The advancement of digital communications technologies has brought immense change in the way employees in various industries communicate. Moreover, the pandemic has even further contributed to the shift from traditional methods of communication to digital.
Today, modern communication tools, such as Microsoft Teams, Zoom, Cisco WebEx, and the likes, have become the top choice of many organizations for remote collaboration. In addition, messaging applications like WhatsApp, WeChat, Signal, and Telegram are heavily used for work-related communications.
The unexpected and continuous growth of digital communication technologies has motivated regulatory bodies, such as SEC and FINRA, to amend the existing compliance rules. The amendment aims to introduce new sets of rules that can cover the requirements of hybrid working models. This includes compliance with mobile archiving.
Call archiving, and other communication compliance rules are set to protect both companies and employees. The regulatory bodies ensure that they can regulate how businesses monitor and record their employee communications. In simpler terms, firms must abide by the broker-dealer record-keeping requirements without degrading their employees’ privacy. Failure to follow these rules can result in paying huge monetary and non-monetary punishments.
While using digital communication apps such as WeChat, WhatsApp, and Telegram are prevalent, some still use social media (Facebook, Twitter, or Instagram) for business communication. This is why companies must be wary of the difference between personal and business-related communications. Personal usage of social media accounts is not subjected to FINRA’s regulations.
Communication compliance is deemed more important now than ever. The growth of digital communication forces companies to have a robust monitoring and archival solution that can help them archive business-related content.
There are more things you need to know about these new communication compliance laws, and you can read more about them through this infographic created by Telemessage.
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