Compliance Solutions

Financial Compliance

Industries that operate in the financial markets must adhere to internal and regulatory compliance rules or else risk:

  • Significant fines
  • Costly prosecution or legislative action
  • Potential loss of business
  • Damaged or ruined reputation

Compliance requirements mandate that business and trade-related communications – including those conducted via voice, video, and digital means – must be fully captured (recorded), securely archived (stored), and made easily accessible in the future (search and replay).

These records may be needed to:

  • Recreate transactions, trades, swaps, and/or business deals
  • Fulfill official compliance requests (which often have strict time constraints)
  • Facilitate audit trails and provide evidence of action/inaction
  • Adhere to internal rules in addition to local, state, and federal regulations

All business-related voice communications, associated metadata (date, time, length of conversation, etc.), digital interactions, and video interactions must be included in the recording solution if a Financial Services organization hopes to adhere to compliance requirements.

Compliance necessitates that the following communication channels are recorded and archived:

  • Phones on the trading floor and in the back office
  • Trading turrets/dealerboards
  • Cell phones and other mobile devices
  • Skype for Business chat, IM, video, and VoIP calls
  • Email interactions
  • Video communications, including video conference calls

Tags: Compliance Dodd-Frank Act Financial Compliance Total Cost of Ownership