Scaling your risk control systems: Reactive to proactive surveillance
When it comes to communication surveillance every firm is on a different compliance and risk journey – what one firm needs another may not, depending on respective fields, regulatory requirements and the size of the enterprise. The technology to capture and monitor communications therefore also varies depending on the individual needs of the firm – with more intuitive technology needed to reap the full benefits of a more proactive approach.
In this blog we take a look at how your firm can achieve proactive surveillance and the main blockers which you may be facing when looking to achieve this level of surveillance. But first, what do we mean by reactive and proactive surveillance?
Most companies who are responding to their basic mandatory regulatory requirements and are aware and concerned about responding adequately to these requests, fall into this category. The priority for these firms is responding to past and present threats inside communications, rather than anticipating future compliance risks from monitored or unmonitored channels. Firms within this phase will more than likely actively record and store communications across the necessary channels and conduct forensic investigations after a regulatory request or whistleblowing event.
Additionally, some ad-hoc surveillance or sampling may be conducted when taking a reactive approach to surveillance. This approach, although providing firms with the necessary safeguards when it comes to regulatory requests, fails to capitalise on the value which a more proactive approach to surveillance can provide.
Proactive surveillance provides firms with an additional level of security when it comes to anticipating future dangers. Firms falling into this category will regularly monitor communications and have the appropriate management and controls in place to further strengthen security and compliance risk. Alerts will be tailored and designed to meet the needs of the organisation and will benefit from the enhanced overview which this provides – streamlining processes and saving time, money and physical resources.
Although this level of security has many benefits it is often difficult to achieve. Below are just some of the main obstacles you may face in progressing to proactive surveillance.
In the current macroeconomic climate, everyone is feeling the pinch, this is no different for many firms who seek solutions to bolster and strengthen their control systems. When it comes to this feat, ensuring you are getting the most bang for your buck is important whilst fulfilling your firm’s needs.
Implementing and rolling out new controls takes not only money but also time. Finding time to execute a new surveillance system can put your firm under increased pressure and for this reason you may be deterred from doing so. However, with the right provider this need not be the case!
Often firms prioritise money making efforts over surveillance systems – however having a communication surveillance solution in place not only leaves firms regulator ready but provides further safeguards when it comes to revenue protection.
Top Tips for achieving proactive surveillance
Achieving proactive surveillance can be challenging for firms so to get you started here are 5 tips to get you started on your journey to proactive surveillance!
- Review your needs
Take time to assess what degree and level of surveillance your firm actually needs. For smaller firms with just a few team members perhaps reactive surveillance functions adequately and no further surveillance measures are needed.
- Assess your funds
As previously mentioned, budget plays a leading role in impeding surveillance system updates. If you’re looking to upgrade and expand your surveillance measures you should carefully assess funds available and seek a solution which provides the best value for money.
- Find a provider
In addition to getting the most bang for your buck you should seek a provider with a proven track record and accreditations. Find a solution provider you can trust and one which will work with you to help achieve your goals and meet your requirements.
- Understand the technology
Having advanced technology is great, however not knowing how the technology works makes for a poor investment. Seek a provider who provides you with in-depth insight into how the technology works and the confidence to use this technology with ease.
- Conduct regular checks
Internal checks of your control system and technology must be undertaken regularly to ensure the solution is functioning as it should. Not only will this provide you with added reassure of compliance, but it will also inform you of further regulatory needs should gaps appear.
We are aware of the obstacles and challenges firms face when it comes to enhancing surveillance systems with many of our employees having worked as traders, on compliance teams and in both front and back offices. We aim to provide cost effective solutions, in a timely manner with seamless integration to current controls in place to streamline regulatory requests.
Whether your firm is reactive or proactive in your approach to monitoring trade communications we can help your firm improve and adapt to meet the growing expectation of regulatory authorities and provide the safeguards to submit regulatory request with confidence and ease.
Get in touch with our team today to discover how we can equip you firm with the technology to meet you regulatory compliance needs!
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