With markets fluctuating wildly due to the economic effects of the coronavirus outbreak, and companies closing offices and asking employees to work from home, organisations have had to adapt rather quickly in uncertain times.
Financial Services Firms in particular, have had the burden of setting up traders to work remotely, recreating the carefully monitored environment of the trading floor at not just one site, but potentially thousands.
According to The Financial Conduct Authority (FCA) all firms are expected to have contingency plans in place to deal with major events. The FCA also state that they do not have any issues with UK staff working from backup sites, or home, so long as regulatory obligations are met. This may include, for example, ensuring recordings between traders and customers are still being recorded and monitored.
Keep Calm – There’s Mobile Call Recording
When the need for mobile call recording was first introduced by the FCA In 2011, enforcing that all ‘relevant mobile communications between traders’ had to be recorded (including both SMS and voice), most solutions on offer at the time relied on applications being installed on the mobile handset to route the call via a call recording system. These applications were considered highly unstable due to the risk of failure as well as the risk of being tampered.
Today, mobile recording technologies have advanced greatly, and enable traders to operate effectively from home while remaining compliant with regulations such as GDPR, MiFID II and Dodd Frank regulatory requirements.
The move to home working has been a long time coming. However, the recent COVID-19 outbreak has raised visibility of smart solutions which have a goal in mind of meeting global regulations.
Many mobile call recording solutions available today are easy to deploy, can be deployed in days and most importantly ensure complete compliance whilst you are away from the trading office.
Some more of the benefits of mobile call recording includes:
- It’s flexible and compliant, supports training, governance and improves productivity
- Improves employee mobility – allows employees to remain responsive and ensures they can work productively from any location.
- Many solutions can integrate seamlessly with existing systems with little to no IT support
Some options for mobile call recording technology includes:
- TeleWare Re:Call App
- TeleWare Mobile Call Recording
- TeleMessage Mobile Call Recording (includes WhatsApp recording)
Ultimately, technology is playing a vital role in keeping financial services fully operational and compliant during this uncertain time. If you need more information on Mobile Call Recording solutions, then get in touch with our team.