[Watch] Behavox at Global RegTech Summit 2021

Last week’s Global RegTech Summit proved the perfect opportunity to solidify our position as an industry-leading enterprise data company.

Spread out over three days, from May 11 – 13, the annual event attracted over 1,200 people from the global regtech community.

CEO and Founder of Behavox, Erkin Adylov delivered the opening keynote presentation, entitled ‘Addressing the Widening Scope of Misconduct.’

Erkin explained how the recent explosion of communication and collaboration channels used in today’s work environment had necessitated a more modern approach to compliance, to ensure employees are conducting business within the boundaries of increasingly stringent regulations.

Referencing the Behavox Enterprise Conduct and Risk Report, Erkin also noted how incidents of workplace misconduct had recently increased. 

Whether traditional financial misconduct, such as money laundering and collusion, or non-financial misconduct like racism and sexual harassment, these issues create complex compliance and conduct liabilities, leading to toxic, dangerous work environments.

The message is simple: as threats now come in so many forms, behavioral artificial intelligence (AI) and machine learning (ML) are critical for identifying harmful and illegal messages, voice calls, and video chats.

In May 12th’s ‘Reduce Hours, Reduce Alerts, Optimize Lean Teams’ workshop, led by Behavox’s Fahreen Kurji, Head of Customer Success, and Amy Vosko, VP of ABM, we delved deeper into the current trends compliance teams are facing, utilizing real-world examples of how AI and ML technology can optimize teams, and improve the overall effectiveness of compliance efforts.

Showing the virtual audience the sheer scale of content that a financial institution typically generates (approximately 200 million pieces of content per month), Fahreen likened the task of sifting through and locating one specific piece of content to entering a library and seeing all the books on the floor, many of which have missing covers or have had their covers switched.

Fahreen and Amy discussed how technology can assume the role of a much-needed librarian, enabling enterprises to organize and refine their data into actionable information that protects and promotes business growth.

Through an enhanced alerts process, which reduces the number of false positives, organizations can optimize the effectiveness of their teams by offering an enhanced compliance program.

The session ended with Fahreen delivering a step-by-step demo of how Behavox solutions work. If you would like to book a demo, click here. 

Behavox also had the pleasure of participating in the final session of the event, with our very own Nick Duke, Subject Matter Expert at Behavox, participating in the roundtable discussion, ‘Regulators’ Role in the Adoption of Regtech.’

Along with Nick Lee, Head of Regulatory Affairs at OakNorth, Francesca Hopwood Road, Head of RegTech and Advanced Analytics at Financial Conduct Authority, and Dr. Dimitrios Salampasis, a lecturer of FinTech Innovation and Entrepreneurship at Swinburne University of Technology, Nick explored themes as wide-ranging as:

• The challenges of a post-Brexit and post-Covid world 
• The extent that regulation has hindered and/or improved a firm’s ability to expand and develop their regtech capabilities
• Where regulators should focus to support innovation in regulatory compliance and the adoption of regtech