The use of social and collaborative communications provides new opportunities to deepen engagement with clients, but also creates new sources of compliance risk
Many companies today use more than 40 different communications channels, including social media, mobile apps, collaborative tools, voice, and email. We are approaching a future in which every application will have a messaging component, which presents daunting new challenges for business supervisory processes and technologies.
The reason behind the explosion of new communications tools is clear: the need and desire to communicate with clients over the channels of their choice. It’s not about technology per se, it’s about meeting your business goals by responding to client demands before your competitors can. Changing demographics mean that it is increasingly likely that your client uses email infrequently—if at all—and will expect to interact on a social or mobile network.
Beyond the pull from clients, firms are also attempting to roll out new collaborative platforms including Microsoft Teams, Symphony, Slack, and WebEx Teams to improve internal productivity between regulated and non-regulated users and shorten client response times. The push from internal IT towards these new platforms adds to the challenge for compliance teams to address a more diverse and complex network of communications and collaborative formats.
It’s More Than Just Messaging
Firms have well established supervisory processes to identify potential policy infractions via the inspection of email and IM against a set of lexicons. But what happens when a conversation takes place over a series of tweets? What happens when a post is altered, deleted, or shared with a third party? What if that conversation is encoded emojis of palm trees, chickens, or smiley poo? [read more]
Source: Robert Cruz | Legaltech News