Capturing a Complete Audit™ for work completed in a web conference session

 In Liveoak

The formal definition of an audit trail (also called audit log) is a security-relevant chronological record, set of records, and/or destination and source of records that provide documentary evidence of the sequence of activities that have affected at any time a specific operation, procedure, or event. In other words, an audit trail consists of records that document every step in a business transaction.

The audit trail has many applications within financial service use cases. When we refer to a Complete Audit™ at Liveoak Technologies, we are referring to all the activity that takes place inside of a Liveoak digital conference session.

Below are examples of activities that can occur inside of a Liveoak conference session:

  • Video and audio conferencing
  • eSignature
  • Data entry/collaboration in completing forms and documents
  • Selfie photo capture to assist in identity verification
  • ID photo capture
  • ID verification and authentication
  • Mobile photo and video capture for auto and home insurance claims
  • Screensharing
  • Uploading and sharing files and documents
  • Recording all or a portion of the conference session
  • Telephony – integrating phone calls into the Liveoak conference session
  • Remote/webcam notary services (coming soon)

The Liveoak Complete Audit™ is a chronological record that includes all of the activity and actions that take place inside of a Liveoak conference (meta-data) by each participant, down to the keystroke. The phrase “down to the keystroke” means that the Liveoak platform tracks and records every single key that each person in the conference types in.

In addition to storing data, Liveoak stores all actions taken by users inside of a Liveoak session. For each action taken inside a Liveoak conference,  data corresponding to each action is stored in the conference record.

For regulated industries that have compliance requirements, the Complete Audit™ must be present for all transactions. In a digital environment, the same records need to be captured and stored as transactions that take place in a traditional “paper” environment. One can argue that a digital audit trail is more robust and accurate in that capturing keystrokes, data, shared files and signatures through a digital platform is an automated process (vs. manually gathering the data, scanning, printing, filing etc.). This is a great example of digital transformation in that the process of capturing and recording transaction records is transformative in the way the information is collected (i.e. we are not simply digitizing an old paperwork workflow,  we have created a new way to capture and store the information).

Here are a few examples of the types of details that appear in the Complete Audit™:

  • Date
  • Time
  • Email address
  • Conference participant guest designation
  • Conference guest IP addresses
  • All actions while in the conference.
  • Examples recorded actions include:
    • Created conference
    • Invite email sent to participant
    • User entered the room
    • Room data saved
    • User left room
    • Room data reviewed
    • Attachment accepted
    • Attachment uploaded
    • Participant photo
    • Participant photo accepted
    • Mobile upload invite sent to participant
    • Mobile upload invite accepted by participant
    • User left room
    • User entered the letter “A”
    • User entered the letter “N”
    • User entered the letter “T”
    • User entered the number “7”

Example above of Complete Audit™ activity log

Example above of the assets that were attached to the audit trail: copy of a voided check, wet signature and selfie with photo I.D.

Liveoak users also have the ability to capture and record a video attestation or record a portion of the video conference. This feature is particularly important in industries where recorded conversations are required.  Examples include the EU’s MiFED II reform which requires asset managers to record webcam conversations regarding transactions and webcam/remote notary that requires a recording of the ID verification and/or signing ceremony.

Having a video or audio recording is helpful but having a video and/or audio recording combined with a full record of all keystrokes, data entered, file uploaded and conference behavior is powerful and is what sets Liveoak apart.

In our daily conversations and briefings with prospects and customers, we find that some folks rely on typical video/web conferencing solutions to meet face-to-face with their remote clients. If they need to conduct business or complete a transaction, they patch together different technology solutions. Traditional video conferencing solutions allow for face-to-face and/or audio communication, screen sharing and conference recording which are important features for presentations and general meetings.

However,  a video conference session that goes beyond a discussion or presentation requires greater functionality and record keeping (Complete Audit™). Examples include:

  • completing complicated forms and documents that require human assistance
  • completing lengthy/time-consuming applications that require a signature or multiple signatures or signatures from multiple signers
  • workflows that require supplemental information and verification such as a copy of a photo ID, a selfie photo and/or documents such as bank statements, voided checks or utility bills

Patching together a video conferencing solution with other technology creates a messy, disjointed audit trail that requires additional work and leaves room for errors and omissions (not in good order). The beauty of the Liveoak platform is that at the end of a customer onboarding session or workflow, all of the audit trail data is in the Complete Audit™ and can easily be integrated into any database.

If you are interested in learning more about Liveoak’s Complete Audit™ or Liveoak’s digital customer interaction platform in general, please reach out to us at Hello@Liveoak.net. We always enjoy a good audit trail conversation and sharing best practices.

 

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