Richard Fleischman & Associates Launches Messaging Compliance, Disaster Recovery Solution
Richard Fleischman & Associates (RFA), an IT and telecom services provider, has launched C1+1, a messaging compliance and disaster recovery solution developed specifically to meet the needs of hedge fund managers.
C1+1 is a pre-configured, turnkey solution that easily can be added to an existing network, collecting e-mail, instant messaging and Bloomberg, providing a single point of response for all compliance requests or internal tracking. Additionally, the solution offers unlimited use of RFA's secure business continuity center in Westchester, New York.
"With all the scrutiny and recent SEC changes being applied to the hedge fund community, we saw the need for a comprehensive solution to mounting messaging compliance issues that includes SEC-compliance, cost-effectiveness and long-term disaster recovery and business continuity planning," said RFA president and founder, Richard Fleischman, in the press release. "C1+1 is positioned as a 'one box' solution, providing both messaging compliance and real-time site replication, as well as 24/7 access to a fully equipped business continuity center."
Survey Reveals IT Directors 'Don't Know' Cost and Impact of Messaging Technology
According to a survey conducted by British research firm MORI, 77 percent of IT directors questioned at financial services firms in the U.S., continental Europe and the U.K. do not know, or cannot calculate, the total cost of ownership (TCO) for their current message management infrastructure -- despite the growing reliance on electronic communication channels.
The survey also shows that IT directors in the financial services industry are willing and planning to continue increasing their budgets for secure messaging. Over the next three years, most firms expect to spend even more money protecting e-mail and other channels against potential attacks. But the largest proportion of respondents -- 65 percent -- expects to see increases in compliance costs over the next three years. Firms that currently outsource their messaging infrastructure, or would consider outsourcing in the future, expect the message management costs to decrease compared to those who keep the solution in-house.
"Limited understanding of TCO in current messaging environments suggests that organizations should look more closely at their current, complex, messaging setups," said David Axford, a senior research executive at MORI, in the press release. The report is available at www.btconsulting.com/financial services/mori.
Reed Smith and DolphinSearch Partner on ComplianSeek for Investment Advisers
Ventura, Calif.-based DolphinSearch, a content search and electronic document discovery provider, and Reed Smith, a global law firm, have launched ComplianSeek, a solution designed specifically to help meet the regulatory compliance needs of investment advisers within the financial services community.
ComplianSeek is a rules-driven technology platform that can identify, isolate and organize Books and Records easily, and supports ongoing compliance auditing as required by the Investment Advisers Act. Its patented content search platform employs document selection criteria tailored to conform to the regulatory requirements of the Investment Advisers Act and provide investment advisers with a seamless retention and auditing environment that accommodates regulatory change as well as allows ready access to relevant e-mail. "Regulators fully realize that e-mail -- as the primary means of business communication -- needs to be closely monitored, which is why they impose such stiff penalties for failure to comply with mandates," said Stephanie Mendelsohn, a partner of Reed Smith's regulatory litigation practice, in the press release. "With ComplianSeek, investment advisers now know what's in their e-mail, what e-mail needs to be retained, and are able to quickly produce that e-mail, should regulators require it."