Theta Lake Realtime Compliance Advisor

Video conferencing provides an effective and dynamic way to conduct business, however, it is also a primary avenue for compliance risk. Most notably, disclosures and communications are the main reasons for misconduct penalties for regulated Financial Institutions (FIs), accounting for 77% of the fines levied from 2012 to 2018. FIs should institute awareness training, monitoring programs, tools to teach employees how to compliantly use Teams meetings.

Making compliance top of mind is vital to using video conferencing tools effectively for FIs. Theta Lake Realtime Compliance Advisor (RCA) is an AI-powered assistant that supports FI compliance teams and the end-user employees of their organization with realtime reminders, compliance resources in meetings in realtime, and robust reporting for the enterprise and the end-user to reduce your firm’s compliance risk related to misconduct and disclosure nonadherence during collaboration and video conferences. The solution alerts users of the risks of using webcam and content sharing features plus reminds users that your firm has a video monitoring program in place. The solution even provides regulated users of Teams their own personal risk assessment and peer-benchmarking to motivate improved compliance behavior.

In addition, Theta Lake reduces the overhead of error-prone manual systems of distributing the most current approved disclaimers, disclosures, and approved content by making that automatic inside of Teams. This functionality empowers employees and makes it simple and easy to take a proactive approach to compliance by using a company-curated list of disclaimers/disclosures that can be accessed and played directly within a Teams meeting. These disclaimers can be in the form of documents, videos, or audio recordings. Employees now have the most current disclaimers at their fingertips, making compliance easier and more efficient.

RCA provides all of these capabilities while avoiding information management and retention issues associated with the analysis and archiving of the actual meeting content—making it privacy-friendly. The solution does not inspect or capture content inside a call, video, or chat, so deployment is easy and nonintrusive for users while also enabling a substantial gain for your compliance program.

Lastly, with the RCA the compliance team now has a robust centralized reporting system that allows them to report and prove conduct monitoring, disclaimer/disclosure usage, while identifying risky users and taking corrective action.

RCA Benefits

Simplified Compliance Coverage: In meeting access to approved compliance resources (disclosures, NDAs, etc.)

Reduces Risks: Remind users that their actions are being logged and provide alerts on potential risky behavior; webcam and content sharing; motivates good behavior through personalized and peer scoring and benchmarking

Gain Insights: Maintains an audit, monitoring, and risk trend report