Complying with different regulations is vital for financial firms to continue their operations and avoid hefty fines for non-compliance. Call monitoring and retention are necessary to comply with regulations, and having a robust call monitoring program should be enough for effective compliance.
The Financial Conduct Authority is one regulator that requires firms to monitor calls. The FCA requires firms to have internal controls to ensure that all customers are treated fairly according to the FCA’s standards. This involves having a robust monitoring solution that allows the compliance officer to identify that the advisors’ behaviour when speaking with customers complies with FCA regulations.
Firms worldwide will encounter other regulations to keep in mind and comply with. Other regulations and legislations will require firms to record all telephone and electronic communications. Some regulations might contradict each other while others will definitely support each other, but the elements of effective compliance should largely remain the same.
When implementing a call monitoring program, firms must be able to identify and monitor high-risk traders, develop lexicons for high-volume voice call-based trades, monitor calls proactively using real-time speech analytics, and upgrade ageing recording systems. A robust mobile call monitoring solution should be able to achieve all elements to be able to comply with all relevant regulations.
When looking for an appropriate call archiving solution, firms must consider looking for one that can record in real-time and also cater to the financial industry’s multichannel communication environment. Most firms will have legacy systems that need to be updated to be able to monitor calls effectively. Updating old systems with modern archiving is necessary to monitor certain communications deemed high-risk areas for trade abuse and market manipulation. This can also help the firms themselves analyze customer behaviour to be more competitive in their industry.
To know more about the essential elements for effective compliance, read more through TeleMessage’s infographic.
