Why Didn't IM Compliance Tools Save Banks from Scandal?

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It seems that as of late, banks just can't catch a break when it comes to being investigated for scandals. This time, the overwhelming evidence from the most recent rate-fixing scandal has come from emails and instant messages sent by traders. Pointing fingers is useless, but the situation begs the question: why aren't the current compliance solutions ensuring that banks stay compliant?

Current regulations require banks to archive traders' instant messages in "write –once, read-many" storage. This ensures all interactions can be monitored and analyzed without tampering.

A typical solution works by sifting through instant messages for key phrases. This approach is useful, but leaves a lot of unanswered questions. Many agents will be privy to what keywords or phrases will be flagged or monitored, and can develop a code to avoid detection.

Simply filtering through messages, hunting for certain terms is counterproductive. If an agent wants to take advantage of the system, they can. Rather than having a one-dimensional solution, banks and financial industries need to utilize a dynamic solution for compliance.

A proper IM compliance solution should work in tandem with other compliance solutions for voice and video. By this, all interactions are archived and searchable. This promotes a level of accountability that agents will find harder to bypass.

With this comes the ability to select which users will be recorded and allow supervisors to scour the full text of a conversation. On top of that, instant messages can be monitored in real-time, offering the opportunity to stop a conversation if something seems awry.

Further coupling this with a speech analytics solution lets managers evaluate every step of an agent's interaction. Grading and scoring offers insight toward instances when a compliance breach may be on the horizon.

And, since many organizations utilize IM through Cisco Jabber or Microsoft Lync, the full trail of a conversation can be archived as it escalates from a voice call, to a video conversation, or to an instant message.

Every corner is covered, and compliance is better regulated. Agents' adherence to mandates is better managed, and a full audit trail of interactions is stored for future reference.

Learn more about IM Recording for Compliance.

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Mitchell Weiss joined ISI in 1994. He holds a Bachelor's Degree Management Information Systems from the University of Illinois and a Masters in Business Administration from the Stuart School of Business in Chicago.  He is an industry leader in all phases of managing Unified Communications.  At ISI, Mr. Weiss is responsible for the vision, strategy, and implementation of a suite of Unified Communications products including Voice and Video Recording, SIP Trunk Management, and Traffic Management.  Mr. Weiss also brings his knowledge of Cloud Computing to ISI, allowing the company to create new cloud based models for its software and services.





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