PerformLine and Protiviti Partner on Automated Compliance Monitoring Solution
PerformLine and global consulting firm Protiviti have formed an alliance to deliver an automated cloud-based solution for compliance monitoring.
This combination of PerformLine's technology and Protiviti's risk management expertise enables companies in financial services and other regulated industries to deploy automated first-line-of-defense marketing and sales compliance surveillance over their digital, voice, email, chat, and social media interactions with consumers.
"The level of regulatory scrutiny financial institutions face remains extremely high, and the channels they use to communicate with their customers and the market at large continue to expand and grow ever more complex. We hear consistently that they would not be able to effectively manage their risks in this area using the manual 'brute force' approaches of the past," said Alex Baydin, CEO of PerformLine, in a statement "Our technology solution brings better coverage, deeper insights and lower costs to critical compliance functions."
Through the alliance with Protiviti, PerformLine's customers can benefit from the following:
- Guidance on regulatory compliance requirements associated with customer communications;
- Assistance developing and tailoring rule sets to meet compliance and customer service objectives;
- Advice on process and workflow design to help ensure that PerformLine monitoring results are effectively classified, routed, acted on, and consolidated for reporting purposes;
- The ability to connect PerformLine's solutions with other risk management activities, such as governance, risk and compliance (GRC) platforms, risk and control self-assessments, and compliance audit programs; and
- Access to leading experts on robotic process automation and artificial intelligence-driven transformation.
"In the decade since the financial crisis, financial services organizations have spent billions of dollars in regulatory penalties, and their compliance operational costs have increased exponentially. We're continually working with our clients to find more efficient and innovative, technology-driven solutions to their compliance challenges," said Mike Brauneis, managing director and U.S. leader of Protiviti's financial services industry practice, in a statement. "By teaming up with a regtech leader like PerformLine, we apply our compliance, business process and industry expertise to help make its platform an even more compelling solution to enhance the effectiveness of clients' compliance efforts, while also making them dramatically more efficient."
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