Video conferencing has increased in importance over the last year due to the shift for most business employees to work away from the typical office location, allowing employees to simulate in-person collaboration. But it's also changed the way businesses interact with their customers, particularly in the financial services arena.
Understanding Risk & Regulatory Implications
The strategic business use of video conferencing is changing the mix of where and how financial services companies and their employees are communicating with each other and their customers— from traditional phone and email to interactive video. As you expand your business initiatives to include video conferencing, it’s important to proactively address the regulatory, data loss, and legal implications.
Engaging in video communication has risks that need to be managed. Video is a rich communication platform that allows you to show, share, speak, and text chat information. Many firms don’t have a program or means to monitor video; however, this is essential. Financial institutions should extend their current regulatory concepts for digital communications to also cover video use.
The broader financial services industry including wealth, insurance, and banks has many regulations that apply to electronic communications. Far-reaching regulations, including Dodd-Frank, EU General Data Protection Regulation (GDPR), and MiFID II, along with guidelines from regulatory agencies like FINRA, SEC, and NAIC will directly impact the way that increased video communication is managed across your organization.
Here are our five steps to automate and simplify your path to video conferencing archiving and compliance.
- Have a plan to record
- Select vendors that can record
- Create a plan for compliant archiving of recordings
- Establish a review plan and process
- Use technology to help video compliance
To read the full white paper on how to implement these strategies, click here.