Actiance, the leader in communications compliance, archiving, and analytics, showcased today the new On-Demand Preservation capabilities within Alcatraz, its cloud-based archive that enables organizations to hold, capture, search, and review content across more than 70 communications channels. Compliance and legal departments are now able to easily manage regulatory and eDiscovery requests required by the incoming Markets in Financial Instruments Directive (MiFID II) regulations, while mitigating risks that may arise during the critical collection and preservation steps.
“MiFID II tightens the regulations surrounding the types of communications that must be preserved, monitored and for how long,” says Brian Perfect, VP
EMEA, Actiance. “The onus is on the organization to demonstrate compliance, which is why Actiance’s On-Demand Preservation capabilities provide firms
with a gold standard in proving that reasonable steps have been taken, while delivering a system that speeds up and simplifies the administration of
information that may be relevant to litigation and regulatory requests.”
Actiance’s On-Demand Preservation capability leverages a modern, tamper-proof data store that relevant teams can utilize by uploading content
from more than 70 communication and social channels to automatically place under legal hold – whenever required. Electronically stored information
(ESI) is then immediately available for teams to conduct searches, filter unneeded content, and export data for review. With built-in, easy-to-use
eDiscovery features, compliance and legal teams can easily manage collection and preservation tasks without relying on the IT department.
“In the past organizations have historically relied on manual processes to preserve information, which has consumed excessive IT resources, slowed
response times, and exposed organizations to even greater risk,” continues Brian Perfect. “With the incoming MiFID II regulations and the emphasis now
on all types of electronic communications, not just email, this problem is set to worsen without effective management.”
With Alcatraz’s new On-Demand Preservation feature, customers will benefit from:
- A fully automated hold process to reduce collection risk: With the ability to automatically place items on hold, customers can eliminate time-consuming collection tasks and reduce legal risk. Alcatraz provides an easy-to-use interface to automate the upload of files from email, databases, and
end-user documents such as Microsoft Word and PowerPoint.
- A tamper-proof WORM-compliant repository for secure archiving: Actiance provides a secure environment built with high-availability and
fault-tolerant infrastructure, eliminating the risk of data spoliation. Alcatraz has been certified as providing a durable and immutable data
archive to meet rigorous regulatory storage requirements of SEC Rule 17a-4(f), CFTC Rule 1.31(b), as well as other regulations.
- Fast search and filtering to improve efficiency: Unlike manual methods of collection and preservation that often require days or weeks to process,
Alcatraz provides a sub-second Google-like search experience, giving immediate access to data under hold. Granular search features reduce data
volume and improve reviewer efficiency.
Actiance will showcase Alcatraz and its enhanced features at ETRC (Energy Trading Regulations and Compliance Summit 2016), taking place 8-10 March at
the Jumeirah Carlton Tower, London. To learn more about On-Demand Preservation for Alcatraz click HERE