Fintech PR
Shield and LeapXpert Survey Report Highlights WhatsApp and Messaging Channels Remain Biggest Threat to Bank Risk Management Despite Massive Fines
Survey finds 73% of financial institutions lack confidence in their ability to monitor and regulate communication on unapproved channels
TEL AVIV, Israel and NEW YORK, July 12, 2023 /PRNewswire/ — Shield, solving communication compliance for financial institutions, and LeapXpert, the responsible business communication pioneer, partnered to release findings today that show only half of financial institutions (51%) are monitoring employee communications over WhatsApp. Even fewer institutions capture SMS, iMessage, LINE, WeChat, Telegram, and Signal, despite heavy fines issued by US regulators for failing to limit employees using messaging apps on their mobile devices.
The report reveals that while virtually all compliance officers surveyed plan to monitor WhatsApp and other messaging apps by the end of 2023, 73% of financial institutions still lack confidence in their ability to enforce bans on mobile communications over unapproved channels.
Last September, an SEC probe found that from 2018 to 2021, employees at several leading banks frequently used off-channel communications to conduct business. In the last 18 months, $2 billion worth of fines have been levied at more than a dozen financial firms.
Surprisingly, multi-million-dollar fines do not occupy the top spot among the concerns of compliance professionals. They come in second place with 34% of respondents selecting them as the top concern. The greatest fear revolves around regulatory audits themselves with a significant 64% ranking them as their primary concern. Internal audits follow behind at 32%, while concerns about reputation damage stand at 28%, and losing business data at 27%.
Other survey findings:
- 57% of US companies are already monitoring WhatsApp compared to 44% of their EU counterparts.
- Respondents expect a shift in mobile device policy, rising from currently 53% issuing corporate devices to 66% in 18 months.
- While only an average of 29% of respondents reported monitoring WhatsApp, SMS, iMessage, LINE, WeChat, Telegram, and Signal at the moment, this is set to skyrocket to an average of 90% by the end of 2023.
“When the massive SEC fines were issued, it seemed imminent that widespread changes across the industry would occur,” said Shield Co-founder and Chief Business Officer Eran Noam. “Our report shows that this has not happened. While data capture, monitoring, and user experience challenges are real, confidence in banning policies is low. Technology gives companies the option to monitor these channels rather than simply implementing policy bans, which don’t provide full coverage. This is where the Shield and LeapXpert partnership comes into play. LeapXpert offers compliant, governed and secure communications on messaging and voice channels, while Shield offers multi-layered AI surveillance to manage and mitigate communications compliance risks.”
“The surge in demand for comprehensive compliance solutions in 2023 reflects a clear realization among financial institutions that closing compliance gaps is imperative,” said Avi Pardo, Co-founder and CBO at LeapXpert. “From installing messaging capture solutions to seeking robust governance controls, organizations are now determined to transform all popular messaging apps used by their team members into approved and compliant channels. As regulatory scrutiny intensifies, companies understand the need for decisive action and solutions that help minimize risk by ensuring messaging compliance.”
Conducted in April 2023 by Global Surveyz, the survey examined the challenges financial compliance departments face in capturing and surveilling unmonitored communication channels, the effectiveness of banning these communications, which channels are the most concerning, and financial organizations’ plans to regulate employees. The survey polled 200 finserv professionals, 100 in the U.S. and Europe each.
About Shield
Shield enables compliance teams in financial services and other highly regulated industries to read between the lines to see what their employee communications are really saying. Many of these organizations struggle with compliance because they are unable to gain visibility into the mass of scattered data across all of their communication channels to mitigate against market abuse, internal bad actors and increasing regulatory risk. By applying advanced AI, NLP, and visualization capabilities, Shield is enabling enterprises and financial institutions to more effectively manage and mitigate communications compliance risks. Shield has helped leading financial organizations to reduce false positive alerts by 97%, conduct faster investigations, and save on compliance costs. Learn more at shieldfc.com.
About LeapXpert
LeapXpert, the responsible business communication pioneer, provides enterprises peace of mind through compliant and secure communication solutions. The LeapXpert Communications Platform is an enterprise solution that enables employees and clients to communicate on consumer messaging applications and voice channels in a compliant, governed, and secure manner. Founded in 2017, the award-winning company is headquartered in New York, with offices in the UK, Israel, and Asia. For more information on LeapXpert, visit https://leapxpert.com.
Media Contact
Josh Turner
Si14 Global Communications
shieldpr@si14global.com
+1-917-231-0550
GENEVA, Nov. 4, 2024 /PRNewswire/ — Swiss private banking group CBH Compagnie Bancaire Helvétique announces the appointment of Enid Yip as the new CEO of its subsidiary CBH Asia. Mrs Yip will also lead the Asia Regional Committee. Based in Hong Kong, CBH Asia is a key part of the Group’s strategic commitment to expand its presence in the region.
