As technology advances, the ways in which compliance standards are structured are also changing for many businesses. Regulations require organizations to have ever-tighter management over their business communication, something cloud computing has been able to help with. Solutions have cropped up over the last few years for enterprises looking for ways to simplify their communications control and data security, particularly in the cloud.
eDiscovery is vital for businesses should they become embroiled in legal cases that require swift and accurate presentation of compiled business communication and data. Actiance addresses this need for the simplification of enterprise communication as a provider of compliance, security, archiving and eDiscovery solutions. With the company’s product, dubbed Vantage Cloud, businesses can mitigate risk by controlling, monitoring and capturing communications in applications that span brand and provider including Microsoft Office 365, Jive, Salesforce Chatter and public instant messaging channels Google Talk, Yahoo Messenger and AOL Instant Messenger.
Compliance is, of course, a priority for most organizations, and Vantage Cloud helps businesses keeping their communications entirely in the cloud, from content creation and compliance to archiving and disposal. The advantage here is the lack of need to install hardware or software, and the efficiency that comes with accessing cloud-based portals.
Kris Vann, IG counsel & product marketing manager at Actiance shed some light on how Vantage Cloud helps companies ensure compliance with regulatory requirements in an interview with InsideCounsel:
“Social content communications such as instant messages, forums and chat rooms are now more than ever showing up in regulatory investigations and eDiscovery. Vantage Cloud simplifies the compliance and eDiscovery management of enterprise social content by providing the ability to actively supervise, capture, defensibly dispose, retain, retrieve, and review dynamic social content all in one place.”
Reduced risk expenditure is the overall return-on-investment factor that Van notes is specifically targeted by Vantage Cloud. Regulatory requirements such as record-keeping and communications data are met using the service, including information on social business and collaborative platforms. Vann provides an example of what happens when companies fail to meet these requirements:
“Organizations that fail to meet these requirements can be sanctioned. In a high profile case, FINRA fined Barclays $3.75 million for failing to properly supervise and retain approximately 3.3 million instant messages required under regulations. Vantage Cloud guards against this type of risk.”
Vantage Cloud is a service that demonstrates the ever-evolving cloud computing market, particularly in regards to the legal and IT departments of businesses. As regulatory requirements advance, so do the technological solutions to meet them. Vann says that the same regulatory requirements to supervise and retain data on-premise now apply to apps and data moving to the cloud. Organizations need to stay on top of these requirements, and meet the increased need to make sure operations efficiency is top-of-mind.
Vann remarked: “The same regulatory requirements to supervise and retain relevant enterprise data on premise, now applies to applications and data moving to the cloud. With the consumerization of IT and proliferation of cloud applications, there is an even greater need for legal IT to get these emerging platforms under control.”
Actiance’s approach to cloud-based compliance appears to be a forward-thinking solution for enterprises looking to address these compliance-specific needs.