Call Recording & Compliance
Those in need of comprehensive record keeping solutions rejoice! On October 10th 2016, Red Box Recorders, a leading corporation in the industry of voice recording services and technology, officially announced their partnership with Bloomberg Vault on a global level. The collaboration indicates the beginning of a new solution for financial compliance, in helping organisations adhere more accurately to the requirements for record-keeping that global regulations have put in place.
For many in the industry, the combination is a match made in heaven. While Red Box technologies allow businesses to record and store conversations held over turrets, phones, and mobile devices, Bloomberg Vault permits that information to be securely archived, thereby providing complete, and detailed records of all trade activities.
Today’s financial compliance officers need a method of capturing interactions and communications in trade settings so that regulators might have a closer insight into the events that take place in the fast-moving financial industry. Red Box integration with voice recording software will help companies to provide a more significant look into what goes on behind the scenes. According to Bloomberg Vault’s head of Strategic Partnerships, Carrie Andrews, Red Box recording will allow the company to offer its clients “a complete and cost-effective surveillance, record-keeping, and trade reconstruction solution.”
Up until this point, Red Box Records have offered innovative solutions for voice capture for more than two decades – allowing organisations throughout various sectors to better record and store information for fact verification and the investigation of business activities.
It’s hard to deny the fact that the majority of business interactions take place through voice communication. Conversations via telephone and other sources represent one of the staples of capital markets. However, for quality monitoring and verification, it’s essential to find an effective way of capturing those conversations.
The collaboration between Bloomberg Vault and Red Box indicates a new horizon for the world of voice recording and information storage. After all, existing regulations such as the Market Abuse Directive and Regulation, and MiFID II in Europe and the UK, as well as Dodd-Frank in the U.S. demand that investment firms retain extensive records of their communications related to sales – whether those conversations take place via voice or email. What’s more, additional rules throughout the globe dictate that investment firms should be able to produce records of a trade life-cycle per request. In order to offer time-sequenced information, companies need a solution for capturing all kinds of data that might be produced during a trade, from pre-trade conversations, to post-trade discussions.
As a leading provider of communication storage solutions and fact verification, Red Box’s Quantify Recording Suite is regarded as an essential tool across various government, financial, and public safety sectors – including the five top banks in the world, 70% of the UK police forces, and 85% of global interdealer brokers.
Currently, Red Box records conversation for more than 500 global financial firms, while more than 1,000 firms use Bloomberg Vault as a method of managing their communication and collaboration data. Bloomberg Vault can give compliance managers a comprehensive set of compliance tools, including:
This new collaboration signifies a substantial turn in the future of financial compliance and record keeping solutions.