Compliance Officer Strategies for the Changing Text Archiving and Call Monitoring Landscape
In light of recent misconduct related to the illegal use of mobile channels, these factors have led regulators and corporate executives to demand tighter control over internal communications. Compliance officers are encouraged to use call monitoring tools and implement stricter text archiving rules.
However, communication compliance professionals are concerned by the rapid growth of new laws and regulations that disrupt their current systems and practices. One example is the latest and revised MiFID II call recording rules, which require companies to record phone calls in the highest possible quality.
Compliance officers face a challenge with these new laws. They challenge their current technological capabilities and confuse their chain of command. These regulations have overlapping privacy-archiving mandates making it difficult for compliance officers to delegate this job to someone with enough expertise and experience.
Considering Geopolitics and Compliance with Sanctions
Compliance professionals should also consider the geopolitical environment in markets where they are involved directly or indirectly when enforcing communication policy. Additionally, they are aware of their business practices and those of their partners in other parts of the globe as new alliances are formed and trade wars are taking place.
Governments have different motivations for enforcing the new legislation. However, regardless of the motivations for these governments to establish economic or politically-rooted laws, compliance officers must assess the risks and do due diligence on communication protocols with partner organizations in those areas.
Managing Cultural Risks
Cross-cultural issues can affect business communication efficiency because today’s workforce includes people from various backgrounds and generations.
Compliance officers must address cultural risks such as the new generation’s shift in preference from traditional email to texting. This shift is most evident in how employees use formal language when discussing business matters. It also needs help understanding the context of one text message. Most often, they can record text message or calls to trace a series of conversations.
To know more, here is an infographic from TeleMessage.
