Smarsh, a leading provider of communications data and intelligence, has introduced an innovative feature called Echo Cancellation within its Professional Archive services. This capability is designed to streamline the review process for wealth management firms by eliminating redundant messages in email threads, thus reducing the overall supervision queues and saving valuable time for users.
Sheldon Cummings, President of Corporate Business at Smarsh, expressed enthusiasm about the new feature, emphasizing its potential to enhance efficiency for Registered Investment Advisors (RIAs) and financial advisors by allowing them to concentrate on the most pertinent information in each email.
The Echo Cancellation feature is accessible to customers subscribed to the Professional Archive Gold and Platinum packages. Users can easily activate this feature from the Policy menu. Once activated, the system will automatically apply Echo Cancellation to relevant emails, categorizing them as Auto-Reviewed and tagging them with the “Echo Cancellation” label.
Feedback from users has been positive. Jane Isenbletter, a Compliance Associate at Arkadios Capital, reported significant improvements in their review queues since implementing Echo Cancellation, noting a decrease in unnecessary emails and an increase in the relevance of messages that require review.
Operationally, the Echo Cancellation feature works by identifying and managing policy matches across threaded email conversations. Traditionally, multiple replies in these threads created triggers for review, often resulting in the same conversation being evaluated repeatedly. However, with this new system, clients who have tested the feature have reported an approximate 10% reduction in content needing review.
The functionality aims to simplify the review process by mitigating duplicates and effectively identifying false positives through advanced algorithms, ultimately allowing compliance teams to focus on critical messages.
Smarsh, which supports a diverse clientele including major banks and regulatory bodies worldwide, remains committed to helping organizations manage compliance and mitigate risks associated with their digital communications.
This development marks a significant step forward in improving operational efficiency for financial firms, showcasing how innovative technologies can drive better business practices and regulatory compliance. By reducing the noise in email communications, Echo Cancellation empowers organizations to be proactive and strategic in addressing potential risks.