DoubleEdge Professional Services
Soteria

SOTERIA – Real-Time Communications Monitoring & Surveillance

Financial institutions face numerous challenges when trying to establish effective surveillance, data capture, compliance monitoring and analytics procedures. Communications data alone is typically stored across multiple repositories – voice recordings, SMS, IM, video, social media, email etc. all sitting in their own separate silos.

Couple that with the fact that this communications data is rarely integrated effectively, if at all, with trade monitoring systems and it is no surprise that very few firms are currently in a position to meet the required deadlines if called upon by regulators to provide case reconstructions…let alone to implement an effective, proactive internal policing strategy.

Soteria, by Insightful Technology, a SaaS-based surveillance, data capture, storage and analytics platform, is the world’s first solution to successfully address these issues, allowing firms to pull ALL of their existing global communications and market data (structured and unstructured, across any number of disparate silos) into a single window pane view and integrate with their trade monitoring systems.

Additionally, unique in-built 3rd party verification ensures full evidential integrity of all captured data and system activity, proving that no information has been tampered with or deleted, and that all records are complete.

Soteria infographic

CAPTURE, STORE & ANALYSE ALL MEDIA TYPES

Media in any form, structured or unstructured, can be captured live and at source or ingested and stored, allowing firms to set up real-time alerts or carry out searches, globally, by keyword or keyword phrase, in multiple languages.

FEATURES

REAL-TIME CAPTURE

Whatever type of communication data it is, Soteria captures it, live and at source. Even archived legacy recordings.

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DATA PROTECTION & INTEGRITY

3rd party certify your data, providing complete records of capture and storage, for duty of care and evidential weight.

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STORAGE

Keep data safe either on-premise, in a secure resilient cloud with no integration needed, or by using a hybrid of the two.

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AUDITABILITY

A fully encrypted and digitally signed audit trail for all objects and user activity. Nothing can be tampered with.

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SEARCH & RETRIEVAL

Search metadata and retrieve objects from any location globally, all within a single pane view.

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RETENTION POLICY MANAGEMENT

Set retention policies based on any location and specified duration. Wherever you are, you are covered.

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FREQUENTLY ASKED QUESTIONS

WHAT FORMS OF COMMUNICATIONS DATA DOES SOTERIA CAPTURE?

Soteria™ records all forms of media, from voice and electronic communications to trade data. Fixed line voice, trading turrets, mobile voice, SMS, email, Skype for Business and social media, as well as trade feeds and news, such as Bloomberg and Reuters, can all be recorded, normalised, stored and instantly recalled.

Soteria™ also allows the compliant recording of WhatsApp and all other forms of Instant Messaging, as well as multi-channel trading data and legacy archived data.

SOTERIA PRICING – HOW MUCH DOES SOTERIA COST?

As a globally dispersed, cloud-based Software as a Service solution, Soteria™ is priced on a flexible, scalable “per licence per month” model. The cost of a Soteria™ licence depends on a number of factors, including the quantity and type of data feeds being captured, any additional functionality required (e.g. voice to text transcription, support for any additional languages, total number of licences/data feeds etc.).

Since Soteria™ removes the need for multiple data, vendor and technology silos and expensive middleware, deployment can often be cost neutral or, in many cases, provide significant cost savings and efficiency gains.

HOW ACCURATE IS VOICE TO TEXT TRANSCRIPTION ON THE SOTERIA PLATFORM?

Word Error Rate (WER) is affected by a number of factors. Background noise and overlapping speech, voice signals being captured and stored in mono rather than stereo, and compression of voice recordings all reduce accuracy and increase WER.

Using the Soteria™ platform’s in-built Automated Speech Recognition (ASR) engine, accuracy/confidence ratings of better than 75% (25% WER) can be achieved in noisy environments with compressed, mono feeds. For broadcast quality recordings (stereo, uncompressed feeds with little background noise), 95% confidence ratings or better (5% WER) can be achieved.

