Regulatory compliance is expensive, but the cost of compliance related failure is much higher. The top US banks paid out fines amounting to $204 billion in 175 settlements dating back to 2009*. It is challenging for banks and financial institutions to adapt to the complexities of regulations in a global marketplace. Policies need to support the modern pace of transactions and international trade. Therefore, compliance professionals and the tools they use have an increasing need to make sense of communications or data in foreign languages.
Current software platforms address the need to understand, analyze, and review archived communications proficiently in English. However, a critical subset of that content happens in foreign languages that most of the existing platforms do not handle. The key to ensuring compliance of data in foreign languages is being able to perform
real-time translations at scale, either as a stand-alone capability or an integrated function of the review platform. No textual data – no matter its language – is left out of the monitoring or review processes.
In the world of risk management, the focus areas below are becoming increasingly multilingual and require a consistent effort to ensure sustained compliance:
- Trading communications and conduct
- BSA/AML Programs
- Insider leaks, business conduct, and HR issues
- Corporate social media policy
REAL-TIME MACHINE TRANSLATIONS FOR RISK ASSESSMENT PROCESSES
SYSTRAN’s real-time translation supports multilingual data compliance with class leading performance in data centers and enterprise networks around the globe. The incremental capabilities and gains include:
- Automated or on-demand machine translation (MT)
of the messages for review, audit, or discovery processes
- Identify the foreign languages in messages at volume and scale
- Store translated files for audit or review cycles
- Increase productivity and optimize cost simultaneously with MT technology in comparison to acquiring human translation resources
- Streamline workflows by eliminating deviations to ad-hoc processes just to discover content in other languages
- Increase workflow efficiency by integrating MT capability into the workflow that is designed for one language
SYSTRAN, a global leader in language translation technology, will showcase its newest translation software, Pure Neural Machine Translation, at FIBA AML compliance conference in Miami, FL, March 6-8.
* source: Keefe, Bruyette & Woods (2015)
SYSTRAN has been helping commercial, defense, and national security organizations capture mission-critical data for the last 49 years. We operate globally with locations in Americas, Europe, and Asia.
As the first software company to introduce Neural Machine Translation technology, SYSTRAN is continuing to lead the innovation in language technologies. SYSTRAN’s brand new Purely Neural Machine Translation (PNMT) products utilize Neural Networks and Deep Learning algorithms to achieve unprecedented translation quality that is near human translation levels.
Positive Feedback from PNMT Beta Tester
SYSTRAN to Host Private Viewings of Pure Neural Machine Translation Technology at FIBA AML Compliance Conference