WHERE DID THE IDEA OF EAGLE EYE COME FROM?
We get asked this question all the time and honestly, we are proud to say that its genesis came from compliance and supervision professionals like you. In fact, many of the features and processes come directly from our clients and those who are using the application in short-term pilots.
When conducting web searches on Google™ or Bing™, how accurate are the results typically? Of course if you’re looking for someone who has a large and prominent web presence, Google searches can be easy. A Google Search on Lebron James will give you plenty of accurate results, but let’s be real. When supervising an advisor, it can be like searching for a single needle in a vast array of haystacks.
Eagle Eye’s accuracy for a Broker Dealer client who has used the system for less than one year. Take my name as an example: James Cella. It’s not a common name, BUT there are over 50 James Cella’s in the United States and many of us have a decent web presence. One is a lawyer, another a hollywood film producer while another is a sports information director at a small university. So if one were to try to supervise me and were to Google my name, they would only find 4 results out of Google’s top 50 were actually me.
That’s a whooping 8% accuracy. Now one could say that I don’t exist on the web and hence the low results, but the fact is that I do exist on the web with:
So 4 results in the top 50 returned by Google is flat out terrible. Just image how it would look if I were named John Smith.
When we released Eagle Eye we set out to design an application that dramatically increased the odds of finding the James Cellas, Sally Jenkins, Timothy Freemans, or whomever our clients needed to supervise.
So how are we doing?
Overall the numbers are pretty impressive. Our clients generally review anywhere from the top 20 to top 30 results found by the system and they are averaging around 55% to 67% accuracy. One client who has been on the system for nearly a year has an accuracy of 72% in their top 30 and an insane 82% in their top 15. That means that for every 10 results they are reviewing, 7 to 8 of them are the people they are looking for and this is after the company has blacklisted domains they don’t want to review like whitepages.com or classmates.com.
How do we do it? We can’t reveal all the ingredients of the secret sauce, but we can tell you that we’ve built complex algorithms and intelligence into Eagle Eye so that it learns as your firm performs reviews.
So what does all this accuracy give you?
A company from Virginia was expelled from FINRA membership for several violations. Some of the FINRA findings included;
“That the firm included issuer communications on its website that it knew or had reason to know contained untrue statements of material facts or were otherwise false or misleading.”
If a claim is filed against your company for posting statements on your website that the claimant said is misleading or untrue, are you able to defend your company? Do you have the documentation and reports to support your response?
Our SQWatcher application is a web-based tool that not only archives your website, but also analyzes it each day. SQWatcher creates readily accessible backup files that can be easily retrieved to immediately identify and fix something that could have gone wrong.
It’s also important to note that unlike other archival systems that may only take a screenshot to show you what the website “looked like” in the past, SQWatcher collects the actual HTML code for every page on your clients’ website(s). This provides the ability to not only view the page in question, but also browse the rest of the site as it appeared in the past as part of your review process.
Are you responsible for monitoring one or more websites for your company? This can become a daunting task for any financial supervisor with the continual changes and updates. Are you notified when website information is updated so that you can review and ensure that the changes made online are correct? SQWatcher has taken this into account so that you are automatically notified.
This same Virginia firm was also cited by FINRA for “not reasonably supervising its activities of those of its associated persons.”
Our Eagle Eye product is the first of its kind application that is designed specifically to help the financial industry easily and effectively supervise the web. Eagle Eye automatically searches, documents, and reports on your web supervision responsibilities so you have everything you need to find and address issues before they are brought to your attention by a regulator.
Eagle Eye and SQWatcher working together are a force multiplier in your supervisory scheme. The cost of these applications are just a fraction of the cost a fine.
Working in the finance industry for over 15 years SiteQuest Technologies is an innovative partnership for your firm. We work closely with your supervision departments making sure that our products are continually evolving and optimized with your concerns in mind.
Contact us today to see how we can assist you in your web supervision needs.
Each January we like to look back at our growth and progress from the previous year, as we plan for the future and work diligently to make sure that we are meeting our client's needs and expectations. 2017 was a record-breaking year for SiteQuest Compliance.
During 2017, Eagle Eye celebrated its 4th year as one of our premier programs. Our first ever Eagle Eye client still utilizes this product and loves the ease and convenience of this program. More and more clients are discovering Eagle Eye and adding it to their firm’s resources. We doubled the number of individuals Eagle Eye monitored in 2017, resulting in over 122 million scans of the web.
Our SQWatcher program had several updates making this program an even greater resource for our clients. SQWatcher is WORM compliant when it comes to storage. We have added YouTube channel monitoring and archiving to this program as well. We also improved the bulk discarding/archiving options in the SQWatcher workflow.
We increased our client base by 25% in 2017, and this has made our team here at SiteQuest Technologies eager for 2018. We look forward to increased client interactions and helping with the challenges that a new year brings. Thank you for being part of this great growth.
If you have any questions please don’t hesitate to reach out to me personally. I look forward to another great year of continued development and expansion for SiteQuest Technologies.
About James Cella
James Cella is the President of a growing and innovative compliance technology provider called SiteQuest Compliance. James is a customer-centric individual and focuses on building and sustaining positive and lasting relationship with his clients and partners. James and his family are "super fans" of University of Utah Football and have attended nearly every home game since 2002. Go Utes!