270 million reasons to reassess your compliance risks in a hybrid world

At the start of the pandemic, regulations were eased to help banking and finance businesses stabilize following massive disruption caused by an overnight shift to working from home. Two years later, regulators have since resumed cracking down on companies that fail to meet their compliance standards, including accurately recording and monitoring the communications of regulated employees. With hybrid working in mind, business leaders are reassessing their compliance risks. Without the right technology and processes in place, businesses will find themselves vulnerable to reputational damage and hefty fines, especially over the next twelve months as workplaces readjust once again.

270 million compliance risks…and counting.

Since the pandemic, employees have embraced new ways of communicating. Example: Microsoft Teams now has 270 million active users worldwide, making it one of the most popular unified communications platforms in the world. But while Teams’ multimodal communications (e.g., voice, video, chat, etc.) offer many benefits, they also introduce new complexities for businesses.

Under current regulations, all of these communications still need to be logged, which most older compliance logging solutions simply don’t have. And yet, surprisingly, unified communications platforms do not come with built-in recording and storage systems that meet the rigorous requirements of compliance recording. As a result, companies have found themselves looking for technological and process-based solutions.

VSthe essentials of recording compliance in a hybrid world.

Organizations that deploy unified communications tools, such as Microsoft Teams, to regulated employees must ensure compliance with regulations regarding the recording, archiving, and retention of communications. In a recent report, we identified ten essentials of compliance registration for companies navigating these challenging waters. In summary, here are the three necessities of a compliance recording solution for Microsoft Teams that should not be overlooked.

A solution for all platforms and communication methods

Businesses need a system to record and manage all communications that accommodates all the different ways your regulated employees communicate, whether they’re using unified communications platforms (like Teams, Symphony, and Cisco Webex) , IPC Unigy or other turrets, Cloud9, mobile phones, or PBX (desk phones).

Additionally, a compliance recording solution should ensure seamless recording, archiving, and retention of regulated employee communications (via voice, video, chat, screen sharing, document sharing, etc.), regardless of either where employees work or the devices/modalities they use. use to communicate.

With a solution for every compliance recording need, your business can reduce overhead and confidently comply with all global record keeping, retention and business reconstruction regulations.

Integrated compliance assurance and capture on a single platform

When choosing a compliance recording solution, organizations should look to a communication recording and compliance assurance solution that offers complete data lifecycle management. This reduces compliance risk and saves your business time by automating compliance assurance and reporting processes, as well as responding to regulatory requests.

Plus, a solution with automated record checks and real-time reconciliation helps your business ensure and prove that all business conversations are captured and retained in compliance with global regulations. Automated bulk call extraction capability can quickly identify, locate and download complete conversations (over one million calls per day) for audits, investigations, business reconstructions and business intelligence.

Cloud ready: migrate at your own pace

As compliance costs rise and regulated organizations grapple with the added complexities of remote working and new communication modalities, financial services firms are increasingly turning to the cloud to accelerate their digital transformation.

Enterprises need a solution based on a modern, cloud-ready microservices architecture design that provides an enterprise-grade, secure, and proven foundation for multinational enterprises to scale their registration and assurance capabilities compliance quickly, cost-effectively and efficiently.

With an all-in-one compliance recording solution, you can migrate to the cloud at your own pace. It’s essential to have a solution that can be deployed in any configuration to meet your unique business needs, whether it’s an on-premises or hybrid cloud solution, in your own private cloud or on-premises. a pure SaaS (Software as a Service) solution for increased versatility and reduced total cost of ownership.

Compliance Recording Technology has you covered.

As companies adapt their operating models to meet the new digital expectations of employees and customers, a reassessment of compliance risks is needed. The phenomenal growth in the number of uses of unified communications platforms such as Microsoft Teams – which offer the benefits of improved productivity, digital transformation and real-time collaboration – means that companies must now have recording technologies to provide complete assurance of compliance. Yet these recording technologies cannot be passive. Instead, they must be able to adapt to communications technology trends, business disruptions, and regulatory changes as they occur. Additionally, they must help regulated employees stay compliant, no matter what. Otherwise, businesses could find themselves in hot water for years to come.

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