Bloomberg, the global business and financial information and news provider, allied with Microsoft to provide financial services firms in meeting global regulatory and risk management guidelines for electronic communications. The company’s Bloomberg Vault, an electronic communications compliance offering, integrates with Microsoft Office 365, a cloud-based solution.
The strategic alliance with Microsoft allows Office 365 subscribers to easily add Bloomberg Vault as a managed service that includes essential features such as real-time policy management, search analytics, eDiscovery and secure archiving for corporate emails and messages.
“Bloomberg is a key Office 365 solution provider, dedicated to delivering additional value to customers,” said Giovanni Mezgec, General Manager of Microsoft Office Division Marketing. “Bloomberg Vault for Office 365 is an example of how customers and partners can quickly customize Office 365 and benefit from the latest business communication and collaboration service from Microsoft.”
The Bloomberg Vault-Office 365 integrates and secures archiving all electronic communications as a hosted service. It will help companies to reduce overhead costs by leveraging the cloud. Its specialized features are designed to help financial firms meet compliance requirements through real-time policy management, advanced search, eDiscovery and electronic records retention and preservation. It also has biometric security for compliance officers to enhance access controls.
“Financial services firms are struggling to meet regulatory and legal demands for the management and storage of electronic communications,” said Harald Collet, global business manager for Bloomberg Vault. “Compliance mandates are increasingly complex and the capital costs can be significant. The aim of Bloomberg Vault-Office 365 is to help financial services organizations embrace the cloud and meet stringent regulatory requirements.”
The alliance of Bloomberg and Microsoft is doing financial services firms how to manage regulatory and legal demands. More than 300 financial service companies have adopted Bloomberg Vault to manage growing legal and regulatory mandates governing corporate data. Since information management regulations and prudent records retention processes apply to all industries, the combined service from Bloomberg and Microsoft can also aid non-financial organizations.
A. Monty Hall, Director of Technology of Capstone Investment Advisors, sees how important it is for companies to find efficiently technology to run daily operations. “Hosted email and compliance solutions allow us to spend more time on front office activities, while reducing overhead costs,”Hall said.
“Bloomberg Vault supports our efforts to leverage hosted solutions and simplify our IT infrastructure,” said Rosalie Nicosia, Chief Operating Officer at Whitaker Securities, an investment advisory firm. “Integration with Office 365 gives us flexibility, strengthens our compliance process, and helps us avoid the costs associated with an in-house deployed email solution.”