Complinet's 2nd Annual Compliance Industry Awards honours success for the best technology solution in all sectors of financial services
LONDON (January 25, 2006) - ZANTAZ, Inc., the global leader in Information Retention and Disclosure Management (IRDM) solutions, today announced that it was awarded 2006 Best Technology Solution at the Complinet Second Annual Compliance Industry Awards held last week in London. The accolade was granted for the best technology solution in all sectors of financial services.
ZANTAZ was selected for the credit thanks to the striking results it achieved for Market Harborough Building Society (MHBS), enabling the building society to achieve compliance and storage savings with ZANTAZ' email archiving solution. ZANTAZ Enterprise Archive Solution (EAS) was implemented to address MHBS' compliance, growth and business continuity issues.
"We are very pleased to be recognized by the compliance industry for the robust ZANTAZ EAS solution, "said Glenn Perachio, ZANTAZ' Director of Sales, Europe. "A bank cannot achieve compliance with major new regulations in the financial services industry, as well as broader regulations, without full control and management of electronic data. Our EAS solution has enabled MHBS to do just that thanks to its ease of use, simple integration with Outlook and Exchange and ease of deployment. "
The Compliance Officer of Market Harborough Building Society (MHBS), a small regional building society, was most concerned with how email and electronic data impacted the UK Data Protection Act. MHBS needed to strike a balance enabling it to retain all necessary digital correspondence about its customers and purge any that was no longer relevant.
Other regulations also concerned the compliance officer, including Basel II, the upcoming EU banking regulation that requires banks to minimise operational risk; legal admissibility, which allows digital information to be admissible in court; and the general need to produce documentation.
The results of the implementation saw compliance actually reduce operational issues with storage. MHBS drastically reduced storage size in the Exchange database, and for nearly two years-combined with the EAS archive server-the database was at a lower storage capacity than prior to archiving. Before ZANTAZ EAS was installed, mailboxes and public folders accounted for 4.5 gigabytes of space on the Exchange database-despite two more years of email, that size has only in the past year surpassed the original size of Exchange. This is due to the way in which messages are stored.
"We knew an email archiving system would help us operationally by reducing retrieval times and the size of the Exchange database but the results were better than we could have imagined," said Neil Williams, assistant general manager of IT at MHBS. "We now believe we are compliant with current regulations and are ready to deal with future requirements."
About ZANTAZ
ZANTAZ is the global leader in Information Retention and Discovery Management solutions. ZANTAZ' solutions enable organizations to capture, preserve and access unstructured digital information-including email, IM, files, scanned documents, and other electronic records-and review and produce relevant documents in a manner that reduces operational risks and costs while complying with legal, regulatory and corporate policy requirements. ZANTAZ solutions are available as onsite software applications or on-demand hosted services, and include a broad set of professional services and integration support. ZANTAZ has over 600 customers, including many of the largest corporations, law firms and government agencies in the world. For more information, visit www.ZANTAZ.com.
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