Regulatory compliance affects all Financial Organizations, as requirements pertaining to their communications are strict and oftentimes confusing. Knowing what, when, and how you should adhere to these regulations is a major undertaking, with threatening penalizations if neglected.
The basic requirements for compliant solutions include the ability to securely record, store, and access multimedia transactions and recorded content.
Comprehensive Compliance Recording Solutions allow users to:
- Capture voice communications, whether originating from the trading floor, back office, or a mobile device
- Capture text communications, including those sent over email, chat, or other text-based channels
- Ensure the secure storage of recorded content
- Recordings are encrypted and secured against unauthorized access, alteration, or deletion
- Securely record and access recordings
- With proper authorization, recordings can be accessed via an intuitive, web-based, customizable portal
- Rest assured that all content will be recorded in full
- Trust that all elements of the system are fully redundant
- Stored recordings will not be lost in the event of operational failure
Comprehensive Compliance Recording Solutions that contain the necessary functionality to ensure compliance can also help Financial Institutions improve internal processes and efficiency. Beyond regulatory adherence, these solutions enable Financial Institutions to mitigate risk through the use of a conversation and transaction audit trail. Furthermore, because one solution records and organizes all multimedia interactions - regardless of the location - institutions can simplify internal processes and improve operational efficiency.
Wilmac’s Subject Matter Experts (SMEs) are knowledgeable about trading regulations and the recording needs of Financial Institutions. We partner with leading manufacturers, but take service a step further. Starting with our consultative approach, Wilmac ensures that each solution is customized to meet the unique needs of the customer through implementation and ongoing support.
Tags: Compliance, Compliance Recording Solutions, Financial Compliance, Risk Management