Bloomberg announced an electronic communications compliance offering, Bloomberg Vault, aimed at financial services firms using Microsoft Office 365’s cloud-based solution for meeting global regulatory and risk management guidelines
Bloomberg’s strategic alliance with Microsoft allows Office 365 allows subscribers to easily add Bloomberg Vault as a managed service that includes features such as real-time policy management, search analytics, eDiscovery and secure archiving for corporate emails and messages.
The alliance and integration is meant to help financial services firms meet record retention and e-discovery guidelines.
"Financial services firms are struggling to meet regulatory and legal demands for the management and storage of electronic communications," said Harald Collet, global business manager for Bloomberg Vault, in today’s release. "Compliance mandates are increasingly complex and the capital costs can be significant. The aim of Bloomberg Vault-Office 365 is to help financial services organizations embrace the cloud and meet stringent regulatory requirements.”
More than 300 financial service companies have adopted Bloomberg Vault to manage growing legal and regulatory mandates governing corporate data. "Companies like Capstone are looking for technology that provides the tools and functionality we need to run daily operations efficiently. Hosted email and compliance solutions allow us to spend more time on front office activities, while reducing overhead costs," stated A. Monty Hall, Director of Technology, Capstone Investment Advisors, in the release. In a prepared statement, Rosalie Nicosia, COO at Whitaker Securities, an investment advisory firm, said, "Bloomberg Vault supports our efforts to leverage hosted solutions and simplify our IT infrastructure. Integration with Office 365 gives us flexibility, strengthens our compliance process, and helps us avoid the costs associated with an in-house deployed email solution." Key Bloomberg Vault functionality for Office 365 includes: • Integrated and secure archiving of all electronic communications as a hosted service, helping companies to reduce overhead costs by leveraging the cloud;
• Specialized features designed to help financial firms meet compliance requirements through real-time policy management, advanced search, eDiscovery and electronic records retention and preservation;
• Biometric security for compliance officers to enhance access controls.
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