Today, SteelEye welcomes Lee Robertson as a Commercial Director. Lee joins from outsourced IT Services Provider, AlertnitOne, and brings with him 20 years of experience in Cloud technologies, communications, IT, and cyber security.
With extensive expertise in financial services and alternative investments, Lee has a consultative approach to helping clients achieve efficient and effective use of technology. Ahead of joining SteelEye, Lee sat down with SteelEye’s CEO Matt Smith, to discuss his background, outlook for the RegTech industry, and much more.
Lee: My background is in communications. For the last 15 years of my career, I have been working solely with regulated clients, delivering unified communications, and connectivity and more recently Cloud-based IT solutions to firms that are required to adhere to FCA rules and regulations.
In the last 5 years, I have been delivering communications solutions that function within the MiFID guidelines, enabling clients to communicate across multiple communications channels while remaining compliant.
Lee: I have always enjoyed solving industry problems with technology and developing future-proofed and scalable solutions that enable multiple use cases. I believe that this is what often sets you apart from the competition and a key reason why I have joined SteelEye.
Financial services regulation is a moving target with a constant stream of updates, amendments, and new rules. This requires firms to constantly plan for and work towards change. Technology, if legacy and old, can make adjusting to regulatory change manual, costly, and high risk. Modern cloud-based technologies on the other hand can be an enabler for change and make it easy for firms to adjust when a new regulation comes in. This is exciting for me.
Lee: I can still remember when the FCA was called the FSA and the communications requirement for regulated financial services firms was to record communications data for an extended storage timeframe.
Now the regulation has branched off into so many different areas on the back of the rapid change we have seen in corporate communications. Traders are no longer communicating only via desk phone and email but are also using a range of digital channels. Consequently, communications compliance rules have evolved to be much more precise and specific.
RegTech solutions have evolved as well and now encompass the ability to bring together different types of data and perform a multitude of tasks – from trade reconstructions and market abuse surveillance to regulatory reporting, best execution monitoring, transaction cost analysis, and much more.
Lee: The FCA are sending clear signals that there will be a push for increased transparency and for investment firms to improve their stance on surveillance monitoring and reporting, particularly around the use of communications.
Since a high number of companies now support hybrid working, the scope of the communications they need to capture is broader. We have seen a shift from voice calls to video since 2019, as well as more people using instant messaging across multiple platforms.
Regulators like the FCA have clearly stated their concerns about employees’ use of emerging communications platforms, such as WhatsApp, to communicate with each other and with clients. The fact is that data on these platforms need to be captured, monitored, and archived if used and I expect regulation will tighten in this space to get ahead of this risk.
More clients will also realize that to ease their management overhead around compliance, they will need to better integrate order management, trading, and communications platforms. This will increase transparency and ensure that they have reliable oversight and in turn, more investor confidence.
Lee: I joined SteelEye for two main reasons:
1. I really like the SteelEye Platform and have seen firsthand how clients benefit from it through the several client projects I have worked with SteelEye on over the last 5 years.
2. I also joined because of the team. I have worked closely with Matt Smith and the commercial, integration, and technical teams at SteelEye since 2017 and have seen the company go from strength to strength. SteelEye’s growth has been impressive and I like their culture and the way that they look after staff.
I am looking forward to learning more about SteelEye and helping to grow the business further.
SteelEye’s compliance tools are suitable for a range of use cases, roles and organizations.
Our cutting-edge communications platform simplifies capture, archiving, eDiscovery and surveillance. This enables you to save time and money, reduce risks and streamline your compliance processes.
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