“Financial service providers can build trust while protecting themselves from risk by providing secure and compliant mobile communication options, staying transparent about security measures, and being flexible and responsive to changing client needs.”
This week, learn three considerations for managing communications compliance and steps employers should proactively take that will allow access to business communications later when needed. Consider what process companies need to take to achieve and have a highly effective compliance program. Lastly, we explore questions companies should think about regarding compliance in metaverse communications.
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. Financial institutions must find a way to meet their customers’ expectations while adhering to the industry’s strict compliance laws. Learn three considerations for managing communications compliance to balance thoughtful service and the right policies and technology to prevent inadvertent rule-breaking.
Chats, Texts, and Other Messages: US Authorities Expand Expectations on Data Collection of Business-Related Communications
Business communication extends far beyond email to instant messaging on various apps. The authorities have begun to change enforcement policies to incentivize employers to access and produce chat messages as a top priority. However, there are challenges with retaining messages as some apps allow for disappearing or ephemeral messages, the ability to edit a message after being sent, and it is easy to encrypt messages to prevent disclosure. Employers should take steps now to allow access to business communications later when needed, whether for business purposes or to respond to a government investigation. By acting to ensure that the company has access to work-related communications, companies put themselves in a position to argue that they lived up to the expectations the DOJ recently articulated.
Operationalizing Compliance: Part 1 – Compliance Program Effectiveness
‘Effectiveness’ is one of the most well-worn words that still challenges compliance professionals. Effectiveness is not about a one hundred percent training completion rate; it is about getting information to individuals when needed to achieve the right outcomes. Shifting the focus and conversation to those outcomes allows you to start thinking about training differently. You can see how effectiveness can begin to be impacted by solid training that focusing on those outcomes. Since compliance leaders cannot stand over the shoulders at every given moment, information and resources must be openly available whenever employees need to access them.
6 Million Data Points Per Hour: Preserving Employee Communications in the Metaverse
The U.S. Department of Justice (DOJ) has raised concerns about companies failing to preserve business-related communications properly. According to the DOJ, personal devices and messaging apps increase “corporate compliance risks, particularly as to the ability of companies to monitor the use of such devices for misconduct and to recover relevant data during a subsequent investigation.” Compliance with communication-preservation requirements will become even more complicated in the metaverse. After all, 20 minutes in the metaverse generates 2 million (albeit nonverbal) data points. Most legal requirements for the preservation of records, and most government subpoenas for them, define terms such as “communications,” “records,” and “information” exceedingly broadly. Explore some questions companies should be considering for employee communications in the metaverse.
