Digital communication falls within the scope of the regulations
Even two years into the pandemic, there are still gaps in how people communicate, especially in highly regulated industries like financial services. Any software that facilitates relations with regulators will always be in demand. Here is an example :
Monday, Smarsh says he acquires TeleMessage. Smarsh helps organizations manage their communication data. TeleMessage offers mobile technology services.
“Highly regulated companies have always needed to capture and preserve their digital communications for regulatory compliance, legal discovery, and brand protection,” says Goutam Nadella, product manager at Smarsh. “However, given the new hybrid workforce and the way everyone is digitally connected, it’s harder than ever to monitor all new voice and text channels. Simply put, businesses around the world are being overwhelmed with all the new channels – like WhatsApp, WeChat and more effective coverage for Bring Your Own Device (BYOD) models – which are necessary for businesses but pose real risks, due to their variety, volume and speed of data they produce. Mobile communications is one of the biggest risk areas.
Nadella adds that “there are significant gaps in how companies capture and monitor mobile communications.” Regulations in the financial services industry are constantly changing and increasing and some companies are struggling to keep up. Businesses that communicate through mobile channels need to keep records and always look for a way to streamline these processes.
“Ultimately, if you’re a heavily regulated company doing business in 2022, you need a proven solution for capturing, archiving, and monitoring mobile communications,” Nadella adds. And any company that makes it easy is a plus in my book.
– Demitri Diakantonis