Creating an Automated Compliance Solution
Non-compliant and or unauthorized communications, such as e-mail, can result in costly lawsuits, damaged reputations and ultimately lost revenue. In fact, recent corporate scandals involving fraudulent accounting and conflicts of interest within financial service institutions have raised awareness about the significance of internal corporate communications. Today, organizations are required to comply with numerous regulations from the SEC and NASD. As enterprises struggle to manage the overwhelming volume of electronic communications generated by their workforce—in forms such as e-mail, instant messaging, knowledge sharing and management systems, corporate intranets and electronic documents—executives must look to new developments in technology to manage the information and minimize risk.
It has been reported that an alarming 80% of financial institutions do not yet meet existing SEC compliance regulations, such as the newly legislated Sarbanes-Oxley Act of 2002 and the Basel II Accord. The Sarbanes-Oxley Act requires executives and auditors of public companies to document and certify the effectiveness of internal controls and procedures related to financial reporting while the Basel Accord II will mandate that banks supply detailed data to assess risk. The executive control required to better avoid dangerous material misstatements, and the analysis needed to identify the risks associated with business processes, demand total visibility of the content found in telephone calls, e-mail and instant messages. Given that these account for more than 80% of daily traffic inside an organization, automated analysis of this content in real time is a necessity.
Aungate, a division of Autonomy, has developed a software technology specifically tailored to help enable compliance with these and other procedures, while facilitating financial reporting processes including the assessment of risk. Using Autonomy’s Intelligent Data Operating Layer (IDOL) technology, Aungate enables companies to avoid regulatory risks and protect corporate interests by forming an understanding of all types of communications, identifying critical information and automatically alerting the right people in real time.
With the Aungate solution, humans are no longer required to manually read through, tag and distribute such communications as e-mails, internal documents and voicemails. At the same time, customer and employee privacy is safeguarded and respected.For example, in the case of financial services, many CEOs and CFOs are now personally responsible for their organizations’ accounting operations and face severe penalties if their companies do not meet accepted accounting practices and standards. Executives and their corporate interests can be protected by aggregating all corporate communications and automatically breaking them into information clusters based on the content. Executives can spot trends in communications and easily pinpoint misuse of financial data.
Autonomy’s unique Intelligent Data Operating Layer (IDOL) integrates unstructured, semi-structured and structured information from multiple repositories through an understanding of their content. Autonomy grants enterprises the flexibility to use advanced information retrieval or legacy-based approaches. At the heart of Autonomy’s software is its ability to process text, voice and video and identify and rank the main concepts within them. It then automatically categorizes, links, summarizes, personalizes and delivers that information. Autonomy’s technology also drives collaboration across the enterprise and enables organizations to effectively leverage expertise. Autonomy’s infrastructure technology is used to automate operations within enterprise information portals, customer relationship management, knowledge management, business intelligence and e-business applications, among others.
Elements of Total Compliance
Aungate’s Total Compliance Solution encompasses the following areas:
- Aungate E-mail and Instant Compliance—Accurate monitoring and detection of email and instant messaging content, as well as automatic routing of non-compliant content.
- Aungate Voice Compliance—Automated call understanding, clustering of contact trends and automatic alerting of non-compliant calls.
- Aungate Web and Spam Filtering—Industrial-strength network protection through automatic filtering and detection of unwanted content.
- Aungate Investigation Manager—Automatically monitors employee-to-employee communications and provides high-level analysis tools to enable management to really understand what communications have taken place.
David Armstrong joined Autonomy in 1999 to start and manage the company’s OEM business program. With more than 10 years experience in enterprise software, David has built strategic alliances with technology vendors throughout Europe and the United States. Under David’s direction, more than 55 other software companies now license and embed Autonomy’s technology within their own applications to automate the handling of unstructured information. David holds a B.A. from the University of Wisconsin.
To find out how Aungate can help protect you, contact us at 877.692.8866, or visit the website at Aungate