In this article 01. With the majority of respondents agreeing that the biggest threats of non-compliance are financial and reputational, it seems that key aspects of a comprehensive legacy strategy are still being omitted. With the majority of respondents agreeing that the biggest threats of non-compliance are financial and reputational, it seems that key aspects of a comprehensive legacy strategy are still being omitted. Since the subprime crisis, the financial services industry has been experiencing an ever tightening regulatory framework that aims, among other things, to establish transparency in market conduct. One of the channels that is most scrutinised (and most susceptible to non-compliance) is the telephone. The one tool financial institutions have to monitor and provide proof of good conduct, is the recording of those telephone communications that fall under compliance laws and regulations. This (the call recordings) is what the FCA will request in order to inspect a suspicious transaction. It is therefore no surprise that these communications are required by law to be recorded and kept for a period of time to cover the historic trail of a questionable transaction. So how prepared are Financial Institutions in the United Kingdom to face the demands set by regulators? Business Systems surveyed over 50 financial institutions in the UK, to find out how prepared they really are in successfully managing their legacy infrastructures and assets, and pin point potential challenges for compliance. Findings indicate that currently financial institutions are moving at different paces with respect to legacy and compliance. Some of the findings include: Although 58% of the respondents say they have a legacy strategy for their call recording infrastructure, the majority have not incorporated key regulatory/compliance deadlines in their legacy roadmap. Data retrieval and data integrity seem to be the biggest concerns, however, there is a disconcerting number of ‘do not know’ responses on critical issues like storage and continuity plans on that data. On a more positive note, it seems that there is good cooperation between the compliance and IT departments of financial institutions (64%), still considering the significant financial and reputational costs of non-compliance, this percent should be higher. With the majority agreeing that non-compliance can have significant costs, both direct (fines) and indirect (reputation). View the full report: A window into the world of Legacy & Compliance – 2016 Written by: Business Systems UK
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