Reduce Compliance Risk of Off-Channel Communications
Reduce Compliance Risk of Off-Channel Communications
Global regulators are cracking down on financial institutions for the use of off-channel communications and fines are hefty. Leverage risk monitoring software to prevent communications on unapproved channels.
How to detect risk on unapproved communications channels
Companies usually rely on archived communications to detect communications risk. Fairwords created the first proactive software solution to help compliance leaders uncover unapproved channels before communications are archived. Read our case study to discover how Fairwords works across all open applications where employees type, uncovering both approved and unapproved channels to help mitigate communications risk.
3 Considerations for Managing Communications Compliance
Balancing the communication preferences of financial service clients with the necessary compliance measures can be tricky. Clients expect to communicate with their financial service providers quickly and easily, preferring to use apps like WhatsApp or iMessage. However, financial service providers must comply with regulations that can make using these communications platforms risky. This article provides three considerations for managing communications compliance to balance thoughtful service and the right policies and technology to prevent inadvertent rule-breaking.
What’s up with WhatsApp?
WhatsApp has been a glaring problem for compliance leaders, especially after the SEC probed 100s of messages from Wall Street professionals in 2022. Fairwords supports compliance leaders with WhatsApp challenges by providing effective risk monitoring and scoring of WhatsApp messages. Think of it the same way you think of recording customer service calls and analyzing them for quality control. Fairwords Review provides risk monitoring and scoring capabilities, while Fairwords Guide helps employees as they type, training them in the moment to reduce the risk of damaging communications.
Work with Fairwords to reduce communications compliance risk of off-channel communications
The Fairwords product suite is an end-to-end software solution covering compliance leaders’ first, second, and third lines of defense. Fairwords Guide provides prevention and training as employees type, Fairwords Review provides risk scoring and supervision of all company communications, and Fairwords Keep provides archiving and retention capabilities in support of e-Discovery and other investigative inquiries. All three can be used together or separately with your current compliance tech stack to help you mitigate the risks posed by unapproved communications channels.
Fairwords Guide
Provides prevention and training as employees type.
Fairwords Review
Provides risk scoring and supervision of all company communications.
Fairwords Keep
Provides archiving and retention capabilities in support of e-Discovery and other investigative inquiries.
