What Happens When Good Companies Are Bad At Compliance?

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Compliance is a growing issue in the financial sector. Many organizations are consolidating their communications to streamline compliance. For most, this means having the ability to monitor, record, and archive all interactions. Specifically for Cisco Jabber users, federal regulations for instant messaging have become a “hot button” issue.

Many high-level firms have implemented bans on the use of multi-firm chat rooms. While conducting conversations over IM is essential for handling business, there needs to be an ingrained policy for archiving and monitoring interactions.

Electronic trading is a regular practice, so dismissing its use is out of the question. However, with the recent rash of scandals related to unscrupulous chat and instant messaging between traders and brokers, regulators are more than ready to nitpick every single IM.

While many agree that the burden of compliance falls heavily on the user, it is important to safeguard your firm. Users of Cisco Jabber can utilize recording features to archive their IM interactions. With this comes a slew of tools to set alerts by keyword, monitor conversations, and administer a set of best practices.

This functionality gives any financial firm a leg up on compliance, as it even allows for supervisors to block inappropriate messages from being sent. Obviously, this type of collaboration recording and archiving solution is the first step to ensuring total compliance. Since interactions can easily escalate from IM to voice or video, it is important to ensure that a collaboration solution is able to not only capture a continuous trail of these interactions, but also store them in an easily searchable database.

Have you encountered any issues with IM archiving for compliance purposes?
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