Jefferies Group Implements Behavox Compliance Solution to Enhance Speed, Agility of Global Risk Management Operations
NEW YORK–(BUSINESS WIRE)–Behavox, which provides the world’s only AI-based data operating platform that enables enterprises to aggregate, analyze, and act on their entire organization’s data, today announced that Jefferies Group LLC, the world’s largest independent full-service global investment banking firm headquartered in the United States, has adopted and successfully implemented Behavox’s compliance solution across its global operations.
This technology partnership supports a progressive compliance culture at Jefferies. Jefferies partnered with Behavox to advance and improve its compliance program across the firm’s international operations after a rigorous proof of concept demonstration and comprehensive performance testing, followed by a year-long implementation of Behavox’s compliance solution.
“With the seamless implementation of Behavox’s platform into our systems, Jefferies is now able to manage its risk with more accuracy and speed than ever before,” Jefferies Chief Compliance Officer Lauri Scoran said. “Behavox protects our global firm and valued employee base while supporting our rigorous regulatory and business requirements. Jefferies will realize meaningful operational savings from Behavox’s compliance solution in the years to come.”
Jefferies sought to integrate new data types and workflows with the end-goal of enhancing its global compliance solution. Behavox demonstrated both flexibility and adaptability to incorporate Jefferies’ evolving business requirements and stringent legal and regulatory requirements. Behavox delivered a successful deployment, while also helping to implement and validate the new workflows and train users.
Ms. Scoran continued, “Behavox has been a great partner. After a year of planning, analyzing and executing compliance requirements, our team can focus more on evolving regulations and protecting our valuable employees. We were very impressed by the hybrid environment, user interface enhancements, customized reports and countless training sessions Behavox provided for our organization during the implementation process.”
Jefferies adopted Behavox’s compliance solution to help meet new market requirements and prepare for the latest regulatory mandates while leveraging Behavox’s cloud solution to realize savings through the reduction of data center, software, and hardware costs. Though the pandemic has put pressure on many organizations and forever changed the workforce, Behavox’s cloud solution enabled the company to deliver a seamless implementation of the enhanced compliance solution to Jefferies both on-time and on-budget.
Marty DeMonte, Managing Director and CIO of Jefferies, noted, “Jefferies decided to partner with Behavox for their technology and responsive support model. We are very pleased with Behavox’s seamless implementation, the flexibility of the platform, and look forward to a long-term partnership with Behavox.”
Even after successfully delivering this compliance milestone to Jefferies, Behavox remains focused and committed to continue working closely with Jefferies to deliver compliance enhancements and build for the future.
“As firms adapt to this new environment, it is important now more than ever to invest heavily in agile technologies to ensure compliance programs adequately identify real regulatory risks,” Chief Revenue Officer Nabeel Ebrahim said. “Jefferies understands the need for maintaining agility and speed regardless of the work environment. It was imperative to Jefferies that its Behavox solution deploy quickly and smoothly across its international operations, especially with many employees working remotely. Together, Jefferies and Behavox worked hard to ensure rigorous testing and a smooth implementation, resulting in record deployment time.”
Through machine learning algorithms developed based on 16 years of enforcement cases against traders and banks worldwide, Behavox’s software allows management teams and compliance officers to detect cases of market abuse, insider threats, collusion and reckless behavior in real time.
The ability for Behavox’s solution to provide global coverage of compliance requirements in various markets is critical for Jefferies as well as other international firms. Behavox aligns with finance regulations, such as Dodd-Frank, MAR, FCPA, SMR & MiFID II, and meets the requirements of the most exacting regulators (FINRA, CFTC, FCA, etc.).
Behavox’s seamless go-live software implementation at Jefferies is just one of the latest developments for the fast-growing AI company. In June, Behavox announced it was deepening its investment in Canada through an expansion of its Montréal office.
About Behavox Ltd.
Behavox is the leading, end-to-end Data Operating Platform that enables organizations to aggregate, analyze and act on their internal data. As a high-growth technology company, our mission is to organize and make useful all communications data on Earth. Through advanced analytics and machine learning, Behavox is your organization’s single-entry point for internal data.
Behavox, founded in 2014, is headquartered in New York City, with offices in London, Singapore and Montréal. For more information visit here.
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