New research from Wordwatch has exposed significant vulnerabilities in the compliance archiving systems of regulated organisations in the UK.
The survey, engaging 250 senior IT, telephony, contact centre, and compliance professionals, reveals that nearly half of the organisations are dependent on outdated and unsupported systems to manage their interaction records, a practice that could lead to heightened IT costs and regulatory risks.
A key revelation from the survey is that 44% of businesses are using at least one legacy recording system that has reached its ‘end of life’, meaning it no longer receives support. This raises substantial concerns regarding compliance and data security. Additionally, over two-thirds of the organisations are juggling more than three recording systems, with 39% still operating at least two legacy systems alongside newer platforms.
The challenges don’t stop at system multiplicity; more than half of the surveyed organisations still rely on manual processes to monitor the regulatory status of their data records, which increases the risk of human error and non-compliance. Regulatory risks and potential financial penalties are the primary concerns for more than a quarter of respondents, underscored by the worry among 20% about retrieving specific records when required.
Wordwatch has responded to these findings with a comprehensive whitepaper titled “The Cost of Doing Nothing: The Risks and Solutions for Compliance Archiving and Records Management”. This report not only outlines the financial, operational, and compliance risks tied to inactivity but also offers actionable strategies for organisations to modernize and streamline their archiving and records management processes.
William Davenport, Chief Sales Officer at Wordwatch, highlighted the urgency of addressing these risks. “Our research clearly shows that many regulated organisations are at a critical point when it comes to compliance archiving. The risks of maintaining outdated systems are simply too high; from regulatory penalties to data breaches,” he said. The whitepaper is a call to action for these organisations to adopt more robust and integrated records management solutions to secure their operations against future challenges.
Wordwatch’s innovative solutions are designed to help businesses consolidate their interaction records into a single, unified platform, enhancing data integrity and regulatory compliance while also boosting cost efficiency. Recognised for its impact on the industry, Wordwatch has earned a spot on the DataTech50 List, which celebrates brands transforming data management in financial services.
“We encourage professionals involved in communications, compliance, IT, and records management within regulated industries to download the whitepaper and explore the solutions presented. After all, we believe that the cost of doing nothing is too high to ignore,” concludes Davenport.
Read the whitepaper here.
Copyright © 2024 RegTech Analyst
Copyright © 2018 RegTech Analyst
