In today’s world of hybrid work, failing to comply with regulatory requirements to capture, retain, and monitor all business-related digital communications is never an option, but poses an interesting challenge for today’s financial organizations. .
Over the past few years, there has been a massive increase in electronic communication data in the form of text messaging and collaboration tools such as Microsoft Teams, Zoom, and Slack. The flexibility that many companies have to work from anywhere has increased the use of these communication tools.the hybrid model 63% of profitable growth enterprise. As such, monitoring these communications is a challenge that not every enterprise can handle.
When An estimated 319.6 billion emails sent daily, Over 6 billion text messages sent Without proper monitoring of this ever-increasing amount of data on a daily basis, many problems can arise.
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Organizations in regulated industries risk hefty fines, offensive headlines and costly reputational damage. Remote and hybrid work is valuable, but it cannot go unsupervised.
A recent webinar, Collaborative Communication and Compliance, explored today’s communication trends, issues, techniques, and best practices for corporate financial organizations.
business enablement
Enterprise financial services organizations cannot do business without enabling their employees to communicate using the technology they need and with proper supervision. By understanding how employees communicate, companies can put in place appropriate supervisory processes, procedures, and technology to enable employees to perform their jobs while complying with regulatory oversight requirements to protect the company. can do.
In the past, many companies opted for ban policies as new channels entered the market. If they weren’t sure how the company would oversee certain channels, they would simply tell employees not to use them.
In today’s digital world, bans cannot be maintained without the necessary oversight. Employees continue to use these unsanctioned channels and regulators are taking notice and taking enforcement action. We have seen that simply having a ban policy but not following up and monitoring banned channels can have consequences and result in hefty fines. If a company is not aware that is in use and does not monitor these activities, this can lead to costly problems down the road. In many cases, employees are not acting maliciously using channels outside the designated range. They try to be proactive and productive to get the job done.
Technologically binding employees can reduce productivity. When employees are provided with better communication techniques, skills and productivity, Can increase up to 30%. But companies that provide their employees with better communications technology must also be able to monitor exponential amounts of data across multiple channels. Businesses need solutions that allow them to come to terms with these new technologies and tools and stay compliant.
“As the volume of incoming messages has grown from millions to hundreds of millions to billions, we need to really explore what we capture and how we protect it.”
Migrate to the cloud
As the amount of data explodes, we need to keep up with technological advances.Today, the above 18 million text messages. Sent every minute of every day.about 4 billion instant messages are sent every day. Only on Discord. Manually monitoring this communication data is virtually impossible. Enterprises must embrace artificial intelligence and machine learning if they want to analyze and monitor communication data in an efficient and cost-effective manner. Today, cloud-based services offer cost-effective scaling of growing data storage, and Smarsh cloud-based services can provide AI and machine learning to enhance surveillance.
While some enterprise organizations may fear a lack of security when moving to the cloud, Gartner estimates that public cloud services are at least affected. 60% fewer security incidents. Better than traditional data centers.
Cloud services enable businesses to keep up with the speed of data and provide reliability and scalability for communications monitoring while complying with regulatory and legal requirements.
Assess and plan
Minimizing compliance and regulatory risks requires a high degree of assessment and forethought. To achieve this, an organization must first establish a baseline. This can be done by finding communication channels that are already in use and working fine.
Once that is established, there are two main questions to ask when evaluating new channels. My first question is about tools. Can this tool capture the data you need from new channels for compliance or administrative security purposes? If the answer is no, it poses a series of problems for your company. In such situations, the company must be fully aware of how its employees are using its channels.
The second question concerns efficiency. Does the tool get the data you need and produce the results you want without annoying or discouraging employees? You need an intuitive tool that you can use and produce for your business. Businesses cannot afford to turn employees away to unsanctioned tools because the tools deployed are overly complex or difficult to operate.
“The first step is to review the policy,” says Warrene. “Are they up to date with what people can do? Do we need to tune them? Do we need to educate them? should we take steps to understand
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The Smarsh platform is scalable for organizations of all sizes, giving you compliance built on trust. This allows you to strategically look forward when new communication channels are adopted and realize more insight and value from the data in your archives. Customers can enhance their compliance and eDiscovery initiatives and benefit from productive use of email, social media, mobile/text messaging, instant messaging and collaboration, web, and voice channels .
Smarsh serves a global client base that spans the top banks in North America and Europe, along with leading brokerage firms, insurance companies and registered investment managers. Smarsh also enables state and local government agencies to meet public records and eDiscovery requirements. For more information, please visit www.smarsh.com.
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