Call Monitoring Program – Essential Elements for Effective Compliance


It is crucial to gather and use the data to establish a call monitoring program that works. Every institution ensures that the call monitoring program complies with regulations.  

Regulators increasingly find that many financial companies’ voice recording and monitoring practices are insufficient. Failure to ensure that they are the foundation of your regulatory compliance strategy could expose your firm to enforcement actions. This is why a lot of company owners are analyzing trends and implementing corrective measures, including the archiving of WhatsApp call monitoring and text and other instant messaging apps.

From the current regulations being in place, this article will help you detailing the most critical components that financial service firms should include in their call monitoring program in order to ensure optimal compliance. 

Identification of High-Risk Traders that Are Monitored

It is strictly vital that firms are able to take into account all data in their system. Since the CFTC investigates firms that fails to supervise and monitor traders being manipulative trading. This only gives more reasons for organizations to monitor their traders’ activities. 

Such data should include information from social media that can be used to trade behavior and also the HR and behavioral data of employees and traders of the company. Financial firms can use holistic surveillance such as AT&T SMS archiving to gain more information about a trader than the data they get from recorded phone calls.

Upgrading Legacy Voice Recording Systems for Efficient Call Archiving

Companies require a real-time call recording solution to handle the multichannel communication environment in today’s financial sector. Relying solely on legacy systems will put them at a competitive disadvantage as they won’t be able to analyze customer behavior. They also run the risk of not being able to archive electronic communications that regulators deem to be high risk for market manipulation and trade abuse. Moreover, the use of a robust mobile archiver that can cater to everything such as compliance, e-discovery response requirements, and regulations is essential.

For more information about this matter, you can continue reading this infographic from TeleMessage.