June 21, 2019
It can happen any time.
A financial advisor is out of the office at lunch. She learns of an important development in a company that creates an attractive investment opportunity.
To take advantage of this breaking news, the employee grabs her mobile phone and calls her clients to make them aware of the opportunity and to organize some stock purchases.
And that easily, the employee has broken the law. She has placed her firm in jeopardy of non-compliance with key regulatory provisions governing the recording of financial transaction communications.
In the age of increasingly mobile employees and distributed work environments, enterprises need to ensure these mobile communications don’t violate the law. Teleworking, remote working, virtual workplaces and work-from-home programs are increasingly critical to the operations of many businesses in financial services. Employees making even quick calls to clients without the correct recording systems in place can be putting you at risk of fines or other penalties.
The Mobile Compliance Conundrum
Regulatory compliance rules and laws have made landline call recording standard in financial services companies in many countries.
MiFID II in Europe and FINRA and Dodd-Frank requirements in the US are examples of rules that financial services firms must follow to ensure calls related to financial transactions are properly recorded.
Employees on landlines conduct business as usual and the call recording systems take care of the call archiving to meet compliance requirements.
It’s a fairly straightforward function when a corporate PBX or Unified Communications server is handling the calls and a recording system can capture them at that centralized point.
But as more and more employees conduct more and more work on mobile phones, the task of recording calls becomes increasingly more complex.
Mobile communications are not typically directly managed by the enterprise systems. Instead, mobile communications are handled solely by external mobile operators.
Because mobile communications are out of scope of the enterprise, the enterprise IT and compliance systems are effectively blind to any communications with clients taking place on mobile phones.
That means transactioninformation that is subject to regulation might be discussed. On top of that, customer service issues may be occurring that are not being detected or addressed.
All of this said, it’s hard to fault the employee described in our opening scenario. After all, she has the best interests of her clients and the firm at heart … She wants to maximize the investment opportunities for clients no matter when they happen.
Therein is the conundrum – how can you enable employees to get stuff done and get it done quickly without creating regulatory compliance headaches?
And, in fact, allowing employees to move quickly and be effective while mobile doesn’t necessarily mean breaking the law.
Both Mobile and Compliant
Tango Mobility solutions enable all of a company’s mobile communications to be brought into direct control of corporate IT and the compliance process. They enable you to:
- Use your existing recording solutions and policy compliance tools to capture and record mobile communications, including voice & text on mobile devices, even Bring Your Own Device (BYOD).
- Ensuremobile communications compliancewith regulatory and quality requirements.
- Deploy policy-driven communications to reduce risk, enforce safe practices, and meet organizational objectives.
Now financial services firms can allow employees to take full advantage of their mobile devices while staying compliant with recording and archiving requirements.
Fill out the form today for a personalized demo of Tango Networks solutions.