After the pandemic caused a mass migration to remote work arrangements, one of our clients – a global Fortune 100 company in the financial services industry – ran into a problem. Like many financial firms, they must comply with call recording requirements. While recording all oral communications isn’t too difficult for an organization with an on-site staff that exclusively utilizes an on-premises PBX for work-related calls, following industry regulations became more complicated with many people working from home and connecting with clients via cloud collaboration platforms like Zoom, Teams and Google Meet.
The firm came to the Stratosphere Networks team seeking a way to maintain compliance and record all calls as their team members joined calls and meetings hosted by outside parties with a wide range of cloud collaboration software.
Why Cloud Collaboration has Complicated Compliance in the Financial Industry
Our client isn’t alone in facing this challenge in the era of widespread work-from-home arrangements and skyrocketing cloud popularity. In the U.S., the Dodd-Frank Wall Street Reform and Consumer Protection Act – commonly referred to as the Dodd-Frank Act – requires many financial services companies to record all communications with clients in the interest of transparency. This applies to not only oral communications carried out via on-premises phone systems but also those made over mobile devices and digital and electronic media, according to the Commodity Futures Trading Commission (CFTC).
As a result, many financial firms must find a new way to comply with call recording requirements now that their teams meet with clients using cloud-based meeting and collaboration platforms to work effectively from anywhere.
The Solution: Policy-Based Cross-Platform Recording Software
One option for our client was standardizing across the organization and requiring that staff members always utilize the same software for every call or meeting. However, that route ended up being too cumbersome for the firm due to frequent acquisitions and numerous independent groups within the organization.
Instead, one of our trusted technology advisors worked with the client to find a solution that could record calls across all platforms. Because of variations in the underlying codex different cloud offerings rely on, this wasn’t an easy task. However, our advisor found a policy-based solution that the firm could remotely push out to every staff member’s PC and then use to document all calls by establishing a policy that starts recording whenever the end user opens any kind of cloud collaboration software.
As a result, the client no longer has to worry about how to balance empowering remote workers with maintaining compliance.
If you’d like to learn more about cloud solutions and call recording requirement compliance, our advisors would be happy to assist you and help identify a solution that meets your unique business needs. Just give us a call at 877-599-3999 or email firstname.lastname@example.org.