Tips and tricks for building and refining effective policies

By Global Relay on August 20, 2020
Global Relay



Are your supervision policies failing to capture the right content for review? Are your custom policies drowning your reviewers in irrelevant messages?

If that sounds familiar, you might need some help fine-tuning your approach to policy management. Watch our free Policy Management Workshop video for tips and advice.

So, why does policy management matter?

Compliance. If you’re not capturing the right content for review, chances are you’re not going to be meeting your compliance obligations.

Risk Management: If electronic communications are going unsupervised, your firm risks missing potential market abuses or patterns of behavior that could lead to severe regulatory fines and reputational damage.

Supervision Efficiency: If your supervision policies are flagging too much content for review—a sign that they are not configured correctly—then reviewers will need to trawl through thousands of unwanted messages, increasing the risk that they will overlook something important.

So, how do you make sure your policies are working effectively and reviewers are only seeing the content that really matters?

  1. Define your requirements. What are your policies trying to catch? Are they conventional compliance policies intended to maintain regulatory standards? Are they security policies intended to safeguard your organization’s data or confidential information? Or are they human resources-related policies intended to monitor internal messages or employee behavior?
    A standard, pre-configured policy catalog will serve many of your supervisory needs, such as watching for personal trading and front running, or layering and spoofing. But what if you need to design a more customized policy to meet a particular risk that is specific to your business? This is where good policy management is essential.
  2. Build a targeted policy. You need to ensure you are capturing the right keywords, language and phrases, which are focused on the right communication channels. There is no point switching on your policy, and only monitoring emails, when all the relevant messages are being exchanged in third-party chat rooms.
  3. Plan regular policy reviews. Building a successful policy is not enough. You need to do more than simply establish a policy, then forget about it, while expecting it to work indefinitely. Good policy management means constantly monitoring and reviewing your policies to ensure they remain effective, especially when new products or business lines are developed, or when the compliance backdrop changes.
  4. Get advice from the experts. Everyone needs advice and guidance from time to time, and we at Global Relay have spent many years helping financial institutions to create robust policies that meet all of their compliance and supervision needs.

Need some tips and tricks?

Watch our free, on-demand Policy Management Workshop video to learn:

  • How to build a supervision policy from the ground up—using a standard policy catalog as an example.
  • Why implementing multiple tailored policies can help you reduce overall flagging rates, while also getting more relevant content in front of reviewers.
  • How to assemble focused keywords—and why context and proximity can help you reduce noise.
  • The ways in which you can use positive and negative context to flag content—and how to use them in tandem to streamline your searches.
  • Why you need to test your policies before they go live, to ensure your policies are not flagging content you don’t want—and missing content that you do.
  • The importance of properly documenting your policies to satisfy regulators.
  • How to refine your supervision policies to make sure they are working effectively.
  • Why you need to build a statistical benchmark for measuring the performance of your policies—and how regular reviews will save you from potential headaches later.
  • The tricks you can use to eliminate unwanted messages.

Want to improve your supervisory regime? Then make sure your firm has an effective policy management program in place. Get started here.

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