Communication channels keep evolving to meet modern demands. What started ages ago as letters delivered by hand (or pigeon) became the telephone, cellular phones and SMS. Today we are witnessing the next step of this evolution. Unified communications (UC) platforms are revolutionizing how the modern workforce communicates, while a plethora of digital channels are enabling instant messaging with friends and colleagues alike.
Financial services, among many other enterprises, are struggling to monitor all these communications and remain compliant with their industry regulations. This has recently come to light again as the Securities and Exchanges Commission (SEC) served a $200 million fine to Bank of America. In this case, employees’ use of “unapproved personal devices” put Bank of America in an “elite” club with the likes of JP Morgan and Morgan Stanley – both having faced similar compliance failures and fines from the SEC.
Communication channels are constantly changing and new channels pose a big risk to companies. A seemingly insurmountable challenge to any compliance effort. But it’s also why compliance is so important in the first place. It prevents the cost of compliance failure.
While it may seem that a $200 million fine is merely a slap on the wrist for the likes of a tier one bank, the true cost of compliance failure has a far deeper impact on the companies’ pockets. In 2021, compliance failure meant financial and reputation damage to these five companies among many others. All of which could have been avoided.
Regulations exist for a reason. To protect all parties involved. Being compliant with these regulations effectively mitigates risk, increases business reputation and ensures an equal playing field for all.
Considering the potential losses due to compliance failure, in the end, no compliance effort is ever not worth it. And if your business operates in any of the world’s most heavily regulated industries, you have to start somewhere. Find a solution that completely fills any compliance gap your UC platform may have.
Certified to integrate seamlessly with all the major UC platforms including Microsoft Teams, Cisco Webex and Zoom, CallCabinet is the original, and continues to be the most comprehensive, cloud-based compliance call recording solution. It delivers a true multi-tenant solution with location data sovereignty, global support, unlimited voice analytics and so much more.
When it comes to compliance, you should be keen to avoid any kind of slap on the wrist. CallCabinet gives you a sure-fire way to future-proof your compliance and unlock the potential of your recording data.