Call Recording Compliance

Legacy voice data can be challenging for organisations – often difficult to keep track of, manage, and adhere to regulatory demands. Nevertheless, there are a few key steps that can be taken to simplify legacy voice data management.  1. Consolidate your View of your Legacy Voice Data For organisations with considerable legacy voice data estates, one of the biggest challenges is keeping tabs on many different storage solutions that may be in use simultaneously. Because the nature of voice recording...

As international hubs where individuals from different backgrounds and cultures come together, the diversity of trading floor and banking environments can introduce complexities in voice transcription due to variations in accents, dialects, and industry-specific jargon. Compliance teams must ensure that transcriptions accurately capture the intended meaning of conversations, even when language barriers or technical terminology exist. The majority of errors or inaccuracies in transcriptions often come from transcription engines which are unable to cope with trader speed and jargon. This...

For organisations in regulated industries, voice and data is not only key to operational success, but also compliance. Skills required to unlock the value of voice and data are complex. Not to mention the technology required as financial organisations grapple with legacy infrastructures and scalability challenges when transitioning to the cloud.  Voice and data remains at the top of many financial organisations priority list when keeping up with compliance, regulation and employee conduct.  After meeting with and listening to more...

For organisations such as Trading Floors, Financial Services or Contact Centres, using the native recording within Teams isn’t enough. These organisations need a compliant Microsoft Teams Call Recording solution. This solution will record, monitor and store regulated and customer interactions in order to remain compliant. If you are looking for a Microsoft Teams Call Recording solution, then here are 6 top features to look out for: 1. Microsoft Teams Search and Playback Microsoft Teams by itself does come with basic...

Ever since Financial Services have used voice recording platforms they have had to put measures in place to ensure that their recording platforms are actually recording calls. It has never been a strength of recording vendors to ensure their systems can evidence this. Therefore, Financial organisations have had to use expensive technical resource and manpower to perform manual tests to ensure recorders are operating as expected at the start of each business day. This is driven by an increasingly stringent...

When organisations think about improving their business operations, a lot of the time they tend to overlook smaller things that could potentially have a big impact on the business. For example, integrating a call recording system is often one of those overlooked methods of improving a business.  Sometimes big business changes can be improved by what we like to call 'smart changes'; you will be surprised at the impact one change, such as installing a call recording solution, can have on your business.  Contact centres in particular, look for call...

The pandemic has had a significant effect on how business are being run, due to the challenges of homeworking and changes to technology.  According to Julia Hoggett, the FCA’s Director of Market Oversight, banks must still deliver the same standard of surveillance with home workers as they would in an office environment.  Hoggart warned that any challenges faced at the beginning of the pandemic where the usual levels of recording and surveillance were not possible, should now be fixed. It...

Most organisations are dealing with rapidly evolving and growing technology landscapes and voice architecture plays a big part in this. Call Recording solutions have been around for years, it’s an established technology and many organisations are now on their second, third, fourth or even fifth generation voice recording solution – and therein lies the problem.    Call Recording Management: Challenges of a large Call Recording Infrastructure  When it comes to managing a large call recording estate, the waters have become muddied. Heads of IT are having to deal with call recording systems...

With markets fluctuating wildly due to the economic effects of the coronavirus outbreak, and companies closing offices and asking employees to work from home, organisations have had to adapt rather quickly in uncertain times. Financial Services Firms in particular, have had the burden of setting up traders to work remotely, recreating the carefully monitored environment of the trading floor at not just one site, but potentially thousands. According to The Financial Conduct Authority (FCA) all firms are expected to have...

Record keeping is a critical part of the compliance agenda for any financial services firm across banking, investment, trading and insurance, whether you operate in business or consumer markets.  All companies are under ever closer scrutiny and face the huge burden of having to demonstrate immutable records of all their dealings including what they have to store, how they store it and how accessible that data must be. To say that the web of different laws and statutory regulations that...

Many financial companies have created voice/call recording mayhem for themselves by surrounding themselves with multiple voice recording solutions, but there is a way out of the software jungle explains Richard Mill from Business Systems. Voice recording is a critical core compliance for financial services companies and should be straightforward – yet many companies have muddied the waters by acquiring different voice recording systems over time in different regions. These are often outmoded and incompatible, which is creating a real dilemma...

Voice will always be a powerful data set for organisations. Voice conveys context, emotion and sentiment providing you with actionable intelligence. Voice is powerful. However, IT leaders could be missing a trick when it comes to this, as not all organisations are recording every interaction and for some the majority of voice data, is not easily accessible. Collecting voice data is half the battle. Tapping into insights which voice data can provide you with is a whole other beast. According...

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...