Swiss Re is an expert at managing risk, and they don't take any chances when it comes to compliance recording. "We need a trustworthy, scalable, and efficient recording solution to meet our stringent regulatory requirements and contractual commitments for quality control. We decided to go with the fully managed service from Luware because experts know how to do it best," says Daniel Steinmann, who is responsible for Realtime Communication Services in Group Technology Services.
The Swiss Re Group is one of the world's leading providers of reinsurance, insurance, and other forms of insurance-based risk transfer. With deep knowledge, intelligent data, and capital strength, Swiss Re anticipates and manages the risks of insurance companies, mid-to-large-sized corporations, and the public sector.
Dealing with sensitive information, strong compliance is a key aspect of the company's industry leadership. Interactions and processes are regularly reviewed to ensure that the highest professional and ethical standards are upheld. Trading floors are monitored to prevent financial crime and sanctions violations, and interactions with end customers are monitored for quality control.
Swiss Re used to have a different on-premises recording solution for every system. The solutions were disconnected and hard to manage. User management had to be performed separately from standardized access governance, and the solution didn't scale to the growing demands of Swiss Re.
Today, the company uses Teams for their real-time communication. Consequently, they needed a new recording solution that could capture, archive, analyze and retrieve all modes of communication from Teams. A cloud solution was the obvious answer. "We have a clear cloud strategy, and there was no added value in retaining on-premises servers anymore. The cloud is much more efficient, scalable, and resilient," says Steinmann.
Swiss Re has a digital governance framework process to mitigate risks in a fast-paced digital environment. Steinmann explains, "before implementing any solution, we carefully review the strategic technology fit, cyber risks, data protection, and compliance requirements. That way, we can evaluate, select and deploy digital solutions fast and reduce our time-to-market."
The fully managed recording service from Luware fulfilled all the requirements and was easily approved. "We chose Luware because they are a trusted partner with a certified solution. The solution runs on Azure—a platform that we had already cleared for use in the past. This simplified the evaluation of the solution architecture." says Steinmann. "And it was the right strategy, as the migration and deployment were extremely smooth."
Swiss Re decided to run Luware Recording on a private tenant, which is fully managed by Luware. The recording data is stored in encrypted form on infrastructure controlled by Swiss Re. That way, Luware can manage the service and perform all the maintenance but not access any information. Swiss Re does not have to worry about maintaining its recording solutions—Luware takes care of everything.
With Luware Recording, Swiss Re could consolidate different recording systems into one solution. The solution is scalable and can be adapted as business requirements change. Access management has also become easier. "Everything is transparent now. The business knows exactly who is being recorded and who has access to the data," says Steinmann.
After establishing compliance recording for Teams, they are now integrating their trading platform. This simplifies administrative and governance processes. "With different recording solutions for the various communication and trading platforms, the maintenance of the solutions was a nightmare. Now we only need to maintain one solution with which we meet Compliance Recording requirements across various platforms," says Steinmann.
Are you also looking for a comprehensive cloud compliance recording solution for your company? Discover Luware Recording