Verint and Theta Lake to help financial firms automate risk management

Rebecca Gibson
Rebecca Gibson
By Rebecca Gibson on 09 December 2021
Verint and Theta Lake to help financial firms automate risk management

Customer engagement software company Verint has partnered with collaboration security and compliance solutions provider Theta Lake to help financial firms reduce compliance, misconduct and security risks across their unified communications and real-time messaging platforms.

Verint will combine its communication capture, data management, operational assurance and analytics offerings with Theta Lake’s automated collaboration risk monitoring and policy supervision technology. The combined solution will enable financial and trading institutions to automate risk monitoring and assessment of voice, video conferencing, chat, screen and content sharing across all major unified communications platforms including Microsoft Teams, as well as turret systems and major mobile virtual networks. This will make it easy for organisations to uniformly apply policies to address risks as users move between collaboration platforms.

Users will also be able to proactively manage communication risk through the combination of Verint’s omnichannel compliance recording, data governance and data discovery solutions with Theta Lake’s integrated artificial intelligence and machine learning-powered communication risk detection, e-discovery, risk analysis and policy supervision offering.

Together, these solutions will empower users to detect early indicators of market abuse, collusion and coercive behaviour, potentially illicit or unethical activities and insider trading. This will help to prevent data loss and make it easier to ensure compliance with requirements outlined in the Markets in Financial Instruments Directive II, Dodd-Frank, General Data Protection Regulation, US Security and Exchange Commission 17a-4, Financial Conduct Authority rules, SOC 2 and other policies.

“Remote employees, diversifying communication channels and the evolving sophistication of malicious behaviour, have made identifying compliance breaches and misconduct even more complex,” said John Bourne, senior vice president of global channels and alliances at Verint. “Yet, legacy solutions and manual approaches to monitoring and risk detection are not built to scale, lack accuracy and are resource intensive. This is where our partnership with Theta Lake comes into play, by helping financial services firms detect and act upon risky, non-compliant or unethical behaviour across the widest range of collaboration captured in the modern workplace.”

The combined solutions from Verint and Theta Lake will also empower financial institutions to move towards hybrid ways of working.

“As a collaboration-first, hybrid working model emerges in the financial industry and beyond, and with an increased use of video, real-time messaging, screen sharing and unified communications, new forms of risk arise that regulated firms can’t turn a blind eye to,” said Anthony Cresci, senior vice president of business development, operations and finance at Theta Lake. “Businesses can more confidently expand their use of these collaboration channels and all their features and functionality by taking a proactive approach to compliance and risk management that automates the detection of data leakage, acceptable use, data privacy, and regulatory or corporate compliance risks across what is shared, shown, spoken, and typed.”

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