COVID-19 has created an unprecedented business environment across all markets. Within the Financial sector, the pandemic has caused massive disruption and change over a condensed period. Huge changes to how financial institutions operate have been implemented in a matter of weeks leaving many firms vulnerable and unsure as to what effect the changes will have on compliance and to what the regulators will expect now and in the future. Patrick Copping, Managing Director of Communications Technology Provider, Conversant Technology assesses the challenges and risks to Home Working practices and how adopting technology such as Microsoft Teams will help to enable compliance.
Remote working – “The New Normal?” That is the question almost every company is asking regardless of sector or size. The answer at this stage is unclear. What is very clear is that the normality of going to the office is far less likely to be normal for a vast majority of people. It is therefore up to companies to adapt their cultures, practices and technology to cope with whatever becomes “The New Normal”.
Working from an office location has always provided a sense of community and structure; both essential components for compliance. Removing that structure at such a rapid pace has not allowed many firms to consider the regulatory implications. Being forced to adapt so rapidly has left Financial Institutions vulnerable to potential compliance issues and scrutiny further down the line. Controlled structures no longer operate in a normal way, therefore it has become way harder to understand and control how individuals act and react outside the formal office structure.
Technology plays such an important part of any home working strategy and is essential to Home Working Compliance. Relying on mobile phones for telephony and open platforms such as Zoom for video conferencing is not an adequate answer to ensuring compliance for remote workers. Communications need to be recorded and stored in a compliant and secure way. Customer data and conversations are subject to scrutiny and require similar levels of retrieval and storage. Allowing employees to engage with customers, suppliers and partners over public facing platforms throws up so many compliance questions and risks.
At Conversant we are encouraging our customers to adopt a simple yet all encompassing strategy based on Microsoft Teams. Our Voice for Teams Platform working natively with Microsoft Teams achieves fully compliant communications across all mediums for both internal and external customers. With inbuilt MIFiD II call recording our platform allows for remote users calls and communications to be recorded safely and securely. Video Conferencing is treated in the same safe and secure way allowing all interactions to be tracked. Our customer engagement tools such as Contact Centre is location agnostic allowing users to interact as part of a contact centre from any location with a data connection. For several of our customers we have utilised their Azure set-up, placing our services in their environment satisfying compliance checks simply and at speed. It is possible to provide a single interface for communications that meets all the compliance needs.
“What will the future hold?” It is rumoured that Financial Institutions will have to incorporate working from home and remote working capabilities into DR plans moving forward. To what extent is yet to be seen. What is for sure is that the remote user is here to stay. I would also suggest that a number of workers will become accustomed to the advantages of remote working and expect there to be more voluntary home workers in the future.
To find out how Conversant Technology can help with compliance across all communications including Contact Recording, Contact Centres, Call Recording and Business Intelligence, please contact @ www.conversant.technology or 03333 442 801
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