The new normal has forced companies to allow the work from home setup for their employees. While this may have a few advantages, it has been a difficult adjustment for all companies but specifically for regulated entities.Mobile archiving compliance has definitely been much tougher, along with data security for both employees and clients. It is more difficult now to archive text messages and comply with rules and standards that the companies have set.
The U.S. SEC has remained active in searching different markets for misconduct and fraud while ESMA has been forcing firms to come up with alternative steps to lessen the risks that come with lack of recording. FCA is also doing its best to lessen market abuse risks. With these three regulators expecting compliance, companies have had to adjust, especially with the challenges that have come with the pandemic.
So, what are the new challenges presented by Coronavirus?First off is the use of new communication channels. This crisis has also made the markets more volatile, especially with the economy weakened. There are also data security and privacy threats and the need to ensure best execution.
In order to cope with all of these requirements, a great tip for companies would be to audit all communications after the crisis including communications with co-workers and clients. Companies should also protect sensitive communications through encryption by using WhatsApp call recording and other apps offered by companies like Telemessage. To learn more, here is an infographic by Telemessage.