top of page

Navigate the Challenges of Audit Trail and Traceability with CC1

As digital systems evolve and communication data becomes more complex, global regulators are intensifying their focus on thorough tracking and auditing. Our recent whitepaper highlighted the persistent challenge of audit trail and traceability in regulated industries, and how capturing context is crucial for compliance with market abuse rules. The use of diverse platforms by employees poses a challenge in aligning communication data with compliance expectations. This post explores how CC1, the all-in-one cloud service for capturing, validating and archiving regulated digital data, can address the persistent challenges of audit trail and traceability.


Unauthorised Use of Off-Channel Communications

Communicating without compliance authorization or neglecting formal request procedures can lead to a lack of documentation in approved channels. This gap poses challenges in capturing all business-related communications, prompting compliance teams to question whether conversational data points across various platforms are being captured compliantly. CC1 is at the forefront of evolution, demonstrated by its recent launch of CC1 Messaging to capture communication from platforms like WhatsApp and iMessage. This showcases CC1's commitment to adapting as new communication methods evolve, with all captured data centralized within a single, user-friendly service.


Unmatched Conversations: Ensuring Record Consistency

Despite the digital transformation within financial institutions, discrepancies can arise when conversations are not accurately matched to their corresponding recordings. CC1, equipped with an assurance layer, provides near-real-time reconciliation, ensuring all records remain consistent and accurate. This feature addresses challenges in compliance record archiving and aligns seamlessly with stringent regulatory requirements.


Inconsistent Documentation: Standardizing Regulated Digital Data

Regulated digital data points in the financial sector lack strict standards, leading to potential variations across systems. CC1 tackles this issue by capturing, centralizing, and normalizing data, creating a common repository or data lake. This centralized storage system enables compliance teams to overcome challenges associated with inefficient processes, incomplete data entries, and unauthorized off-channel communications, ensuring standardized and complete records.


Data in Silos: Achieving True Alignment and Centralization

Traditional data management involving disparate databases and tools can result in data silos, hindering efficient searches. CC1, designed to capture regulated digital data from various sources, ensures true alignment and centralization. CC1 provides a holistic view of all captured data, eliminating data silos, simplifying compliance processes and enhancing the ability to leverage data quickly and effectively.


In conclusion, CC1, powered by Custodia, stands as a comprehensive solution to the challenges of audit trail and traceability in the digital era. Its adaptability, coupled with features addressing unmatched conversations, inconsistent documentation, and data silos, positions CC1 as an invaluable tool for compliance teams navigating the complexities of the modern financial landscape. Businesses leveraging CC1 can confidently embrace digital transformation, knowing they have a unified solution ensuring compliance at every step.

Comments


bottom of page