The coronavirus pandemic has forced companies to make painful adjustments in order to remain compliant. Regulated entities are still making adjustments in order to meet the requirements of the regulators, especially when it comes to mobile archiving and data security. With the work from home setup in full effect, companies still have to find ways to archive text messages and supervise communication. The U.S. SEC, ESMA, and FCA are all doing their part to minimize the risks of the lack of recordings and prevent fraud, which is why companies need to cope even though there are problems that have come with this global crisis.
One of the common problems is the use of new communication channels. Traders and wealth managers have been forced to stay at home, so to communicate with their clients, they have been using new channels like Whatsapp. The markets are also more volatile and fragile, which is why communication is important.Data security and privacy threats also abound, andto ensure the best execution, companies are being monitored.
With all these problems and issues that the crisis has brought upon companies, a smart thing to do would be to audit all communications after the crisis. All relevant business records should be captured and retained so that the company remains compliant. Companies should also protect sensitive communications through encryption. A great way companies can do this is by using WhatsApp call recording and other such apps.
To learn more, here is an infographic by Telemessage.