Insightful Technology urges Compliance Officers to prove Risk-Based eComms surveillance outcomes have merit at XLoD Global

By Joy Dumasia

Insightful Technology advises financial institutions planning to pivot to a risk-based electronic communications (eComms) surveillance to begin working with regulators to prove the merit of the new approach. The UK company, relied upon by more than 150 banks globally to provide fixed price holistic surveillance and reporting fully inclusive of software, hardware and services across all regulatory data sources, including e&v comms, market data and order management, will make its recommendation at XLoD Global.

Taking place on 17th and 18th November 2021, XLoD Global is a virtual event where the world’s leading financial institutions and regulators will discuss the future of non-financial risk and control. Insightful Technology is a lead sponsor for the event, alongside Accenture, Deloitte, and PwC.

On 17th November 2021 at 09:25 (GMT), Founder, CTO and Technical Evangelist at Insightful Technology, Robert Houghton, will join a panel including Deutsche Bank, Goldman Sachs and Westapac, to debate the move towards Risk-Based E-Comms Surveillance. Panellists will discuss – What does risk-based surveillance mean in practical terms? Is it feasible for firms to cease their surveillance on low-risk individuals? What is the regulatory support for taking a risk-based approach?

At 16:25 (GMT), Houghton will join HSBC and Goldman Sachs representatives in a Surveillance Technology Leaders Debate, chaired by Alan Lovell CBE, Former Managing Director, Global Head of Surveillance at HSBC. The 50-minute session will consider the shift from building to buying surveillance technology, question whether teams have the budgets needed to acquire the solutions they need, and what are the opportunities for surveillance teams within Technology to integrate across other technology teams?

Robert Houghton, Founder, CTO and Technical Evangelist at Insightful Technology, said: “There are currently no parameters from regulators of the financial sector to permit risk-based surveillance. If you opt for a risk-based approach, it is imperative to keep the regulator informed regarding the guidelines and processes that will be followed, along with the reporting metrics that demonstrate the outcomes of your risk-based assessments have merit.”