In this blog post, our European Sales Manager, Tom Kozlowski explores record keeping and recording for mobile communications – and most importantly asks, how will you ensure compliance?
As most people in the finance world know, this Monday, 3 July 2017, MiFID II will be transposed into national law in each of the 28 EU Member States, marking exactly 6 months until MiFID II and MiFIR comes into force.
A key change under MiFID and MiFIR – the most extensive set of updates to European financial regulation to date – is the need to record and store electronic communications for a minimum of 5 years. These rules affect financial institutions whether they’re transacting on their own account or on behalf of clients and apply across all channels, notably email, fixed-line telephone and, crucially in today’s constantly connected world, mobile.
At VoxSmart, we’re counting down to the final MiFID II compliance deadline on 3 January 2018 by bringing you related news and insights focussed on these record keeping and recording rules for mobile communications, from capturing instant messaging, eg WhatsApp and WeChat, to voice, voicemail, SMS and MMS.
Here in our first instalment, you’ll find more information on how firms are responding to the demands of the new rules for mobile communications, how VoxSmart’s unique, proprietary and patented solution meets those demands and in the process, how we’re helping financial institutions maximise revenue and minimise regulatory risk, while keeping control of costs.
How are financial institutions responding to the new MiFID II rules for mobile communications?
With 6 months until the January 2018 deadline and a myriad of changes to make, financial institutions across the globe who do business in or with Europe are acting with a marked sense of urgency to ensure they’re ready. It’s crunch time.
Successful institutions are responding to the new demands for mobile compliance now, with a balance of technology that’s intuitive, flexible and scalable and policy that’s easy to understand, follow and enforce, enabling their employees to communicate seamlessly, without barriers or borders, while ensuring compliance at all times and keeping control of costs.
That is hugely favourable when compared to the alternative: short term solutions that significantly limit how, where and when employees communicate, solutions that restrict the institution’s flexibility (by tying them to a single carrier or device and limiting their ability to react to future technologies and communication channels) and solutions that are time consuming and expensive to implement, manage and adapt.
Now, most would agree the first option sounds much better. So how do financial institutions identify the solution that best fits their needs and will deliver on these aims?
From our conversations, we’ve found the typical process involves answering 5 main questions:
- Who’s in scope?
- How do we want to communicate and ideally through which channels?
- What aspects of compliance can we manage effectively through technology?
- What aspects are best handled through policy?
- What’s the optimal mix of technology and policy from a business perspective?
How are VoxSmart helping financial institutions meet the demands of MiFID II, maximising revenue and minimising regulatory risk, while keeping control of costs?
Having pioneered the 1st generation mobile recording solutions back in 2006, we’ve learned the lessons from that experience. In crafting our revolutionary 4th generation solution, VSmart™, we’ve ensured that as well as delivering what clients need today, we’re uniquely positioned to respond to new needs in the future, whether those will be to capture new channels or the need for advanced analytics, AI etc. We’ve also built things with flexibility and large scale global deployments in mind.
Today at VoxSmart, we’re helping global financial institutions respond to the demands of MiFID II successfully, with proprietary and patented solutions that are:
- Multi-channel, capturing instant messaging such as WhatsApp and WeChat, voice, voicemail, SMS and MMS;
- Global, working across any mobile network, anywhere in the world;
- Flexible, device and MDM agnostic, quick and easy to implement, manage and scale; and
- ‘Always on’, ensuring all mobile communications are captured and fully compliant, with no change or disruption to end-user workflow.
In short, VoxSmart’s solutions mean 3 key things for financial institutions:
- Regulated employees can focus fully on trading and investment decisions, providing the best possible service to their clients and, as a result, maximise revenue;
- Compliance can create more straight-forward policies that are easier to understand, follow and enforce, thereby minimising regulatory risk; and
- Technology stakeholders have a solution that’s quick and easy to implement, easy to scale and ideally positioned to adapt to new technologies and communication channels, ie as future-proof as possible, as a result minimising total cost of ownership.
To find out more about our solutions, discuss your needs and how VSmart™ meets them, please get in touch here.
More to follow as we continue the countdown to MiFID II!