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Verint Joins Forces with Theta Lake to Reshape Collaboration Risk Mitigation Technology for Financial Firms in the Era of Hybrid Working
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Verint (Nasdaq: VRNT) has entered a strategic partnership with Theta Lake to enhance compliance solutions for financial firms. This collaboration will automate risk monitoring and assessment across major unified communication platforms, including Microsoft Teams and Zoom. Financial institutions will benefit from improved efficiency, reduced costs, and better identification of compliance risks. Leveraging advanced technology, Verint aims to empower organizations to proactively manage communication risks and comply with regulations such as MiFID II and GDPR.
Positive
Strategic partnership with Theta Lake enhances compliance solutions.
Automates risk monitoring across major UC platforms, improving efficiency.
Helps financial institutions identify and manage compliance risks effectively.
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Landmark Partnership and Advanced Integration to Help Financial Firms Detect and Investigate New Sources of Risk Across Unified Communications and Real-Time Messaging
MELVILLE, N.Y.--(BUSINESS WIRE)--
Verint® (Nasdaq: VRNT), The Customer Engagement Company™, today announced a strategic partnership with Theta Lake, a leading provider of modern collaboration security and compliance solutions. The partnership provides financial and trading organizations, as well as other businesses, with extended capabilities to help avoid the legal, business and reputational consequences of compliance breaches, misconduct, data loss and security issues.
The partnership and technology integration combines Verint’s communication capture, data management, operational assurance and analytics offerings with Theta Lake’s automated collaboration risk monitoring and policy supervision technology – empowering financial institutions with a holistic set of capabilities as they move towards hybrid ways of working. This will enable organizations to:
Automate risk monitoring and assessment of voice, video conferencing, chat, screen and content sharing across all major UC platforms including Microsoft Teams, Zoom, Webex by Cisco, Slack, Symphony, RingCentral as well as all leading turret providers (IPC, Cloud9, BT and Speakerbus) and major mobile MVNOs (Truphone and TeleMessage).
Free up skilled resources, enhance efficiency and reduce costs by automating workflows around conduct monitoring, review, investigations and policy enforcement.
Identify risky behavior from the full context of unstructured collaboration streams to stay compliant with financial regulations, industry standards, data protection laws and corporate liability obligations.
Create a complete view of risk in conversations and information shared across multiple collaboration tools and uniformly apply policies to address those risks as users move from chat to video and to audio.
“As a collaboration-first, hybrid working model emerges in the financial industry and beyond, and with an increased use of video, real-time messaging, screen sharing and unified communications, new forms of risk arise that regulated firms can’t turn a blind eye to,” said Anthony Cresci, senior vice president of business development, operations and finance, Theta Lake. “Businesses can more confidently expand their use of these collaboration channels and all their features and functionality by taking a proactive approach to compliance and risk management that automates the detection of data leakage, acceptable use, data privacy, and regulatory or corporate compliance risks across what is shared, shown, spoken, and typed.”
Leveraging the integration with Theta Lake’s technology, Verint will expand its support for financial institutions facing challenges with complex requirements under MiFID II, Dodd-Frank, GDPR, SEC 17a-4, FCA rules, SOC 2 and other policies. Users of the combined solution can benefit from omnichannel compliance recording, data governance and data discovery - powered by Verint - alongside Theta Lake’s integrated offering of artificial intelligence and machine learning-powered communication risk detection, eDiscovery, risk analysis and policy supervision. This will enable market participants to take a proactive approach to communication risk management by spotting early signs of market abuse, uncover collusion and coercive behavior, identify insider trading, prevent data loss, filter sensitive content and be alerted to potentially illicit or unethical activities.
“Remote employees, diversifying communication channels and the evolving sophistication of malicious behavior, have made identifying compliance breaches and misconduct even more complex. Yet, legacy solutions and manual approaches to monitoring and risk detection are not built to scale, lack accuracy and are resource intensive,” says Verint’s John Bourne, senior vice president, global channels and alliances. “This is where our partnership with Theta Lake comes into play, by helping financial services firms detect and act upon risky, non-compliant or unethical behavior across the widest range of collaboration captured in the modern workplace.”
Verint Financial Compliance
Verint’s award-winning Financial Compliance solution—available in the cloud, on premises and as a hybrid architecture—supports automated policies and compliance workflows, offers an open approach to ease integration and provides a broad range of capabilities to help the financial industry tackle communication compliance, operational assurance and data governance. Trusted by over 800 financial services organizations worldwide—including Tier 1 banks and investment firms—Verint’s compliance solutions provide the ability to capture, retain, transcribe, retrieve and analyze voice and electronic communications offered by the latest unified communications (UC), collaboration, trader voice, mobile and IP telephony solutions. To learn more, click here.
AboutTheta Lake Theta Lake’s multi-award winning product suite provides patented compliance and security for modern collaboration platforms, utilizing over 40 frictionless partner integrations that include Verint, Webex by Cisco, Microsoft Teams, RingCentral, Zoom, Slack, and more. Theta Lake can capture, compliantly archive, and act as an archive connector for existing archives of record for video, voice, and chat collaboration systems. In addition to comprehensive capture and archiving, Theta Lake uses patented AI to detect and surface regulatory, privacy, and security risks in an AI assisted review workflow across what is shared, shown, spoken, and typed. Theta Lake enables organizations to safely, compliantly, and cost-effectively expand their use of communication platforms. Visit us at ThetaLake.com, LinkedIn, or Twitter at @thetalake.
About Verint Systems Inc. Verint® (Nasdaq: VRNT) helps the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement™ to help customers close The Engagement Capacity Gap™.
Verint. The Customer Engagement Company™. Learn more at Verint.com.
*Verint and Theta Lake signed an extended partnership agreement in November 2021.
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, our Quarterly Report on Form 10-Q for the quarter ended October 31, 2021, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
VERINT, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER ENGAGEMENT are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.
