“Many employers do not know that their employees are using off-channel communication and have no policies covering their use or method of retaining the conversations. So, when faced with an investigation or litigation, employers cannot retrieve, produce, or use these critical pieces of evidence.”
— Tarek J. Helou, Jessica R. Lonergan, and Nicholas E. Hakun, Wilson Sonsini Goodrich & Rosati
Employee use of “off-channel” communications has a growing risk of repercussions that all industries should be aware of. Learn how fraud is perpetuated in organizations and a few effective responses that can be used to minimize risk. Explore survey results highlighting how texting is a top communications concern for wealth management compliance officers. Finally, get a free eBook that covers the state of compliance in 2022.
Banks Fined $2 Billion for Employees’ “Off-Channel” Communications—Is Your Industry at Risk?
“Off-channel communication” occurs when employees engage in business communications on personal devices or unapproved third-party applications. Off-channel communications are pervasive across industries. However, unlike other industries, the financial sector must keep copies of all business-related communications to or from employees. As a result, the DOJ is preparing guidance for corporations and will have a firm stance on the issues by recommending that corporations have robust, transparent, and meaningful compliance solutions. The DOJ’s guidance will apply to every company under investigation in any industry—not only companies in the financial services sector.
How Is Fraud Being Perpetrated In Your Organization?
A “few bad apples” can have an immensely detrimental effect on large organizations. With internal fraud figures climbing each year, organizations need to know where their critical threats lie and the effective responses they can deploy to minimize risk. A robust compliance framework with simple and effective tools can be implemented to identify, prevent, detect, and respond early to internal warning signs of fraud. View an infographic that outlines areas fraud occurs, examines the root causes, and offers critical compliance framework elements that address this risk.
Texting Is Top Communications Concern for Wealth Management Compliance Officers
According to a survey, compliance professionals at wealth management firms feel overwhelmed by the challenges of keeping up with advisors’ digital communications. As a result, firms are exploring various strategies to help their compliance teams get a handle on the growing number of digital messaging apps. Some are revisiting their communications policies, acknowledging that blanket prohibitions on things like texting are no longer sustainable. Yet with each new communications channel come new record-keeping obligations, and compliance professionals say they are already operating under constrained resources.
State of Compliance in 2022: Emphasis on Values, Communication
Free Gated eBook
Compliance will always prioritize following rules and regulations. But we cannot ignore the growing emphasis on values. This free eBook uncovers the current state of compliance, the skill of delivering bad news, and embracing data privacy. You’ll also learn best practices for navigating tensions in the hybrid work model, how small changes in phrasing make a big difference, and innovative concepts for measuring ethical culture.
