Enables Compliance to All Applicable Regulations
Unified communication and collaboration platforms are transforming the way millions of people work every day, including those in financial services firms and contact centers. It combines chat, video meetings, voice calling, document sharing and online collaboration in a single application. In order to effectively roll out this type of application to all users, including those which are regulated by various global regulators including the SEC, FCA, ESMA, MAS and more, you must understand what the regulations dictate and how technology can effectively record how your employees are communicating.
Depending on the regulation, simply recording these communications is not the only challenge. You also must take reasonable steps to retain them for at least multiple years, and be able to provide full reconstructions of trades to clients or regulators on request. In certain cases, your firm might only have a mere 72 hours to gather all of the evidence around a questionable trade and reconstruct a timeline of events. You also need to be able to monitor 100% of these communications, across all modalities, for market abuse (and intent). And if that were not enough, some regulations have imposed new requirements around proof of compliance.
First and foremost, when selecting a recording solution for a platform like Teams, you have to understand how your employees are communicating and how that fits into the broader compliance landscape. Select a recording platform which is able to reliably record and reproduce all communication modes your regulated user leverage and media sources exchanged through Teams – from video to chat to screen-sharing and A/B calling. This platform must also be able to work with various compliance and surveillance systems to ensure all regulatory obligations are met. A system like the NICE Trading Recording System (NTR) is an all-in-one compliance-focused trade conversation recording platform used by most of the world’s leading banks and investment firms to ensure regulatory compliance.
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Extract from NICE e-book