In the modern interconnected business landscape, the proliferation of communication platforms demands that companies vigilantly monitor and manage various communication channels.
According to ACA Group, gone are the times when companies could solely rely on email archiving and telephone monitoring. Global regulators now expect firms to adapt their surveillance programs to include all forms of digital communication that employees might use for business dealings.
Since 2021, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have conducted numerous investigations, highlighting the critical need to monitor business communications on non-sanctioned platforms like iMessage or WhatsApp.
These investigations have led to hefty fines exceeding $2.7bn, illustrating the regulators’ commitment to maintaining accurate records for investor protection and market integrity.
To build an effective off-channel communications capture and surveillance program, firms must start by fully understanding regulatory expectations. Conducting comprehensive audits of all utilised communication channels, irrespective of company policy, helps identify how business communications are being handled.
Necessary policy adjustments should follow to ensure that all permissible communications are appropriately captured and archived.
Training programs are also vital. Firms should regularly educate employees on the updated communication policies and require certifications to confirm their understanding. Implementing proactive surveillance measures is crucial. This involves utilising advanced technology to facilitate the capture and archiving of communications across both corporate and personal devices, ensuring comprehensive compliance.
By grasping the intricacies of regulatory demands, assessing current communication practices thoroughly, and executing stringent capture, surveillance, and training strategies, firms can effectively navigate the challenges posed by modern communication technologies. These steps not only ensure regulatory compliance but also safeguard market integrity, providing a firm foundation for firms aiming to enhance their compliance frameworks in the face of evolving digital communication trends.
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