Meet Mike Muckley, account executive, Global Relay
Tell us a little about your organization and why you got into this space.
Global Relay is the leading provider of compliance archiving, surveillance, eDiscovery and analytics solutions to the global financial services industry and other highly regulated industries. Founded in 1999 to capitalize on the shift to electronic communications and the growing need to store electronic data, our company saw a huge demand for our archiving services after the accounting scandals in the U.S. in 2003, when new rules mandated financial firms to preserve all their business records – electronic communications included. Since then, we’ve been helping financial firms capture their data for compliance recordkeeping and supervision.
Who are your clients and what types of regulatory challenges are they facing?
We specialize in a single vertical market: the global financial services industry. Our customers include 22 of the top 25 global banks, 70% of U.S. broker-dealers, 70% of North American hedge funds, and most of the major U.S. exchanges. The finance industry is subject to stringent recordkeeping and supervision regulations (such as IIROC, U.S. SEC and FINRA Rules). It is also governed by regulations designed to protect customer data and privacy (GDPR, CCPA) and increase trade transparency and prevent market abuse (MiFID II). We help financial firms address these and other regulatory challenges.
What type of emerging technology do you think will have the greatest impact on your business/industry?
Analytics, data visualization, AI and Machine Learning are some of the current or emerging technologies that will impact our industry and customers the most. Used as part of a broader supervision/surveillance program, these technologies enable compliance managers to perform more rigorous, critical and targeted evaluations of employee conduct and business activity through their archived communications. While analytics and data visualization can expose anomalies and trends in messages, AI and Machine Learning-aided supervision can help reduce false positives and increase message-flagging accuracy.
Why did you join the CRTA? How do you think the CRTA will help your business?
We believe our CRTA membership will allow us to learn from the experiences of other organizations serving regulated industries in Canada. We also hope to be able share best practices with companies serving not only the finance sector, but also health care, government and public companies.