The UK Financial Conduct Authority (FCA) is getting tough on recording workers when they are working from home.
The Covid-19 pandemic has radically disrupted work environments around the world. Many companies have been required to make the abrupt shift to work from home. Technology is supporting and enabling companies to adjust to the new remote working way of life, which in some cases maybe long lasting.
The FCA recently published information on their expectations of communication recording during remote working. The full article can be read here. The FCA provide guidance and instructions to all FCA-regulated firms about market conduct and transaction reporting issues.
In this Market Watch 66 newsletter the FCA states that communications must be recorded. Homeworking increases the risk of misconduct, including using unmonitored and/or encrypted communication applications for sharing potentially sensitive information connected with work such as WhatsApp. Since firms are less able to effectivity monitor communications using these channels significant compliance risks can occur. Firms are now expected to have a rigorous monitoring regime, appropriate to the increased risks of working from home.
The FCA have stated this guidance:
– Telephone conversations and electronic communications must be recorded
– An electronic copy of the communications must be kept
– Monitoring regime, embedding the right culture and governance within firms to continuously improve the standard of conduct at all levels
– Effective, up to date recording policies that must be able to demonstrate to the FCA that policies, procedures and management oversight meet the recording rules. Including ones adopted for home working arrangements.
If businesses do not have effective recording and monitoring controls, there is an increased danger of the loss of evidence in disputes between the business and clients, leading to lack of protection on both parts.
Not only is this imperative to FCA-regulated firms but good practice for all businesses.
A lot of companies have shifted to conferencing platforms like Zoom and Teams to help them bridge the communications gap. Big players Zoom and Webex are already able to cope with the FCA’s demands to record everything for compliance just by changing a few settings in a web interface. Ironically, MS Teams, which has been the big winner in the corporate video meeting wars, does not have this functionality, and requires expensive third party recorders to make this work.
Zoom has overcome its security challenges, and should be seriously considered to help meet the FCA’s requirements for recording in the short term. At present it does not have an option to specify where geographically recordings are stored, but these can quickly be brought into a UK or EU storage facility once recording is completed.
Webex, however, guarantees that data will be stored in the data centre that a user specified when they signed up, which meets not only the recording requirements, but the data privacy requirements as well.
Contact us to discuss how we can help you meet these storage and compliance challenges, as well as leverage the power of the content of your data. You keep and refer back to your emails: Why not do the same for your video meetings?
Or check out Myna. Searchable smart scripts, video and audio recordings of your most important calls.
To find out more about Intelligent Voice please contact us at firstname.lastname@example.org or give us a call on 0203 6272670