Regulatory vs. Internal Compliance

Adhering to compliance requirements is extremely important to protect your business and your customers. While understanding the regulatory compliance considerations can be difficult enough, many financial service organizations have additional internal compliance standards to meet as well.

External Regulatory Compliance means adhering to standards set by legislative bodies such as the Commodity Futures Trading Commission (CFTC) or Financial Conduct Authority (FCA), and requiring that trade-related communications be recorded and retained in case they are needed for future investigations or transaction reconstructions.

Internal compliance means following internal procedures and best practices set forth by an organization, possibly including a requirement that all calls be recorded for risk mitigation or quality improvement processes.

Compliance Recording can help achieve adherence to both external regulations and internal standards.

Tags: Compliance Dodd-Frank Act Financial Compliance