Relay Recap by Global Relay
Global Relay
Leader in compliant communications archiving, messaging, supervision, information governance, and eDiscovery.
Welcome to Relay Recap, where we bring you the regulatory developments that have dominated the compliance landscape over the last month.
This month, focus was firmly placed on the risks and rewards that artificial intelligence (AI), especially generative AI, bring to the financial services landscape. Having initially seen widespread banning of generative AI within firms, conversations are now being had about how generative AI could present real benefits if used within the guardrails of compliance.
As well as publishing a number of pieces exploring the compliance implications of AI, we announced our new integration between Global Relay’s financial compliance platform and OpenAI’s ChatGPT Enterprise Compliance API. The introduction of this new Connector enables organizations to compliantly capture and securely archive ChatGPT data in a compliant archive – allowing firms to harness the power of generative AI while meeting recordkeeping rules.
Alongside creating robust technology, we aim to carve out spaces where compliance professionals can gather to discuss emerging changes in the regulatory field. This month, we did just this and hosted our annual ‘Compliance & Conversation’ event which saw industry experts including Steve Livermore , Ian Blair and Seung Earm gather to discuss surveillance trends and issues, highlighting their effect on compliant communications and how firms can best prepare to mitigate any potential risk.
Read below for our latest news and resources, giving you the information, you need for a successful compliance communications strategy.
Are businesses equipped for the reality of artificial intelligence?
The adoption of large language models and generative artificial intelligence into business functions offers both opportunities to expand the financial services industry, as well as posing risks around data exposure and the dissemination of inaccurate information. As your business seeks to implement ChatGPT, the question remains - are you well equipped with the rules and tools to moderate risk?
Read more about this topic here: https://shorturl.at/pkMf3, https://shorturl.at/72qT0, https://shorturl.at/OUCV1
Compliantly Connecting you with ChatGPT
As the use of Generative AI gains momentum within the financial services space, regulators are honing in on artificial intelligence. Enter our new integration with OpenAPI’s ChatGPT Enterprise Compliance API, allowing firms to monitor this new platform as consumers and individuals begin to use it more widely to inform their business decisions.
Read more on our new integration here: https://shorturl.at/sm6K7
Compliance & Conversation: Eyes on surveillance: from trading to communications, why is the spotlight on surveillance?
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On July 3rd we hosted our annual Compliance & Conversation event. We were joined by compliance and surveillance experts Steve Livermore, Head of Global Wholesale Market Surveillance at Barclays, Ian Blair, Group Head of Market Conduct Risk at UBS, alongside Rob Mason, Director of Regulatory Intelligence at Global Relay. Our panel of experts discussed the key components that make up a strong surveillance framework, coming to the consensus that people determine its success and, thus, proper training and education around this are vital and should be a priority.
Find out more about the session here: https://shorturl.at/sMEch
Introducing: ‘The Conduct Chronicles’ series by Emma Parry
In the first edition of ‘The Conduct Chronicles’, Emma Parry , Founder and CEO of NovaFin Consulting Ltd, covers the issue of misconduct across telephone and email communications. Sharing her first-hand experience within the financial services space, Parry outlines that while firms monitor all communications, there must be more rigorous enforcement of policies and training to prevent regulatory violations that could result in criminal convictions.
Click here to read the full article: https://shorturl.at/9OBL5
Conduct & Culture – Moving up the US regulators’ agenda
US regulators are facilitating more dialogue around non-financial misconduct and culture within the workplace. The interplay between conduct and financial market stability has pushed regulators to take a hard line on the issue, not only to encourage healthy working cultures but also to ensure that financial performance improves.
Read our article on it here: https://shorturl.at/1mVO3
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