Improving control of email & data archiving, surveillance and regulatory compliance with Bloomberg Vault
Hilliard Lyons
Hilliard Lyons is one of the most well-established financial services firms in the U.S., addressing the wealth management needs of clients since 1854. The company, based in Louisville, Ky., has more than 1,200 employees in more than 70 branches across a dozen states in the South and Midwest. Hilliard Lyons provides a wide range of services as a full-service broker of retail equity and fixed income securities with related underwriting, investment banking, research, and investment advisory services.
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Often when you convert from one system to another, typically vendors will come in and promise you the world, then in the middle of the game you realize the deployment is a lot harder than they promised. That was not the case with Bloomberg.
Wesley L. Ringo, Chief Compliance Officer at Hilliard Lyons
Situation
Overall, Hilliard Lyons produces thousands of emails and instant messages every day and, as with all companies in the highly regulated financial services industry, it is subject to very specific requirements for retaining, deleting, retrieving and producing these records.
Nothing had ever been deleted
Previous vendor changed storage locations without warning
Problem
As email growth has continued to accelerate over the past several years — and as regulators have become more vigilant — the team responsible for compliance at Hilliard Lyons realized they had to address challenges with their existing and inefficient data management solution.
There were also other problems with the existing supplier, including customer service issues, so the team at Hilliard Lyons set about searching for a better solution.
Difficult to implement retention rules
Risk in saving emails for too long
Utilizing lexicons was very difficult
Solution
The existing solution was services-based, as opposed to on-site deployed, so Hilliard Lyons did not have a legacy hardware infrastructure to protect. After looking at and interviewing a number of service providers, Hilliard Lyons decided to go with Bloomberg Vault. Bloomberg Vault is Bloomberg’s fully managed end-to-end information management solution for corporate message compliance, archiving and e-discovery.
Fully automated retention schedule
Standardized process for destruction
Ease of integration with the Bloomberg Terminal
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We work with multiple vendors and, when we have a project, the Bloomberg team is ready to go with the best answers right away, while we are typically waiting for responses from other vendors.
Wesley L. Ringo, Chief Compliance Officer at Hilliard Lyons
Benefits
Stay compliant while fulfilling litigation or e-discovery requirements
Cost savings and improved productivity
Customer service is now much better