The Coronavirus pandemic has definitely changed the world. It has forced companies to make their employees work from home and to adjust to the new normal. This has been quite a difficult adjustment for all companies but specifically for regulated entities, especially when it comes to their mobile archiving compliance. It is more difficult now to archive text messages and comply with rules and standards of the company.
It is also a big adjustment because regulators have not eased up on their requirements. The U.S. SEC is still monitoring different markets for misconduct and fraud, while ESMA has been forcing firms to come up with alternative steps to lessen the risks that come with a lack of recording. FCA also wants to prevent market abuse risks.
So, what are the new challenges presented by Coronavirus?
First off is the use of new communication channels. Companies have had to adjust in order to keep in touch with their clients. Volatile markets are also abundant, especially with the economy weakened. There are also data security and privacy threats and the need to ensure best execution.
In order to cope with all of these problems and issues, an effective work from home practice for companies would be to audit all communications after the crisis. Make sure that all the important business records are stored and secured like text messages and voice calls. Companies should also protect sensitive communications through encryption. Using WhatsApp call recording and other matters can help this process.
To learn more, here is an infographic by Telemessage.
