Key Points From the XLoD Global Surveillance Summit New York 2024

The XLoD Global Surveillance Summit on June 11th, 2024, centered around three prominent themes: innovation, enforcement, and completeness. These themes shaped the discussions and underscored the challenges and opportunities facing compliance professionals today.

During the opening session, compliance officers were encouraged to rethink innovation within the highly regulated environment of financial services. Despite the push for innovation, 70% of respondents noted that innovation for compliance is "slowly evolving," with only 26% feeling it is "moving at pace," and 4% describing it as "stagnating." 

Panelists also highlighted the ongoing risks associated with data and the proliferation of communication channels, which complicate a firm's ability to respond swiftly in a crisis. In her keynote address, Lindsay Moilanen, Assistant Director of Enforcement for the U.S. Securities and Exchange Commission (SEC), emphasized the importance of adhering to books & records rules, noting that failure to comply hinders the SEC's ability to perform its duties. The SEC's focus on off-channel communications, now in its fourth year, remains a top priority, with regulators continuing to scrutinize firms that have not fully embraced compliance. 

The discussions returned to the theme of innovation, particularly the role of artificial intelligence (AI) in compliance. While generative AI creates buzz, panelists agreed that the most effective detection engines remain lexicon-based or driven by natural language processing (NLP). They urged attendees to stay grounded, focusing on fundamentals like understanding data flows and maintaining vigilance as new communication channels emerge. 

In discussions with asset management compliance officers, ACA underscored the need for a holistic approach to electronic communications surveillance. Firms must develop and maintain clear policies and procedures, regularly communicate these policies, and implement attestation processes, sometimes as frequently as quarterly. 

Event Summary

A number of other topics were discussed during the summit around the themes of innovation, enforcement, and completeness. Download our summary to learn more about the prominent discussions during the event.

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