Effective communication is crucial in today's interconnected business world - more so with the rise of remote teams and cross-departmental workflows.
It's the reason Unified Communications as a Service (UCaaS) platforms have become essential to modern enterprises, enabling seamless communication and collaboration, including in regulated industries. We recently blogged on the importance of the compliant use of MS Teams. You can read it here.
However, as communication technologies evolve, compliance and security measures are needed to protect sensitive data and meet regulatory obligations. It's why Custodia offers CC1 – the capture, validation, and archiving service that gives regulated industries a streamlined and evergreen solution.
But let’s focus on the benefits and pitfalls of UCaaS platforms.
Benefitting from UCaaS Platforms
Approximately 30% of organizations had adopted UCaaS as their primary communication platform, with an additional 26% planning to switch, according to Metrigy's Workplace Collaboration: 2023-24 global study of 440 organizations. It's clear that Unified Communications as a Service platforms, such as Microsoft Teams, Webex, and Zoom have emerged as indispensable tools for businesses worldwide. They offer organizations:
Efficiency
With familiar interfaces and seamless integration with other productivity tools, UCaaS platforms enhance operational efficiency and collaboration.
Flexibility
Continuous Improvement
Navigating Risks and Compliance Challenges
However, the widespread adoption of UCaaS platforms also brings multiple risks and compliance challenges to regulated industries:
Regulatory Mandates
Meeting the obligations of regulatory bodies such as FINRA and SEC requires stringent monitoring and preservation of communications data – no easy task.
Data Security
Investigations and Discovery Requests
The CC1 Advantage:
Streamlining and Compliance Peace of Mind
Now, let’s circle back to CC1.
CC1, Powered by Custodia, offers a comprehensive list of features to regulated industries, addressing the limitations of native UCaaS archives and delivering the benefits of a purpose-designed data capture, validation, and archiving service:
Capture Everything: From instant messages to voice calls and screen sharing, CC1 captures communication across multiple platforms.
Granular Access Controls: With customizable permissions, organizations can control access to captured data based on roles, departments, and even specific individuals.
Automated Audit Trail: CC1 maintains a detailed audit trail, logging every interaction with captured data for compliance monitoring and internal audits.
Metadata Reconciliation: By cross-referencing metadata with recorded data, CC1 ensures the integrity and completeness of archives, flagging any discrepancies for further investigation.
Real-time Insights: CC1 Insight provides organizations with a holistic view of their communication capture estate, enabling proactive monitoring and risk management, giving the peace of mind of knowing regulated data is being captured 24/7, even on a global scale.
Compliance Peace of Mind
For compliance, risk, and legal teams, CC1 offers peace of mind:
Continuous Monitoring: Compliance officers can know that CC1 provides real-time monitoring of communication capture activities, mitigating the risk of missed recordings.
Evidence for Legal Proceedings: In the event of legal disputes, CC1's archives serve as validated evidence, showcasing the authenticity and completeness of communications data.
Operational Efficiency: With automated reconciliation and reporting features, CC1 streamlines compliance processes.
As regulated organizations adopt UCaaS platforms, it's crucial to have robust compliance solutions in place. CC1 offers a reliable service for businesses to capture, validate, and archive their regulated data. By doing so, they can unlock new avenues for collaboration, innovation, and growth.