Over the last few years, senior executives, legal teams and IT departments have been have been heavily tasked with protecting their companies from a multitude of evolving legal and compliance liabilities.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, RESPA, TILA Regulation Z and more have changed the entire landscape of the mortgage industry and the way communications are handled. E-mails are full of disclosures, ambiguous regulations make it difficult to decide what ‘marketing communications’ must be archived and originators have lists of terms that should never be used.
But a growing number of banks are finding the greatest legal risk to the security and stability of any financial institution is not the communications going out today, but the ones that have been stored for the past five, 10 or more years. Those stockpiles of legacy backup tapes, servers, e-mails, PSTs and other file types are Big Data at its worst.