Managing compliance for financial institutions is a dizzying experience. With firms shifting to hybrid and remote work, employees are adopting new ways to communicate with customers and each other, interspersing email and unified communications platforms like Microsoft Teams with WhatsApp and WeChat.
At the same time, compliance regulations are intensifying, putting even more pressure on firms to record and retain conversations on all these platforms. Companies must also provide proof of compliance and manage it across dozens or even hundreds of global locations.
Protecting your Enterprise
Trying to cope with these growing complexities has been left to legacy recording tools or completely ignored. Between 2021 and 2022, banks worldwide were fined over $2 billion for record-keeping violations and failing to regulate conversations between employees and clients Considering how difficult it is to trace communication on personal devices, negligence like this is easy to understand.
It’s an Uphill Struggle
For instance, a company with 150 employees is on calls for around four hours per day. That’s 138,000 hours of conversations per year. Even if a compliance officer spent 100% of their time screening calls, they’d only be able to review 2-3 percent of the calls. Leaving what ASC Technologies believes is a 97-98 percent risk in compliance.
What businesses need is a compliance tool designed for the current age. An AI-infused tool that regulates conversations on any device across all platforms.
It was this complexity that inspired ASC Technologies to invent Recording Insights. A tool that is supercharged by an AI Policy Engine that helps financial firms find potential risks in conversations. Specifically, it ensures compliant documentation for federal regulations and security standards like Dodd-Frank and MIFID II.
Transforming Compliance: 7 Advantages of Recording Insights
Bridging the compliance gap between multiple communication platforms isn’t nearly as impossible with Recording Insights and is the best way for firms to future-proof their business. Here are seven ways it's transforming compliance.
