In the ever-evolving landscape of regulated digital communication compliance, the challenges posed by off-channel communications have become a significant concern for firms in highly regulated industries. The shift to remote work during the pandemic accelerated the use of new communication tools, creating new risks and challenges for compliance teams. This blog post explores the issues surrounding off-channel communications and how Custodia's CC1 Messaging presents an innovative solution.
Want to know more? Join Dr Nathalie Aubry-Stacey and Laura Magyar on February 1st, as they discuss all things off-channel communication.
Understanding the Regulatory Landscape:
Regulators mandate the capture of all communications relating to business, emphasizing that the content of the communication, not the medium, determines retention requirements. With personal and professional boundaries becoming increasingly blurred, distinguishing between personal and business conversations is crucial. Off-channel communications, often encrypted and self-deleting, present a challenge to track and retain.
Recent regulatory actions in the financial services, as well as in the energy sectors underscore the escalating consequences of non-compliance with record retention requirements. Fines imposed by regulatory bodies, such as the SEC in the US in the finance sector and Ofgem in the UK energy trading sector, highlight the need for proactive compliance in face capture of new communications capture to meet regulatory demands.
The CC1 Messaging Solution:
In response to these challenges, Custodia introduces CC1 Messaging as part of its suite of services. This tailored service is designed for regulated organizations that need to record off-channel communications to maintain compliance in highly regulated and monitored industries. Here's how CC1 Messaging Service addresses the issues:
Effortless Capture of Regulated Communications:
Captures regulated professional communications on personal or corporate mobile devices without the need for a third-party app.
Allows employees to use their personal or corporate mobile device and native messaging app without behavioural changes.
Real-time Blocking and Alerting:
Enables real-time blocking and alerting to meet local and global data security and regulatory obligations.
Support for Wider Communication Channels:
Supports various communication channels like SMS, iMessage, WhatsApp, WeChat, and Telegram for a fast, efficient, and frictionless service.
Integrates seamlessly with corporate communication channels such as MS Teams and Cisco Webex.
Centralized Data Management:
Centralizes all captured communications from CC1 Messaging Service and other systems within CC1.
Utilizes a single dashboard for analytics and valuable business insights.
Conclusion:
In the face of increasing regulatory scrutiny and the growing challenges of off-channel communications, companies must adopt a proactive and risk-based compliance approach. Custodia's CC1 Messaging Service provides a comprehensive solution for capturing, reconciling, and archiving regulated digital communications, ensuring compliance with regulatory obligations. As regulated industries continue to grapple with evolving communication compliance landscapes, embracing innovative solutions becomes crucial for both regulatory adherence and seamless business operations.