CA Data Protection, formerly known as CA DataMinder and Orchestria, have announced that their e-communications surveillance platform is coming to its end-of-life in June 2019. So, what does this mean for the Tier 1, Tier 2 and other financial institutions that depend on their solution?
Financial institutions are concerned about their data, and now even more since the presence of compliance and surveillance platforms which monitor all voice and e-communications, proactively, are now a regulatory obligation in directives such as MiFID II. Now there´s no excuses.
In this guide, you´ll find 7 reasons why migrating to a Fonetic surveillance solution is the safest and most convenient option:
1. Improve your policy accuracy
Migrate and refine your previous policies with the latest technology solutions. Go further than lexicon-based policies and apply Machine Learning approaches to improve accuracy and mitigate risks.
2. Reduce false positives
By having all channels of communication together, metadata and content are analysed in context, disclaimers are identified, and alerts are based on all communication channels, so duplicates are automatically eliminated.
3. Identify fraud before it happens
Automatically detect language switch, intent of using non-allowed channels, breaches in Chinese Walls or the disclosure of inside information, among other threats.
4. Migrate current workflows and employees’ information
Maintain and customize your current workflows and escalate alerts to the right person or department. Historical employees' data is stored and updated when required.
5. Conduct Forensic investigations
Ingest communications from any time period, perform investigations and find relevant information to solve trade disputes and customer litigations.
6. Easily scale up to fit your company's needs
With cloud or on premise solutions you´ll be able to scale up to other sites and add new functionalities or communication channels, improving collaboration among your employees and efficiency.
7. Avoid more Infrastructure costs
Using open APIs that connect to any existing infrastructure and in the minimum time required to minimize business disruption.
Previously, financial institutions have had inconsistent systems for reporting, e-communications surveillance, voice surveillance and trade reconstruction. The point in which all communications were integrated was through case management tools, where communications and alerts were manually added. This scenario greatly increases the risk of incurring in human errors.
Fonetic automates this process and links all communications together with their associated trade, as soon as they happen. By adding your voice communications, financial chats, emails and trades, analysts save time and costs in reviewing disparate platforms.
Are you still full of questions about migrating your system?
Join Fonetic and Technically Creative to learn what steps to take for smooth policy migration from CA Data Protection, Orchestria and DataMinder products and why it’s so important to monitor a banks most vulnerable channel to fraudulent behavior and misconduct, voice.
Come talk to our experts in this live Webinar on Wednesday 27th February. Learn more about the event and register here
Are you looking for a replacement solution?
Fonetic gives you the flexibility to enjoy 360º coverage with Fonetic Trade Comms Suite or to integrate to your current systems. Request a demo with one of our experts today and migrate from Orchestria, CA Data Protection.