Call Recording Compliance

Trust and credibility are central to the success of financial services organisations. Product mis-selling or unauthorised trading can destroy public trust and an organisation’s reputation overnight, not to mention dramatically denting its bottom line. To diminish the chances of such events actually happening, financial organisations must keep robust, thorough and immutable records of all their dealings and communications. Any voice recordings must be simple to find and easy to play back in the event of an audit or investigation. This...

As the New Year slowly creeps in, we thought it timely to update our article ‘Top 6 technologies that will drive recording compliance in 2017’, and look at it from a 2018 perspective. We’re excited about 2018. The FIFA football world cup is happening and, according to experts, Mars will be making its closest approach to Earth since 2003. Some exciting events to look forward to. And, let’s not forget MiFID II in January. As regulatory frameworks within the financial...

With regulators across different markets demanding for increased trade transparency and longer retention periods for call recordings; how can financial firms keep on top of their call recording estate? Not to state the obvious but, it won’t be long before MiFID II comes into effect in January 2018. It’s practically Christmas already. Data sits at the heart of these regulations. MiFID II aims to improve quality of advice and investor protections, and in doing so requires extensive data recording. Call...

Resilient plc and Business Systems have announced a strategic partnership to enable compliance with both GDPR and MiFID ll compliance solutions.These forthcoming regulations, due to come into UK law in January 2018 and May 2018 respectively, place great demands on organisations that need to record their business telephone calls, with significant penalties for firms that are non-compliant.The challenge these regulations place on businesses is that, in many respects, they appear to make competing demands. For example:Under MiFID II, firms need to...

Compliance Project of the Year was another closely fought category at this year’s event, with the judges opting to award the win to Business Systems for its Vocal Wordwatch solution. Financial institutions today are facing tightening national and international regulatory requirements, as government authorities collaborate to uncover suspicious trading activities. One of the most important requirements for financial institutions is the archiving, storage and replay of telephony, radio and turret recordings for set amounts of time, which can be up...

With less than a year to go until the application of MiFID II, it is becoming increasingly clear that cultural change is being pursued by the financial regulators as a pressure mechanism to achieve systemic compliance. A characteristic example is that of W H Ireland Limited who, in February 2016, was fined by the FCA for failing to take reasonable care to organise, maintain and manage effective systems and controls to protect against the risk of market abuse. Poor governance...

We’re all aware of the hot potato that is PCI DSS Compliance. PCI guidelines are in a constant state of flux, with Version 3.1 being the latest iteration of the PCI standard. With the emphasis on PCI and data security becoming more of an organisational mind-set and with Version 3.1 attempting to make payment security part of the ‘business as usual’ process, now may be the perfect time to re-assess and de-risk your ‘PCI Compliant lifestyle’. Recap – which PCI...