Dodd Frank regulations are changing, but banks, lenders, and other financial institutions must still remain in compliance with a range of different rules. This includes the recording of trading audio and maintenance of various types of voice data.
Too many companies make the mistake of relying on compliance software that’s built into software suites from providers like Nice and Red Box. This isn’t a foolproof approach to compliance. These built-in or default capabilities don’t always provide the level of coverage needed to meet with so many varied regulations.
Without services that are dedicated to compliance measures, organizations may be at a loss to fully respond when inquiries and investigations must be completed. This is where more comprehensive Dodd Frank compliance services come in. These are recording capabilities and call data retention that’s catered to a specific organization. It’s implemented in accordance with the steps they need to take to ensure full compliance and protection.
It’s not just a matter of recording audio, that audio must be collected to ensure optimal call integrity, while making each call easy to index, search, and review on demand. There’s also an integral need for a capable backup system to ensure that your data is safe and properly stored, even when technical issues occur.
Since so many organizations are operating out of multiple offices, compliance measures must be consistent across them. Dedicated services should take this into account and provide the necessary support across all operations, from central headquarters to every satellite office, whether domestic or international.
As failure to meet with regulatory compliance in the financial industry can be truly detrimental, there’s little question over whether these services are a justifiable investment for a legitimate organization. Not all compliances services are created equal however, so make sure you’re getting the following when you choose a service provider:
- Round-the-clock protection against regulatory breaches
- Correct user, location, and channel recording
- Rapid notification of any recording complications or failures
- A properly scaled and implemented setup that suits your specific organization and equipment
- The ability to retrieve calls without having to rely on a recorder from one manufacturer
- Easy archiving and on-demand retrieval of recordings to comply with any investigation, voice analysis, and trade reconstruction
For a good source of information on how Dodd Frank compliances services work, you’ll want to check out www.marketcommunications.net. You can see a good example of what a dedicated compliance solution looks like.
Remember, it’s not enough to trust that Dodd Frank won’t still affect your company even as regulations change. You also mustn’t settle for just-enough compliance measures when there are so many resources available to protect yourself.