In the world of increasing exposure to data and the associated risks for businesses, it is inevitable that organisations address it by gathering information in a proactive manner handling the unseen risks at present.
Knovos, since its inception, has been pioneering in handling the eDiscovery and litigation support to mitigate potential threats. May it be Internal Investigations or Fraud Management; eDiscovery is a commonly used term where Electronically Stored Information (ESI) is involved. Knovos with its cutting edge technologies has been providing solutions in managing the Information Governance, eDiscovery needs along with Collaborative Documentation Management.
Overarching Solutions for Banking/Insurance/Finance Industry
Banking and Insurance institutions are among the highly regulated industrie
s and continue to face a vast number of litigations pertaining to compliance and fraud investigations. By adopting a comprehensive eDiscovery solution, banking institutions can efficiently handle the eDiscovery demands that arise due to litigation, fulfill regulatory requirements, and avoid costly sanctions. An eDiscovery solution can rapidly process the Electronically Stored Information (ESI) present across various geographical location to quickly identify and produce the critical and potentially relevant information that can help the litigation support team in the ongoing litigation process. eDiscovery solution utilises its robust capabilities like machine learning, automated pattern matching, and structured workflow management to review the content rapidly.
Technology Leveraging the Collaborative Approach
Further, as the banks work in multiple branches spread across different geographical locations, a structured collaboration system should be in place that offers a dynamic and robust way of collaborating on different projects. The endless stream of daily email communication buries the critical information in the organisation. It becomes a long haul for the subject matter experts to uncover critical information.
Moreover, when advisors communicate with the clients outside the bank’s firewall, the security should be paramount. The collaborative communication solution can modify the way the banks, advisors, and clients communicate. Our collaboration tool can perform asset management by sharing, accessing, and organising different project critical documents through a single platform.
The advanced standard AES_256 (256-bit encryption) to securely encrypt the documents ensures strict confidentiality of the critical asset. Additionally, the banks generate extensive data every day. This information when leveraged can provide immense value to the banking and Insurance institutions and efficient governing can help them optimise their processes. Information governance involves employing various data management processes and methods to derive maximum value out of enterprise information assets to achieve risk mitigation objectives.
Data collected – in any form, structured or unstructured – from a variety of data sources is efficiently preserved, retained and defensibly deleted. It also covers various policies and methods that help to govern information right from creation to capture to classification to archival to deletion. Rapid assimilation of technology-intensive solutions can help banking institutions to exponentially grow their revenues, improve customer experience, save costs and manage enterprise risk.
Our Portfolio
- Information Governance
- Collaboration
- Regulatory Compliance
- Legal Case Management
- Banking Project Management
- Electronic Discovery
- Arbitration
- Legal Hold
- Performance Planning & Budgeting
(Views expressed in this article are a personal opinion of Knovos, a software firm that offers Risk & Compliance to eDiscovery, Collaboration, and Project Management.)
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