At a Glance
Both the SECand FINRAhave announced their examination priorities for 2023 giving investment advisers and broker dealers important insight into the areas to include in their compliance monitoring plans. For those tasked with maintaining compliance, security and data privacy across an organization’s unified communications there are specific areas to focus on to ensure the continuing deployment and use of platforms meet regulatory expectations, including:
Theta Lake has published its fourth annual survey report on modern communications compliance and security, highlighting the complex challenges faced by those tasked with maintaining compliance, security and data privacy. The report is based on the views and experiences of more than 500 compliance and security professionals from the heavily-regulated financial services, healthcare and government sectors across the U.S., the U.K. and Canada. It provides a snapshot of how communication platforms are being used and the issues organizations are struggling with, enabling them to benchmark their own practices and expectations against the wider industry, identifying any gaps or areas of exposure they may have.
Topics: compliance, data leakage, zoom, Microsoft Teams, record-keeping, communications, WhatsApp, SMS, archiving
How to Comply With the New CMS Communications and Marketing Requirements for Medicare Advantage and Part D Conversations
New recording, disclosure, and compliance rules
New electronic communications recording, disclosure, and oversight rules from the Centers for Medicare &Medicaid Services (“CMS”), effective 1 October 2022, highlight the heightened scrutiny around the sale of complex healthcare products, to promote transparency and protect consumers. In a digital age where prospects are bombarded with telemarketing calls, online advertising, social media, and promotions from celebrities and influencers, it’s more important than ever that they receive accurate information about sophisticated products. Clarity is particularly critical when it relates to the purchase of essential healthcare services.
The new CMS rules can be viewed as part of a broader global trend toward increased disclosure for complex healthcare, financial, or insurance products directly marketed to customers. Complaints about misleading advertising and sales of Medicare Advantage (“MA”) plans and Part D were the key catalyst for the CMS regulatory updates. In the one year period between 2020 and 2021 the number of complaints submitted to CMS soared from less than 16,000 to over 39,000 – a staggering increase.
Topics: compliance, healthcare, record-keeping, electronic communications, archiving
The last two years have brought tremendous change, forcing us all to adapt and adopt technology, processes, and initiatives to stay connected virtually in an era where live interaction has been mostly restricted. The communication and collaboration market was front and center in making this possible.
Topics: compliance, predictions, surveillance, electronic communications, communications, collaboration
Collaboration tools like Microsoft Teams, Zoom and Webex Teams, RingCentral and Slack have become integral to how we work. With multiple ways to communicate and collaborate they’re vital for keeping workforces and customers connected whether remote, hybrid or office based. And with less and less physical in-person interaction, users are making use of the rich features to liaise and share information. Not least by adding personality and emotion with emojis, reactions and GIFs. But modern communications create compliance challenges when it comes to providing evidence and proof that is so often required for regulatory, HR, litigation or complaints resolution issues.
Topics: compliance, chat compliance, record-keeping, financial services, evidence
Topics: compliance, data loss, monitoring, return to work
Financial services firms have long used technology to supervise the communications and activities of employees, to ensure compliance with regulatory requirements and be able to detect issues such as market abuse, mis-selling or data privacy. It’s a key control for meeting regulatory obligations including MiFID II, CFTC, FINRA, IIROC and GDPR and a standard feature of working in a regulated industry. Likewise data loss prevention tools are commonplace across businesses to reduce the risks of data loss and exposure. All designed to protect consumers, employees, and shareholders.
Topics: compliance, data leakage, data loss, supervision, record-keeping, surveillance, monitoring
As state and local government employees use collaboration and chat tools such as Microsoft Teams, Zoom, Cisco Webex, RingCentral and Slack to interact with each other and the public, the ability to search the full range of communications and content is critical. Whether it's a shared screen, whiteboard or chat conversation, government organizations must be able to quickly identify information about a specific individual or topic to meet public records requests. The legacy technology tools that agencies use to perform basic keyword searches on email, SMS, or social media content are insufficient in the era of collaboration and dynamic chat. State and local governments must ensure that their platforms for search, retrieval, and management of data align to the new applications employees are using for day-to-day business interactions.
Hear how Theta Lake addresses these issues with a solution built to solve state and local government challenges:
Topics: chat compliance, state & local government
The rapidly increasing use of chat in modern work-from-anywhere workplaces has exposed new compliance, privacy, and security risks. Not least the need to comply with regulatory obligations for retention, supervision, privacy and security mandated by regulators worldwide.
Topics: compliance, chat compliance
Billions of dollars in fines and rising
Nearly half a billion dollars in fines announced by the European Commission for trading cartels involving ten global banks is a stark reminder of the challenges firms face in monitoring chat and instant messages to detect misconduct. Communications in chat rooms enabled the sharing of commercially sensitive information to go undetected for several years.
Topics: chat compliance, regtech