Compliance Recording makes up a critical part of what we do at Wilmac. The many local, state, national, and global regulatory agencies that require the recording or capturing of interactions did not waiver when many traders were required to work from home at the start of the pandemic. As the world adapts to the new norm of a hybrid work model, compliance recording is still at the top of the priority list for many financial service organizations, or FSOs. The work-from-home environment caused a rapid adoption of non-traditional communication modalities and recording of regulated employees was still mandatory across these platforms.
Wilmac’s What, How, Why Series is meant to give you the details on a topic straight to the point. Keep on reading to learn about what compliance recording is, how it can affect your organization if not done properly, and why it’s critical to work with a partner like Wilmac to assist with your compliance recording.
WHAT
What is Compliance Recording?
Compliance recording is the legally required process of recording (otherwise known as capturing) interactions in a manner that adheres to local, national, and global regulations. These interactions can include PBX, turret, mobile, and unified communications including voice, chat, video, screen sharing, and more. This also includes recording and monitoring communication platforms like Zoom, Microsoft Teams, and WhatsApp.
The concept of compliance recording is most prevalent in the financial services industry due to the increasing number of regulations put on trade interactions. The Financial Industry Regulatory Authority (FINRA) and Securities and Exchange Commission (SEC) are just two examples of these regulatory bodies that put pressure on FSOs to record interactions and stay in compliance. These agencies were established to provide sensible regulations of markets and protection for investors and consumers, but they’ve also created the need for FSOs to have a reliable, dynamic, and manageable capture platform.
HOW
How does not complying with regulations affect my organization?
While the cost of compliance and finding the best compliance recording solution may seem steep, the cost of noncompliance is even higher. Here are some of the repercussions when you’re in noncompliance:
- Fines. In December 2021, the SEC announced it fined a global bank $200 million for lapses in communications monitoring. According to Forbes, the average cost to maintain compliance can total up to $10,000 per employee.
- Penalties. Some examples of penalties from the SEC include paying back ill-gotten gains to return the funds to harmed investors, paying civil monetary penalties, paying interest, and even incarceration.
- Risk loss of license. In extreme cases of noncompliance, a financial institution can lose their license to do business.
- Damaged brand perception. If an FSO with millions of customers can’t record the interactions of their regulated employees, how can people trust them with their money?
The damages and effects of having a faulty recording system far outweigh the costs of having a robust, reliable capture platform and proactive compliance strategy.
WHY
Why do I need a partner like Wilmac to help me with compliance recording?
It is evident that having a high-quality capture platform is critical to remain in compliance when recording the growing number of communication channels for regulated employees. At Wilmac, we’ve had over 30 years of experience working with industry-leading vendors in the financial compliance market. From selling and servicing their high performing capture systems to creating our own solution to assist with archiving and retention, we understand the impact of noncompliance on an organization.
Here is a glimpse into what Wilmac has to offer you when it comes to compliance recording:
1. Over 30 Years of Industry Experience
Wilmac opened its New York City office in 2003 but was working with financial service organizations long before that. We’ve worked with many FSOs on state, national, and global levels in different situations to ensure they’re in compliance with external regulations. We make it our mission to fully understand the circumstances of our customers and help them find the best, most appropriate solution for their organization.
2. Managed Services
Wilmac offers managed services for FSOs to help you mitigate the risks of noncompliance, drive the results your organization is looking for, and resolve issues when your recording platform isn’t performing to your standards. Whether you’re facing budget limitations, a lack of internal resources, or little 24/7 support, our managed service experts keep you on track and ensure 100% compliance so you don’t have to constantly worry about it.
3. Industry-leading Solutions
Wilmac is a premier partner of multiple global technology companies. We have multiple partners so we can offer a portfolio of solutions to customers, giving us the ability to tailor the solution to their needs. We are strict about who we partner with because we want to provide customers with the best options that are reliable, scalable, and high quality. In a competitive and regulated industry like financial services, having the best system is the only option or you could suffer the consequences.
4. Our Own EVA Solutions
Wilmac also offers its own set of solutions that were developed in-house, known as our Enterprise Voice Archiving suite. They were born out of customer requests in the financial compliance realm, due to the challenges faced with retention periods, search and replay, decommissioning legacy systems, and more. Wilmac is able to extract recordings from your capture platform and convert them into an open format so you can respond to investigations. You can extract the data from your legacy platform and store it in Continuity Replay to comply with retention periods and decommission your legacy system. Wilmac’s EVA solutions are designed to help you manage and archive your recordings in a simpler and more efficient manner.
Compliance recording is top-of-mind for most financial service organizations. With a partner like Wilmac, we help you find the optimal solution for your unique situation and walk you through every step of the process to ensure you understand the capabilities of your system. Our dedicated and experienced support team responds to any issue or question you may have, and our Enterprise Voice Archiving solutions are designed to make your life easier when managing your voice data. If you’re looking to upgrade your capture platform, ensure 100% compliance, and understand the different options you have available to you, contact Wilmac to set up a discovery meeting.