The findings come as companies in the sector come under increasing pressure to put in place effective systems to better prevent bullying, sexual harassment and discrimination in the workplace. .
LONDON, Oct. 29, 2024–(BUSINESS WIRE)–Today, Smash, the world leader in communications data and intelligence, announced the results of its latest research. The survey found that 66% of UK employees in the financial services and insurance sector support the use of artificial intelligence (AI) to detect non-financial fraud (NFM) in their organization’s workplace communications. It became clear. Additionally, the study also shows that 59% of employees have witnessed or personally experienced NFM within their organization.
NFM has received increased attention from governments and regulators after the House of Commons Finance Committee released its Gender Discrimination in Cities report earlier this year. As a result, the Financial Conduct Authority (FCA) will introduce new rules and expects firms to put in place effective systems to identify and mitigate NFM-related risks. Smarsh’s recent research revealed the following findings:
Most respondents (89%) support these potential rules and regulations.
With 94% saying it is ‘very important’ to identify and address NFM in the workplace, this finding shows that companies in this sector are looking to leverage technology to support their employees. It shows that you also receive support from
This is especially important as 63% are not completely confident that their organization’s current communications monitoring system can effectively detect NFM instances.
“Non-financial fraud has come to the forefront in recent years, and many industries are working to transform their attitudes and capabilities to detect and prevent workplace bullying, sexual harassment and discrimination,” said the company’s vice president of products. said Paul Taylor. smash. “Cities must now ask themselves how they will take the necessary steps to follow suit. The first step is to identify NFM instances, particularly those that occur on workplace communication channels. This communication data is already archived and used for other regulatory and compliance purposes and is accumulated from various fraud scenarios and daily corporate communications. Given the amount of data being compromised, the next step will be leveraging AI to identify fraud at scale. ”
AI-enabled compliance and communications monitoring solutions, such as Smarsh Enterprise Conduct, enable enterprises to effectively and efficiently monitor workplace communications and proactively identify, flag, and investigate NFM instances that occur across various channels. It is important to be able to do so.
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This finding also indicates that not only are there potential regulatory requirements to address NFM issues, but that failing to do so will impede a company’s ability to attract and retain talent, as highlighted in the following findings: It has also been shown that it may have an impact on
More than three-quarters (78%) of respondents say knowing whether NFM is identified and addressed will influence whether they stay with their current organization.
This view is commonly held by both male (79%) and female (75%) employees.
However, it is slightly more important for younger employees (77% of employees aged 18-24) compared to older employees (69% of employees aged 35 and older).
“As the communications compliance partner for 90% of the world’s top financial institutions, Smarsh leverages the data organizations already store for financial crime recordkeeping and detection to identify NFM instances that threaten organizational culture. , their reputation, and their bottom line,” said Tom Padgett, President of Enterprise at Smarsh. “Financial services and insurance companies can identify large-scale NFM instances by deploying purpose-built AI that helps them do just that in an evolving regulatory environment.”
About smash
Smarsh enables regulated organizations of all sizes to capture, archive, and monitor data from business communications, allowing them to identify regulatory and reputational risks before they result in fines or headlines. The Smarsh Enterprise Platform’s AI-enabled applications, including Capture, Archive, Conduct, and Discovery, empower organizations to manage risk and unlock digital communications intelligence at unparalleled scale.
Smarsh serves a global customer base spanning top banks in North America, Europe, and Asia, as well as major securities firms, insurance companies, registered investment advisors, and U.S. state and local government agencies. To learn more about the future of capturing, archiving, and monitoring communications, visit www.smarsh.com or follow Smarsh on LinkedIn.
About the research:
The survey was conducted by OnePoll between 23 September 2024 and 2 October 2024 among 2,000 employed UK adults working in the financial services or insurance sector.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029830348/en/
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