UK vendor wins deal from US bank for Dodd-Frank compliance system
UK compliance specialist Chase ITS has installed its innovative compliance monitoring system atthe US-based financial services company Knight Capital Group Inc. Known for being at the forefront of innovative trading solutions Knight has been trialling the system called JumpTo for the last 12 months. JumpTo is designed to monitor all sales and trader communications, including voice, email and IM, and alert the compliance and monitoring function proactively to potentially anomalous activity.
According to Mike Edis, Knight Capital managing director & Chief Compliance Officer in EMEA, “JumpTo also gives us immediate access to all relevant communications, including a free-text search facility that brings together telephone, email and other text communications. For the first time we are able to text search voice calls which should significantly reduce the time taken to identify relevant conversations with clear cost saving implications.”
Knight has successfully completed a full roll-out in London, and as part of the implementation, Chase ITS has put in place high-quality voice capture tools, as well as implementing a direct interface to Knight’s Symantec Enterprise Vault installation.
NOTE: JumpTo gives real and near real-time visual “trending” information to show what activities traders are involved in. By automatically extracting information from each document or voice file that passes through, JumpTo can then link related documents together, to allow users to navigate through large data sets quickly.
As Nigel Cannings, Technical Director at Chase ITS puts it “Our system plugs the hole in holistic compliance by allowing voice files to be used interchangeably with e-mail and IM. Using our Intelligent Voice platform, we can quickly extract key words and phrases, even full transcriptions, to be used in text analysis tools, such as JumpTo, or other systems already in use. We help find the smoking gun before it’s fired.”
COMMENT: The back story is around Dodd-Frank and compliance failings across the world. Compliance folk need the ability to get at information in voice, email and IM pretty much instantaneously, either to search it, or to have the system point them in the right direction. It’s also great for us that a US bank has come to a UK player for this type of technology.
From a purely legal perspective, this also massively reduces ediscovery costs. A smallish trading house with 70 traders will generate about 20,000 hours of voice files over the mandated 6 month retention period. To just transcribe this for Early Case Assessment would cost between £1m and £1.2m.