Concurrently, Patrick Wong, who has overseen the Asia business since 2017, has been appointed Deputy Chief Executive Officer. Mr Wong will continue to manage Operations, Regulatory and Compliance, and IT, while Mrs Yip will focus on enhancing the firm’s client offering and driving business development in line with the Group’s long-term strategy for Asia. With its entrepreneurial approach and exclusive and bespoke investment offering, CBH Asia offers compelling advantages to clients and relationship managers in the region.
A seasoned executive, Mrs Yip brings over 25 years of experience in successfully growing wealth management institutions in Asia. Most recently she was with LGT. Prior to that, she was a Member of the Board at Bank J. Safra Sarasin, having previously served as their Chief Executive Officer, Asia, overseeing the bank’s expansion in the region. Earlier in her career, Mrs Yip held various senior positions in the private banking industry.
Simon Benhamou, CBH Bank Chief Executive Officer said: “We are delighted to welcome someone of Enid’s calibre to lead CBH Asia. Her extensive experience and strong leadership will be instrumental in furthering our growth in key Asian markets. Our people are our greatest asset and with Enid’s strong commitment to our core values of entrepreneurship and teamwork, we are confident that she will further strengthen CBH Asia’s success. We extend our best wishes to Enid on her appointment.”
Mrs Yip said: “I am delighted to be joining a Group that fosters an environment where we can achieve great results by pursuing excellence with creativity. I am determined to expand CBH’s footprint in the region, building on our established expertise and maintaining our long-term vision of adding value for both clients and stakeholders.”
About CBH | Compagnie Bancaire Helvétique
CBH Compagnie Bancaire Helvétique is a family-owned Swiss banking group founded in 1975. Headquartered in Geneva, the Group currently counts close to 309 professionals in 10 locations around the world. As of December 31st, 2023 client assets totaled CHF 14.3 billion and the Group’s Tier 1 ratio was 43%, placing it among the best capitalized banks in Switzerland compared to its peers.
CBH Group provides wealth management services to private and institutional clients, as well as several complementary business lines, including family office solutions, asset services & structuring, exclusive private markets expertise, and bespoke daily banking and card solutions.
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The November editions of FinTech Magazine & InsurTech Digital includes interviews with leading experts and executives from
LONDON, Nov. 4, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest editions of FinTech Magazine and InsurTech Digital These publications are highly regarded by voices within the Financial Sector for their in-depth reports and interviews with prominent figures in the industry.
FinTech Magazine
This month’s edition features an exclusive lead interview with Lloyds Banking Group CIO, Amit Thawani as it undertakes a huge transformation to meet its 27 million customers evolving needs.
“At Lloyds Banking Group it’s all about people. Our people can make a real difference to the UK population who are not prepared for their tomorrow “
The edition also contains extensive interviews with key thought leaders from Coupa, TerraPay and more. Plus the Top 10: Largest Firms involved in Financial Services,
You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.
InsurTech Digital
This month’s edition features an exclusive lead interview with Qover CEO Quentin Colmant on how AI will ‘reshape how we create value’
“Each decision has felt monumental, with no guaranteed outcomes, but this unpredictability has been incredibly rewarding”
The edition also contains extensive interviews with key thought leaders from Lloyds Banking Group, Kin Insurance and more. Plus the Top 10: Insurance Products of 2024
You can visit InsurTech Digital for daily news and analysis of the ever-changing financial industry.
About BizClik
BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.
BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.
For more information, please visit our website.
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PARIS, Nov. 4, 2024 /PRNewswire/ — Dechert has advised Poxel (Euronext: POXEL), a clinical-stage biopharmaceutical company, on its non-dilutive financing agreement with OrbiMed for US$50 million. This transaction monetizes a portion of Poxel’s future royalties and sales-based payments from TWYMEEG® sales by Sumitomo Pharma in Japan.
The financing is set to bolster Poxel’s strategic initiatives in rare diseases, reduce its debt and support general corporate purposes. The deal underscores the significant value of TWYMEEG® in Japan and strengthens Poxel’s financial position.
Poxel is listed on Euronext Paris, developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare metabolic disorders. OrbiMed is a leading healthcare investment firm dedicated to accelerating innovation in the biopharmaceutical industry.
The Dechert team that advised Poxel includes corporate and securities partners Patrick Lyons and David Rosenthal; global finance partner Privat Vigand; intellectual property partner Olivia Bernardeau-Paupe; global finance partner Sarah Milam; tax partner Sabina Comis; and associates Etienne Bimbeau, Pierre-Emmanuel Floc’h, Chloe Lebret, Julie Lecomte, Vianney Toulouse and Yasmin Yavari.
About Dechert
Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our nearly 1,000 lawyers across 20 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.
View original content:https://www.prnewswire.co.uk/news-releases/dechert-advises-poxel-on-us50-million-non-dilutive-financing-agreement-with-orbimed-302295559.html
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