When Compliance Matters
The Financial Service industry is one of the most heavily regulated. Whether your business is insurance services or fund management compliance is key, and with more businesses than ever adopting Microsoft Teams it's imperative that compliance is taken in to consideration.
For decades, financial institutions from mortgage brokers to banks have been heavily regulated by laws that are designed to keep consumers safe and maintain the integrity of the financial market. But with the ever changing digital landscape maintaining compliance can be a complex challenge for many.
What is Financial Compliance?
Financial compliance covers not only the guidelines, business culture, actions and procedures followed by a business but also the adherence to legislations and industry regulations.
Financial compliance covers a vast spectrum including, but not limited to, anti-bribery, anti-money laundering, know your customer, communication compliance and data governance.
Why is Compliance Important?
Financial compliance is all about transparency and integrity of the financial markets, whilst ensuring customers, investors and the economy are protected from potential threats.
It also helps as a safeguard to ensure that financial institutions act responsibly, maintaining consumer confidence in the financial institutions.
There is growing pressure on financial organisations to not only act above board but to also prove to the regulators that necessary compliances are followed. However these compliances and regulations are becoming more complex over time, bringing new challenges to these financial institutions.
The following factors increase the complexity of the compliance required;
- The weight of regulatory requirements, and their regional variations
- Expansion of the scope and extent of data to be captured, aggregated, and analyzed
- Ability to demonstrate that appropriate measures and capabilities are in place
- Implementation of surveillance systems for transactions and related communications
- Ability to provide timely responses to regulators’ inquiries
- Burden of ensuring that complex infrastructure and systems are operating as required
- Frictionless compliance when using the latest digital communication and collaboration channels, among others.
With fines across the world stretching in to billions of pounds for non-compliance, the focus is on finding a solution that can tick all the boxes.
How to meet complex compliance regulations?
Managing compliance risk is a major challenge for all financial organisations and one that is becoming only more complex.
Financial services and trading regulations have long been governing banks, insurance brokers and other financial institutions. But with more stringent legislation to address money laundering, data breaches and management accountability these rules have been tightened and their scope increased.
Managing the avalanche of increasingly complex financial services regulations has become a daunting task, especially for businesses that operate on a global scale. Whilst it is tough, it can be done.
How to make communications compliant?
The most common and stringent regulation is to capture interactions and have a record of the conversation. This includes conversations taking part over mobile phones, an UC platforms such as Skype for Business and Microsoft Teams.
With communication channels increasing dramatically and expancing from simple voice interactions to now include chat, IM, whatsapp and other forms of electronic communication auditors can now spend hours manually listening to calls and investigating any suspicious activity.
Call Recording for Microsoft Teams?
This is where TeamsLink's call recording comes in to force. Built specifically for Microsoft Teams, this fully MIFID II and FCA compliant offering a no-compromise solutions to recording all interactions across your Teams client.