By Ludo Rubin, Director of Product Marketing Workers overwhelmingly use electronic communication. Examples include emails, messaging apps, and phone calls. In an ideal world, employees used these mediums compliantly and only chose applications that protect their data. In the real world, even the most well-intentioned worker can take actions that put organizations at risk. That’s why so many organizations now invest in communication surveillance software.
Regulations That Affect Business Communications
Compliance regulations vary from country to country and industry to industry, but all businesses are affected by some regulations in one form or another. For example, financial communications surveillance is a critical component of any effective corporate compliance program. This ensures that employees’ financial activities remain compliant while protecting organizations from fraud, money laundering, and other illegal activities.
Consider the following examples of regulations that may prompt the use of communication surveillance solutions:
- U.S. Anti-Money Laundering (AML) Laws: All financial institutions must comply with the Bank Secrecy Act or risk fines and possible prison time. FINRA sets the minimum requirements organizations must meet to remain compliant. Electronic communications can quickly become part of investigations.
- U.S. Gramm-Leach-Bliley Act (GLBA): The GLBA requires banks and other financial institutions to inform customers about the use and security of their personal data. A communications surveillance system for capturing worker data inevitably also captures customer communications. Organizations must consider this when choosing a vendor.
- General Data Protection Regulation (GDPR): The GDPR requires organizations to obtain consent to use personal data, including communications. This regulation applies to any organization that collects and processes user data in the EU. An excellent compliance program addresses the GDPR, CCPA, and other consumer data privacy laws worldwide.
- Markets in Financial Instruments Directive (MiFID II): The MiFID II applies to financial firms operating in the EU. It requires them to collect and retain records of all communication with customers, including phone conversations and digital communications.
- Market Abuse Regulation (MAR): MAR outlines how traders and relevant personnel should handle inside information. It requires firms to maintain records of communications, including phone calls and emails. An effective compliance program should identify solutions that address this with minimal human intervention.
Benefits of Using Communication Surveillance Software
Manually intercepting, recording, and archiving electronic communications introduces too many risks. Some workers may delete conversations they believe may paint them in a bad light or prompt an investigation. Workers might also forget to complete backups. Companies can ensure comprehensive data capture and preserve data integrity by using automated solutions. Review the following benefits.
Compliance
By recording conversations, organizations can meet the regulations affecting their businesses, ensuring they remain compliant. Besides automated solutions enable organizations to capture much more data than manual solutions, especially new communication channels such as messaging applications. These solutions are easily deployed and future-proof as they can get data even from channels that may come in use in the future.
Efficiency
Automated solutions save resources in terms of time and money by intercepting conversations without any manual input. They also provide a single source of truth for audit teams and regulators.
Data Security
Organizations must ensure that customer data is stored and handled securely. Automated solutions also minimize the risk of fines or lawsuits due to mishandling sensitive customer data. Authorized persons can access real-time reports on user activity to ensure that their customers’ data remains secure.
Best Practices for Tackling Surveillance in Communication
There are two main types of surveillance: active and passive. Organizations need to determine which one best meets their needs. The need may also vary across departments. For example, customer service reps may actively listen in on communications from new recruits. They may also review communication logs regularly. Meanwhile, the organization might only check managers’ records when a specific incident prompts the need.
Organizations should also consider recording communications and surveillance laws by state and country. Recording communication requires consent in most states, though there may be exceptions for certain types of organizations. They should also ensure that their chosen solution meets their needs and budget while complying with all relevant regulations. This can maximize the efficiency of their corporate compliance program.
Finally, they should choose vendors that keep the surveillance systems updated. This may involve monitoring trends in market regulation or revamping the system to meet new compliance requirements. Doing so helps the organization remain compliant while ensuring efficient communication across channels.
The Role of Automated Capturing and Archiving Solutions
An automated capturing and archiving solution helps organizations meet the various requirements of communication surveillance. It can intercept and record communications automatically, reducing the need for manual labor and helping them remain compliant with all laws in their jurisdiction. The system can also enable managers to review conversations quickly and easily. This helps them address conversations that may require additional scrutiny or trigger an investigation.
LeapXpert is a leading communications capturing and archiving solution that can help managers achieve this and so much more. Contact us to learn more about how our revolutionary product can strengthen your compliance efforts.
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