Record and store communications from multiple UC channels to achieve regulatory compliance.
Using MS Teams for front office client contact places a trading entity into breach of MiFID II unless calls are being recorded. This includes video calls and screenshare. JP Reis help financial trading organizations to optimize their communications systems for performance, reliability, security and compliance. We have been at the vanguard of achieving regulatory compliance with Trader Voice since the early 2000s.
MS Teams Compliance
The scope of regulations now encompasses much smaller companies. Despite rapid consolidation in the UC sector, many Financial Services firms have hybrid solutions. This can be due to phased roll outs where supervised users retain legacy systems until new ones are fully compliant. Some systems, both enterprise and specialist, are used to suit certain asset markets and client preferences.
Some communications systems have integrated call logging and recording functionality although configurations, and capabilities for search and analysis vary. We will help you roll out a centralized solution that captures the metadata and searchable content without losing the benefits of your existing services. Most of our recent focus has been on MS Teams but other systems are relevant.
Record UC Channels for Compliance
We work on the following channels to ensure events are captured along with the contents of the communication i.e. what was said, between whom and when. Most systems are hosted and this presents new challenges. The capacity of video recordings presents a step change so it is important to have intelligent, elastic archiving and to carefully govern the deletion and purge of unrequired records. Capturing the data enables internal or external Compliance and Legal teams to perform audit and supervision, and trade reconstructions as required.
- Instant Messaging
- Desktop Screen
- Screen & Application Share
- Poll / Q&A
- File Share
Teams Migration Strategy
MS Teams has now been implemented widely across Financial Services although Skype servers can still be found. As the system is so all encompassing it throws up complexity in the application of compliance requirements for supervised users. Some recording systems capture more modalities than others and some are better placed to keep pace with Microsoft’s short notice updates. There is the headache of video archiving and the conundrum of respecting the privacy of unsupervised users. In Q2 2023, some banks are now recording and archiving video although many keep supervised users away from video channels.
Contact us to see how our UC compliance consultancy can help your organization.