In response to today’s competitive business environment and disruptive events such as the Covid-19 pandemic, organisations are looking to solutions to help them remain complaint whilst also being able to continue servicing their clients and growing the business.
Unified communication and collaboration platforms like Microsoft Teams are transforming the way millions of people work every day by enabling business communications, supporting internal collaboration and business operations.
Thanks to their ability to support multi-channel communications – such as chat, video meetings, voice calling (A/B calls), document sharing and online collaboration – in one application, they are experiencing growing popularity among front and back office departments in trading firms.
However, with the use of new communications technology highly regulated industries are often challenged with meeting compliance, where rules require organisation to record voice and electronic communications as well as to retain them for a number of years and provide full reconstructions of trades when clients or regulators demand – in some cases within 72 hours.
For example, MiFID II stipulates that all customer communications that result in transactions (whether intended or not), across any channel and modality (PBXs, turrets, mobile phones, video, chat, email, unified communication platforms, etc.) must be recorded and accessible if requested from regulatory bodies. This requires a recording system that not only stores data for a prescribed retention period but also provides the ability to retrieve, replay, and analyse it for regulatory compliance, conduct risk management, surveillance and evidential purposes.
Can you record Teams meetings?
You can record Teams’ meetings directly on to the cloud from Teams. However, depending on compliance regulations for your industry that may not be sufficient.
What to consider when using Teams in your organisation:
- What call recording regulations do I need to comply with?
- Can I allow my staff to use all the communication features in Teams while remaining compliant?
- Does the solution support mobile endpoints as well?
- Does the solution allow for all modes of communications to be recorded?
- Do you understand the volume of traffic that needs to be recorded across calls, video and chats as this will impact the amount of storage you will need?
- Are you replacing an existing PBX or are you using Microsoft teams in addition to your current system?
How to choose the right recording solution for team
If you want to make use of all of the communication modes offered by Teams, your recording solution will need to capture all the forms of interaction that can take place on Teams: from voice calls and video conferences to screen sharing, chat and content sharing. And it will need to cover all peer-to-peer, group, or channel-based interactions. It is therefore important to understand how employees are communicating within the organisation as well as externally and how that fits into the broader compliance landscape.
Though Microsoft will record Teams call and store them in the cloud, it only does the recording. You will need a third party solution to manage, replay or archive your calls for compliance.
All of the main call recording provisors such as NICE, Verint, Red Box recorders and so on, will offer Teams recording – the challenge lies in finding the right fit solution that works with your current systems and enables secure and seamless communications without disrupting or posing barriers for business. In fact, 63% of respondents on a recent survey identified the inability to integrate current recording solutions with Teams as their biggest challenge for meeting compliance.
Look at what is important to you – what is your utilisation on teams like? What storage platforms do you want to use? Where do the recordings need to be stored? Do you need resilience in your capture platform? Does your current recorder offer this? How will it send recordings to analytics?
If you are operating in a highly regulated industry and using Microsoft Teams internally and externally, get in touch with our team to find out what the best solution for your organisation is.