Financial institutions have built complex, large-scale operations and regulations to address money laundering and prevent human capital-related crimes. Leading financial services leverage emerging technologies and innovations to increase securitization, including know-your-customer (KYC), anti-money laundering (AML), and others. The integration of communication surveillance potentially reduces costs and prevents financial crime.
Banks engage in varied types of surveillance, including surveillance in trade and communications, all with an aim to prevent illegal conduct and abuse. Let us see how surveillance in communication brings human capital securitization.
Functions Included in Communication Surveillance
Several functions included are:
- Marketing: Monitoring trading-related communication to prevent any illicit activities
- Employees: Monitoring employee personal trades, emails, and phone calls
- Social Media: Tracking employees social media activities, both within and outside of the organisation
Communication surveillance uses tools to look at patterns and determine if there is a breach. Surveillance models integrate functions that use data as required. They are proactive and find wider patterns in terms of financial crime, conduct risk, and cyber security. They conduct proactive, real-time surveillance of firms, clients, and employees to analyse and identify collective behaviours and tendencies.
When done at the right time, these surveillance models deliver significant returns by preventing any adverse events. The shareholders, regulators, business partners, and customers also encourage a bank’s commitment to human capital securitization. With innovative technologies and approaches, financial institutions are changing how they derive value and detect, prevent, and mitigate financial crime.
Surveillance prepares financial institutions to identify potential misconduct and utilise proactive measures to prevent escalation. One can indeed recognise the intent and context in communication before a security breach actually happens. That’s what communication surveillance is all about.
How is Surveillance in Communication Related to Financial Crime?
Teams dealing in financial crime aim at identifying and stopping any illicit money flow. Traditionally, they work by reviewing the communication channels after a breach has occurred. They go through the communication channels to identify any intent. These include the things that happened after or before the fraud, what did the fraudster tell the employee, was there a pre-agree order to benefit a trader, etc.
KYC, CDD (Customer Due Diligence), transaction monitoring, relationship monitoring, and investigation post-transaction are some types of technology-based investigation. However, they are limited to post-crime duration. However, any financial crime can be potentially stopped by leveraging surveillance in the communication channels beforehand.
Corruption, bribery, and other types of financial fraud do not happen out of context. There is always a strategy and plan that takes place together. Surveillance systems document them and prevent any wrongdoing.
Mitigating the Financial Crime Intentions
By partnering with a communication surveillance team, you may ensure that you have complete information on what’s going on in your organisation. Since communication takes place through diverse mediums these days, from voice and video editing to emails and chatbots, tracking the beginning of corruption has become more challenging than before.
Surveillance aims to capture each conversation’s intent and understand the context and follow through. Incorporate automated surveillance technologies in your communication channels and get better equipped to detect breaches before they occur. Surveillance tools effectively combat abuse and identify misconduct.
To keep workloads low, leverage artificial intelligence that flags risky content only without any false positives. With Machine Learning, the tool can automatically segregate irrelevant items from the relevant ones.
Partnering with a Communication Surveillance Team
Surveillance in communication strengthens investigation strategies by helping investigators utilise technology. Since the data is already available in the records, the next step is to aggregate and analyse. Since employees might be changing communication platforms rapidly, using different lingos, languages, and spellings, it is crucial to have a communication surveillance system. It collects and understands data to make the picture crystal clear. That is why surveillance is one of the most important priorities for financial institutions. It helps them find ways to leverage the available data for productive and investigative use. Financial crime investigators can detect any potential breaches and detect their intent with prebuilt models.
Covering All Communication Channels
Communication can be conducted in different forms through different mediums. Therefore, it is crucial to monitor different communication channels, including emails, forums, chat rooms, instant messages, and social media posts. The use of inappropriate communication mediums can even lead to a privacy breach and leak of confidential information. Some employees may intentionally or unintentionally use such mediums, leading to a breach of confidentiality. Similarly, sharing business processes on social media platforms also increases the risk of fraud. Therefore, the communication surveillance tool you use must be all-inclusive and cover all communication channels. Employing communication surveillance governs any data shared with others and detects any possible breach. It ensures smooth compliance within an organisation and also outside it, thereby bringing human capital securitization. By monitoring communication activities and ensuring policy adherence within an organisation, surveillance in communication can improve security for both customers and financial institutions.
Get more exciting blogs read more on pinay scandal.