Shield has announced a new version of its popular communication compliance platform, introducing an electronic compliance discovery tool to address the advanced needs of the world’s biggest banks, according to a news release from the company.
Since the pandemic, electronic communication apps like WhatsApp, Zoom and others have proliferated, causing major data, risk and compliance challenges for all companies but particularly those in regulated industries.
Shield’s updated platform was the result of conversations with compliance professionals, and the company bills it as a tool built for users, by users. Among its biggest features is an electronic discovery (eDiscovery) tool designed to allow financial institutions to preserve, collect, review and exchange information in electronic formats so they can respond to audits and investigations.
“One of the things we discovered in our user research was the fact that compliance teams are struggling with eDiscovery, so that drove us to create the world’s best compliance eDiscovery platform” Nicole Aviv, head of product at Shield, said in the news release. “Shield’s revolutionary eDiscovery solution incorporates (artificial intelligence) and (natural language processing) capabilities into search to bring laser-focused results and drastically reduce compliance investigation time.”
Other additions include an updated user interface, revamped alert review system and new case management functionality, along with out-of-the box reports.
“I honestly believe that compliance teams will love this new version of Shield because it was built in partnership with them. We’ve kept talking to our customers and industry leaders and prioritized their needs so they can have a platform that is optimized for the current regulatory landscape,” Shiran Weitzman, Shield’s CEO and co-founder, said in the release. “Too often, financial enterprises settle for archaic non-friendly software and end up hating the look, feel and functionality of their day-to-day tool, but this latest version of Shield is a direct result of the constant feedback and insights we’ve learned from our valued clientele.”