Shield – EComms Compliance Platform 2020
I interviewed Shiran Weitzman, CEO & Co-Founder at Shield, EComms Compliance Platform. Shield is an Israeli RegTech Software Startup that specializes in e-communications record-keeping and compliance data analytics.
Shield – EComms Compliance Platform 2020.
Why did you create Shield?
Shield’s journey began with a seemingly unsolvable customer challenge to find an easier faster way to conduct compliance investigations.. We couldn’t find any suitable solutions on the market, so myself and my colleagues set up Shield in 2018 to build a much-needed technology to ‘fill the gap’.
Our vision and overall aim has always been to produce the ultimate RegTech (Regulatory Technology) solution, one which continues to evolve with technology and regulations with minimal disruption or the need for additional resources from the firm that uses it.
A number of companies focus on Anti Money Laundering or regulatory reporting. However, Shield focuses on surveillance, specifically on detailed electronic communications (eComms) surveillance, which is vital for financial firms looking to adhere to and prove they have adequately covered regulatory compliance.
Backing the right approach
I have always believed that the RegTech sphere needs to look towards future needs, closely studying the regulations and the challenges these are posing, anticipating what the market will require and ensuring the right solution is in place just when it is needed. This was our motivation when it came to launching Shield.
It seems to be the common-sense approach, but when we established the business it was a surprisingly different strategy to the bigger, more established vendors who kept addressing the challenges with the same linear approach. We were the ’outsiders’ trying to do things differently – a tough challenge in a very traditional RegTech industry.
Building the right team
Launching your own venture brings a broad set of challenges, not least funding operations, but also building the right team of professionals who not only have the technical and business expertise, but also share the same aspirations/goals and outlook as you.
There are many outside pressures on a fledgling business, so it’s essential that the team is closely unified and works to overcome any challenges that arise. We have an on-going drive to onboard the best individuals and to build a winning team.
Being there for our customers.
A big part of what Shield provides is peace of mind, so our customers can feel confident in putting their energy behind their core business without having to worry about eComms compliance and the stressful things that happen if you break the rules – such as big fines and the inevitable reputational damage they can do to your image and place in the market.
Regulatory compliance can be very complex indeed, especially when regulations change as quickly as they do. Equally, when you are trading over different countries and regions there can be a huge degree of complexity – different regions often have very different rules, and this is especially challenging when trading between different global markets.
This means Shield is in a position of trust which is highly gratifying but also means we must do things properly. Without trust, RegTech is pointless so there is a hug responsibility. We approach this as experts, we concentrate on the fine details of regulations, proficiently and reliably collecting data from different communications platforms (of which there are a massively expanding selection – including emails, chats, Fin-chats and voice recordings).
All the different silos of data are collated and securely stored. This ensures the financial firm has all the data it needs should there be an enquiry, complaint or audit.
What makes Shield different?
From day one Shield has been about delivering the best RegTech solution, one which meets all the needs of the firm but also protects its customers. Larger providers often lack the flexibility and adaptability that we are proud to demonstrate.
Our technology platform already encompasses a wide selection of financial regulations, but ultimately, we want to ensure it covers regulations globally, offering customers worldwide the ultimate RegTech solution for all their potential needs.
As well as the best technology, we already have our solution in place as a vital component of the compliance regime in a number of top tier banks – proving its excellence in the real business world not just in theory.
Building for the future.
Having launched as a fully bootstrapped company, Shield has now reached a milestone. To continue our rapid growth, we are reaching out to investors to fund the next phase of growth with an aim of dominating RegTech markets across the world.
We already have a team of 25 people worldwide and recently opened a new Headquarters in Tel Aviv to house our growing team, including R&D, Subject Matter Experts, Sales and Marketing divisions. This is an exciting time for Shield – we are fully embracing the tremendous opportunities ahead of us.
How to get in contact with Shield?
By Shield’s website:
You can find more information at Shield’s website: www. shieldfc.com
By Shield’s email:
By its Social Networks:
- Facebook: https://www.facebook.com/ShieldFinancialCompliance/
- Twitter: https://twitter.com/Shield_F_C
- LinkedIn: https://www.linkedin.com/company/shieldfc/
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Javier Nieto León