As part of the new client on-boarding process, a manual voice modelling process is carried out, using samples of the client’s existing voice recordings, matching them to the corresponding transcriptions and correcting any transcription errors. This effectively teaches the platform to recognise and better understand the speech patterns and common terminology used in the client’s environment.

Additional refinements can be carried out on an ongoing basis where necessary (e.g. when new terminology comes into play, such as “MiFID II”, “Brexit”, “LIBOR” etc.), further optimising transcription accuracy.

WHAT TYPE OF ORGANISATIONS IS SOTERIA SUITABLE FOR?

Soteria™ is suitable for all industries, particularly those that are regulated or where protection of corporate data is of exceptional importance such as Financial Services, Legal Services and Government.

CAN SOTERIA BENEFIT FINANCIAL FIRMS WHO HAVE LITTLE OR NO NEED FOR REAL-TIME COMMUNICATIONS MONITORING?

Yes. All firms falling under MiFID II legislation must capture and store recordings of all voice and electronic communications relating to activities intended to result in the conclusion of a transaction or the provision of client order services, regardless of whether or not they result in a financial transaction.

In order to achieve this, most firms currently use different systems to capture each media type. For example, fixed line voice, mobile voice and SMS, email, instant messaging and Skype for Business, to name a few, are often captured using a different platform for each one.

For organisations with more than one location, multiple recording platforms may also be used for the same media type. In addition, further platforms are often then used to store this data.

The end result is an expensive and inefficient array of data, vendor and technology silos, with associated maintenance costs, on top of the initial capital outlay.

Where companies need to be able to correlate all of these forms of multimedia, further layers of middleware also then need to be layered across the top, incurring even more additional costs.

By capturing all forms of multimedia communications, live and at source, and storing them within its secure, globally dispersed cloud infrastructure, Soteria™ enables firms, over time, to replace these disparate silos with a single, unified platform, reducing Total Cost of Ownership and significantly improving efficiency.

DOES SOTERIA INTEGRATE WITH TRADE SURVEILLANCE AND MARKET ABUSE TOOLS?

Yes, Soteria™ has standard bilateral APIs which allow 3rd party trade surveillance and market abuse tools, such as Trapets, Irisium and BeNext to name a few, to be plugged in to the platform in order to tag trades to all communication data types.

As an agnostic platform, Soteria™ also offers custom integration options to connect with other 3rd party tools wherever necessary.

WHAT IS THE TYPICAL TURNAROUND TIME FOR TRADE RECONSTRUCTION USING THE SOTERIA PORTAL?

As the Soteria™ platform works in real-time, triggering proactive alarms and alerts, this enables case reconstructions to be created instantly in order to meet regulatory time requirements.

Its powerful search and filter capabilities allow regulators and investigators to easily access accurate and quickly collated cases within a few minutes or hours, depending on the volume of data stored globally.

IS SOTERIA IN KEEPING WITH MIFID II COMPLIANCE REQUIREMENTS?

Yes. Firms falling under MiFID II requirements must have recording in place for all forms of voice and e-communications. They also need to demonstrate that Best Execution practices are followed.

With security and integrity of data objects built into the core of its platform, Soteria™ normalises all forms of data and reconstructs them against individual users, timelines or designated keywords. Data is then searchable on a global lookup basis, as a single pane view, providing a perfect and easily scalable solution to regulated firms for MiFID II compliance.

IS SOTERIA SUITABLE FOR COMPLIANCE WITH GDPR?

Yes. For the correct management and control of personal data, required under GDPR legislation, Soteria™ can easily process data management and record control, incorporating full audit trails. Deployed as a cost-effective, modular solution on a Pay As You Use basis, it enables firms to be both compliant and efficient.

CAN SOTERIA DO VOICE TO TEXT TRANSCRIPTION?

