- Bloomberg Vault reduces costs and burdens of message archiving
Bloomberg, the leader in financial services messaging, today announced a new real-time search and analytics console for Bloomberg Vault, the first compliance solution to integrate real-time monitoring, search analytics, and archiving of Bloomberg messaging and corporate email. Bloomberg ProfessionalÂ® service executives made the announcement at the LegalTechÂ® conference where they are exhibiting at booth #432.
Bloomberg Vault capitalizes on Bloomberg's long track record in messaging and compliance to help financial firms and corporations meet increasing compliance, regulatory and eDiscovery requirements, while reducing costs. More than 160 financial services companies have adopted Bloomberg Vault, highlighting the market demand for secure and scalable hosted information governance.
"Selecting the right service provider for important compliance, archiving, and eDiscovery processes is critical," said Andrew Wels, chief compliance officer and associate general counsel at Cantor Fitzgerald. "We leverage Bloomberg's proven and cost-effective compliance solutions such as Bloomberg Vault to help stay on top of the ever-changing regulatory environment. Bloomberg's real-time search and content analytics allow our firm to quickly respond to legal and regulatory requests."
Bloomberg Vault is a hosted solution with compliance retention services, active policy management, extensive search capabilities, analytics and information governance for corporate email and instant messages, as well as all messaging content on the Bloomberg Professional Â® service.
âFinancial services companies face growing challenges coping with new regulatory requirements, rising litigation risks and swelling volumes of communications,'' said Harald Collet, global business manager of Bloomberg Vault. "As a leader in messaging, we have the experience and expertise to offer an easy, cost-effective and secure way to monitor, search and store their critical information.â
The new Bloomberg Vault leverages the reliability, security and scalability of Bloomberg's global private network, including biometric authentication of users for security and redundant data centers for disaster recovery. Key Bloomberg Vault functionality includes:
â¢ Support for all enterprise messaging, including Microsoft Exchange email and corporate instant messaging together with Bloomberg messaging data
â¢ Real-time policy management that can automatically supervise communication against pre-defined rules, identifying messages that may require further review.
â¢ Review consoles to manage the entire compliance workflow, including advanced search, policy management, sampling, stamping, escalation, and comprehensive reporting.
â¢ eDiscovery, retention, and legal hold, which allow companies to manage retention with customized policies, support eDiscovery processes, ensure chain-of-custody, and avoid inadvertent deletion of potentially responsive data with compliance storage.
"We have been able to replace our in-house deployed legacy archiving and compliance systems with a fully hosted solution from Bloomberg Vault for all our corporate electronic communications," said Andy Birdsell, vice president of information technology at Incapital. "The integrated real-time search, analytics, and industry-specific policy management gives us instant access to all our content in one place. We have significantly reduced our costs and improved compliance by consolidating with Bloomberg."