During a recent RegTech event in New York, various advanced technologies such as AI, blockchain, cybersecurity, and IoT were discussed, with a particular emphasis on the growing importance of voice compliance. Theta Lake, a digital communications governance provider, highlighted the increasing concern about voice compliance, with 67% of the attendees reporting a rise in regulatory inquiries and examinations.
The discussions revealed the changing landscape of voice communications, which are no longer limited to on-premise systems. The integration of voice with other communication modalities, including texts, chats, and screen sharing through Unified Communications and Collaboration platforms, underscores the need for advanced multimodal recording solutions.
Theta Lake emphasized the urgency of addressing these complexities and stressed the importance of capturing all facets of conversations across audio, video, and electronic communication platforms to ensure comprehensive recordkeeping. This approach is becoming increasingly crucial as generative AI assistants and summarization tools add complexity to the compliance landscape, necessitating selective retention of outputs to meet regulatory requirements.
Another significant area explored at the conference was the need for highly accurate, context-rich transcriptions. While basic transcription technologies have improved, they often fall short of compliance-specific needs. This has led to calls for innovative solutions that incorporate context, enrichment, and specialized learning models to enhance transcription accuracy tailored to the nuanced demands of regulatory compliance.
A session led by Marc Gilman, General Counsel and VP of Compliance at Theta Lake, titled “More Than a WhatsApp Issue: Reducing Off-channel Communications and Improving Reconciliation,” drew significant attention, addressing the ongoing challenges and opportunities within voice compliance, shaped by technological, architectural, and regulatory shifts. It highlighted the issue of recordkeeping and off-channel communications, with recent fines exceeding $3 billion due to failures in these areas.
Theta Lake’s commitment to robust Digital Communications Governance was apparent, advocating for a comprehensive approach that accommodates various digital voice communication methods within enterprises. Furthermore, they encouraged participants to explore their latest White Paper, which delves into key compliance considerations for transitioning to cloud-based voice solutions.