Yes. Soteria™ captures every type of voice media, including fixed line, mobile, dealerboard systems such as Speakerbus, IPC and enepath, as well as BYOD-based calling applications, and then transcribes the calls in either real-time, 1-day or 3 day batches.

Soteria™ is able to integrate with multiple Automated Speech Recognition (ASR) engines, such as Bertin or clients’ own solutions, and is entirely agnostic in this regard.

DOES SOTERIA SUPPORT MULTIPLE LANGUAGES?

Yes. Soteria™ can integrate numerous language packs, providing transcription, translation and search features in all major languages.

HOW CAN SOTERIA HELP WITH TRADE RECONSTRUCTION?

Soteria™ captures, normalises and stores all forms of business communications together in its secure cloud environment and incorporates reliable voice to text and translation functionality. Combined with its advanced search capabilities (keyword, lexicon, proximity and fuzzy searches can all be carried out by the Soteria™ software), this allows the instant retrieval of all communications, of all media types, that are relevant to a particular case.

Communications can then be easily tagged and assigned to a case file, which can then be assigned to the appropriate staff member or team to be followed up, with third party verified audit logs being simultaneously created for both the system itself and all data objects, ensuring that all objects are 100% tamper-proof and providing evidential weight.

Time-lapsed, secure logins can then be provided to regulators to access and review the case file remotely, so that no data needs to leave jurisdiction and it can be instantly reviewed where it has been stored.

The following article paints a vivid and effective picture of the benefits of this approach: “Regulatory Compliance – The Fire Alarm Test“.

CAN SOTERIA PROVIDE PROACTIVE ALERTS IN REAL-TIME?

Yes. After inputting any target keywords (manually or by bulk upload), the Soteria™ platform can be programmed to trigger real-time alerts (T+0) as soon as any of the specified keywords are mentioned in any form of communications. Alert notifications are immediately sent via email and/or SMS to the specified user(s), along with a link to access the relevant media file within the Soteria™ portal.

IS THERE A MINIMUM OR MAXIMUM NUMBER OF USERS FOR THE SOTERIA PLATFORM?

No. Soteria™ has been deployed by companies as small as a 2-person hedge fund, as well as 10 of the top 12 global banks and over 180 other financial institutions of every size in between. The platform can support unlimited users, from any geographic location.

HOW SECURE IS SOTERIA AND ITS STORAGE PLATFORM?

The Soteria™ portal uses a secure, private cloud and can only be accessed via the client’s company intranet, using only a private connection or an IPSEC/VPN. The platform has been designed to meet all current regulatory requirements and is pen-tested every quarter.

It is approved by over 175 leading Tier 1 and 2 financial institutions globally, using both private wires and the portal. Both on-premise and edge-based storage options are available in order to meet even the most stringent client security policies.

CAN SOTERIA CAPTURE LINKEDIN, TWITTER, YAHOO CHAT AND OTHER SOCIAL MEDIA?

Yes, the Soteria™ platform can capture all forms of media by simply taking a corporate feed from the end client. For personal accounts held on a personal device, however, this needs to be managed through company compliance policy, as capturing this data would of course in itself be non-compliant.

CAN SOTERIA CAPTURE SKYPE FOR BUSINESS?

Yes, the Soteria™ platform captures all forms of Skype for Business media, including voice, video and Instant Messaging.

WHAT IS THE TYPICAL LEAD TIME TO DEPLOY THE SOTERIA SOLUTION?

For deployments with 6 data source types or less to be collected, with Soteria™ being installed using VMWare and IPSEC/VPN, the whole process of installation and training to final sign-off can be completed in 3-4 weeks.

DOWNLOADS

Soteria Overview – View report

The Journey of Compliance and Surveillance: The Unrealistic “Utopia” and the Tangible “Art-of-the-Possible”? – View article

The Regulatory Fire Alarm Test: If the “regulatory fire alarm” sounded, would your business be able to assemble all the required data in time? – View white paper

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