT budgets. Employee surveillance is one approach that can help address these pressures. Theoretically, it can detect and prevent illegal or harmful activity within an organization. Despite the fact that these processes are historically manual and error-prone, various forms of surveillance are considered standard practice in the financial services world and among highly regulated institutions.

The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) both require banks to monitor employees’ personal trades and other activity that may signal illicit trading. This includes recording and storing phone calls. And while banks have long recorded and saved calls, there hasn’t been an efficient way to use or access that data. Traditionally, when responding to a regulatory probe, an organization would end up paying millions of dollars to have a group of lawyers listen to thousands of tapes, with hundreds of thousands of hours of audio, only to find that maybe 10 percent or less of the audio reviewed was actually relevant to the inquiry.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]