Communication monitoring and compliance platform Theta Lake has offered its five-step guide for financial services looking to improve their compliance with recordings.
Videos are becoming increasingly more present in enterprises, whether its for conferencing, marketing, or other forms communicating with employees or customers. Highlighting its importance is 77 per cent of companies have witnessed higher sales close rate through videos, according to a study from real-time video company Vidyo.
Financial services might want to take advantage and enter the video market, but there are a number of compliance requirements guarding its entrance. Video communication systems enable users to show, share, speak and text chat information with one another, opening a plethora of ways for data to leak.
MiFID II and Dodd-Frank regulations, and a number of similar measures around the world, require the recording of data whenever you conduct business and promote offers over a communication channel. This means anything shown, said or shared through a video must be captured and reviewed to ensure no compliance infringements are made.
Going further, GDPR, California’s DPA and others, requires firms to protect data they exchange and ensure they know what is being said within communications.
Pressures on firms to capture everything shared through communication platforms is growing. Theta Lake said, “Even if a regulator hasn’t specifically told your organization to start recording video, deferring to legacy processes that don’t cover video communication is unsafe. Expanding to video and not doing the basics of capture, exposes your organization to potential oversights in addressing misconduct from employees who bypass your established surveilled measures, which opens the company to potential fines.”
To help companies with their communication monitoring, Theta Lake has supplied five tips on how to go about it. Firstly, a company should implement a plan and policy on recording video conferencing, video chat and other components of video calls.
Secondly, they must choose a vendor which gives them the ability to record the conferences and videos. The third tip is for a company to identify where they want to archive their recordings. It is critical for a storage solution which can hold multiple videos and can be easily accessed whenever needed.
Tip four is to create an auditing plan for reviews of videos. An example given by Theta Lake is that if you have 200 recordings completed each quarter, then plan to review between 10 and 20 each quarter. This needs to be accompanied by a report which offers reference IDs of the reviewers and a list of any compliance discovered.
Finally, financial services should implement technology to help a them automate the supervision and review of videos, audio and chat content.
Theta Lake co-founder and CEO Devin Redmond said, “With more and more video conferencing in use for client, partner, and internal meetings, firms shouldn’t let the most robust communication channel and tool they own be the route for data leakage and compliance violations. Learn 5 compliance steps that can help firms figure out a recording and review strategy for video conferencing.”
California-based Theta Lake uses AI, natural language processing and deep learning to automatically detect regulatory and corporate compliance risks in video, text or audio. Its services are also capable of generating insights to improve and automate workflows and help businesses conduct increase the number of accurate reviews.
When conducting a video review process, it captures everything, such as the people, audio, and images. This information is then put through its AI and deep learning classifiers to identify any risky behaviour, making sure disclaimers are displayed or even the video diverts from a pre-agreed script.
Click here If you would like to view Theta Lake’s full guide – 5 Steps for Video Conference Recording Compliance in Financial Services
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