Michael Gutowski, CEO of Falcon Technologies International LLC participated in the panel discussion on the importance of innovation in business during the Ras Al Khaimah Finance and Investment Forum on December 13th and 14th.
During the panel discussion Mr. Gutowski emphasized that currently FTI holds the status of the best professional optical media producer globally, which has been achieved for a number of reasons, one of them being the constant implementation of small innovations on a daily basis and continuous improvement of the production processes.
“People are as important as innovation,” – Mr. Gutowski stated during his speech, – “You can’t change everything in a single big shot, as creating an innovation culture is an every day process.”
Mr. Gutowski also pointed out that an essential part of the FTI’s success is company’s ability and willingness to “listen to customers” and meeting their needs, based on the comments and suggestions that they receive. Within FTI listening to customer feedback became and remains the key trigger which promotes innovative product development practicies.
During the panel discussion it was also noted that early stage businesses should consider seeking partners in areas of expertise that they do not have in-house experience to ensure an increased chance of successfully translating their core strengths into a product offering with wider market appeal and less perceived business weaknesses.
Finance is an excessively regulated industry, with many moving parts and data that must be monitored and reported in order to stay protected and compliant with all regulations. One of the most important aspects of regulatory compliance for banks and financial organisations is record keeping and archiving electronic communication data. With the right tools and plans in place, archiving compliance does not have to be a daunting task.
Financial institutions generate a lot of data, which has to be archived by law.
Brokers, dealers, investment advisors, lending agents, futures and transfer agents, and businesses like mortgage companies, credit unions, banks, hedge funds, private equity firms, exchanges, commercial and retail banks, lenders and insurers, payday lenders, foreclosure relief services and debt collectors are all required to capture, monitor and archive business related communication data for review, audits, eDiscovery, litigation, and compliance.
But how do you become compliant? Let’s just jump right into the What, Why, and How of archiving compliance for banking and financial organisations.
Compliance with data archiving regulations is vital prevention of cyber crimes.
In short, a financial institution of any kind should be archiving all business related electronic communication data.
Email has been around long enough that just about everyone realizes the need to have a complete and easily accessible email archive. But you should really be archiving every bit of electronic communication data created by your organization. This includes social media, instant messaging, and content created on mobile devices.
The most obvious reason to archive emails and other business communication data is that your business is regulated and thus, mandated to do so.
Another thing that has to be archived – corporate e-mails
Another reason why you should archive, that isn’t obvious at first, is data leakage. If you have proprietary data, customer account, transactional or confidential information, you are obligated to make sure that it isn’t shared, either purposefully or accidentally. The use of email, social media, instant messaging, and mobile devices increases the ease at which your employees could share this type of data. Couple that with the fact that the line between personal and business communication is blurred on corporate mobile devices. In addition to data leakage, you need to guard against insider trading, inappropriate financial advice, and stating personal beliefs about a financial investment or trade as fact. Having an archiving solution provides you with protection against these threats by giving you oversight. This oversight on employee communication data, coupled with an effective communication policy, will not only discourage bad behavior, but will encourage proper behavior according to established policy. Your employees will know that, according to your policy, everything they communicate is being stored and can be accessed for review.
As you can see, almost every commercial entity produces and accumulates large amounts of various data on a daily basis, so the “archival question” is becoming more actual nowadays and will become even more critical in the future. Data storage and archival solutions in the age of “informational revolution” we live in are required to provide not only the big data storage and rendering capacities, but also ensure the integrity and accessibility of data for years, decades and centuries.
Falcon Technologies International LLC’s Research and Development team have created a solution that complies with the archival needs and requirements of the financial institutions and government entities. Our FalconMEDIA Century Archival CDs and DVDs with golden and platinum reflective layers showed outstanding results during the internal and third-party benchmarking tests: data stored on these professional archival discs stays accessible and integer for more than 500 years – timeframe that is enough to archive data for almost 7 future generations of the humanity.
Source: GWAVA
Falcon Technologies International LLC’s Research and Development team have created a solution that complies with the archival needs and requirements of the financial institutions and government entities. Our FalconMEDIA Century Archival CDs and DVDs with golden and platinum reflective layers showed outstanding results during the internal and third-party benchmarking tests: data stored on these professional archival discs stays accessible and integer for more than 500 years – timeframe that is enough to archive data for almost 7 future generations of the humanity.