Tag: Global Relay

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FCPA Compliance Report

FCPA Compliance Report – Chip Jones on Record Keeping Requirements for Messaging Compliance

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this episode, Tom Fox welcomes Chip Jones to discuss the recent spate of enforcement actions in the messaging compliance arena.

Chip Jones, the Executive Vice President of Compliance at Global Relay, is an expert in e-communications archiving and compliance solutions for the financial services industry, focusing on instant messaging compliance and enforcement actions related to off-channel communications. Chip believes technology plays a vital role in regulating off-channel communications in financial services, emphasizing the importance of capturing and supervising all communications, including those on personal devices, to ensure compliance with SEC record-keeping requirements. He acknowledges that using personal devices for communication has been prevalent for years, but the pandemic has accelerated this trend. Chip suggests that technological solutions, such as the Global Relay app, can help financial professionals communicate compliantly, and he emphasizes the importance of education and tone from the top in promoting compliance. Join Tom Fox and Chip Jones on this FCPA Compliance Report podcast episode to delve deeper into this topic.

Key Highlights:

  • Compliant Communication Solutions for Financial Firms
  • Regulatory Enforcement of Off-Channel Communications
  • Failure Factors: Violation of Record-Keeping Requirements
  • Proactive Compliance and Cooperative Remediation in Financial Firms

Resources:

Chip Jones on LinkedIn

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Innovation in Compliance

Messaging Compliance in a Shifting Regulatory Landscape: Part 5 – Stay Ahead of Regulations

Is messaging compliance giving your compliance function headaches? Welcome to a special 5 part podcast post series, messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. Over this series, I will visit with Chip Jones, Executive Vice President – Compliance at Global Relay; Alex Viall, Chief Strategy Officer at Global Relay; Rob Mason, Director, Regulatory Intelligence at Global Relay; Jennifer Clarke, Head of Content at Global Relay; and Raewyn Danvers, Sales Manager, Unified Communications. Over this series, we will consider the US and UK regulatory framework for messaging apps, consider if business innovation is being stifled by regulatory action, preview the Global Relay Report: Compliant Communications in 2023, and look down the road on how to stay Ahead of regulation with the compliant communications in one app.

In our concluding Part 5, I visit with Raewyn Danvers, Sales Manager, Unified Communications at Global Relay, and discuss how compliance professionals can stay ahead of regulatory compliance technology trends. In our conversation, Raewyn highlights the growing significance of mobile messaging in compliance, especially with millennials and Gen Z entering the workforce. We also discuss the pros and cons of using corporate devices versus bring your device (BYOD) policies in the workplace before introducing Global Relay as a solution for managing and archiving communication data compliantly. As a long-term partner in compliance, Global Relay offers dedicated onboarding specialists and account representatives to ensure customers stay on top of the latest technology trends. Are you interested in learning more? Check out Global Relay’s website for a demo today!

Key Highlights:

  • Trends in Mobile Messaging Compliance Technology
  • Adapting to Technology for Workforce Retention
  • Corporate Devices v. BYOD
  • Global Relay’s Technology Integration and Data Management

For more information go to Global Relay.

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Blog

Messaging Compliance in a Shifting Regulatory Landscape: Stay Ahead of Regulations with a Unified App

Are you ready to learn how to implement electronic communications capture and supervision in your firm for better compliance and prevention of regulatory violations? Is messaging compliance giving your compliance function headaches? Welcome to a special 5 part blog post series on messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. For this Part 5, I visited with Raewyn Danvers.

Navigating the complex world of messaging compliance can feel overwhelming, especially when operating within regulated industries. However, it’s crucial to ensure that your organization’s communication methods are aligned with industry guidelines to avoid potential fines and reputational damage. By partnering with unified tools for compliant messaging, compliance professionals like yourself can streamline this process and create a more efficient workflow. In this article, we’ll explore why this topic is essential and how it may impact your personal and professional life, as well as provide actionable steps to help you enhance your organization’s messaging compliance strategy.

Here are some key steps:

  • Understand the messaging compliance landscape
  • Assess your organization’s communication methods
  • Evaluate unified tools for compliant messaging
  • Implement policies and procedures for messaging
  • Foster cross-departmental collaboration for compliance

1. Understand the messaging compliance landscape.

Compliance professionals face numerous challenges as privacy and security regulations continue to evolve, and the adoption of mobile messaging and other communication technologies grows. As such, staying current with industry best practices and understanding the risks associated with messaging compliance becomes increasingly critical. Properly addressing these concerns ensures companies maintain their reputations and avoid costly fines and penalties.

Danvers emphasized the importance of staying up to date with regulatory changes and adapting compliance strategies accordingly. She also discussed the challenges and opportunities presented by emerging technologies, such as AI and chatbots, and the need for a proactive approach to messaging compliance. By partnering with unified tools and leveraging services like Global Relay, companies can benefit from a single application that covers various communication types while reducing confusion and the required number of vendors.  Understanding the messaging compliance landscape is essential for ensuring that compliance professionals can effectively manage risks related to mobile messaging and other communication technologies.

This proactive approach is especially relevant in industries subject to stringent regulations, such as financial services, healthcare, and others. By staying informed and leveraging the expertise of unified tools like Global Relay, compliance teams can better navigate the complexities of messaging compliance, thus safeguarding their organization from potential pitfalls and maintaining a positive reputation. Ultimately, the message is clear: compliance may not be easy, but it’s always essential, requiring diligence, collaboration, and adaptability in the face of an ever-shifting regulatory environment.

2. Assess your organization’s communication methods.

While traditional channels like email might have been easier to track and maintain, with the rise of mobile messaging and various messaging applications used in professional settings, the need to effectively manage these platforms becomes imperative. When assessing communication methods used by your organization, it is crucial to understand not just the platforms but also the ways in which employees interact with them to create a tailored solution for your business.  Danvers emphasized how the younger generation’s shift towards flexible communication, including mobile messaging and messaging applications, has necessitated the need to address compliance in this realm. With the recent fines and regulatory actions targeted at messaging platforms, it has become evident that assessing your organization’s communication methods is important to ensure compliance.

Understanding and assessing your organization’s communication methods are important and essential for regulated industry compliance professionals. This step ensures that you are aware of the platforms being used for communication and can create tailored solutions to maintain compliance. As messaging platforms continue to evolve and incorporate new technologies like AI and chatbots, it is becoming increasingly important for compliance professionals to stay informed, collaborate with other departments, and strike a balance between innovation and compliance. By implementing effective compliance measures for your organization’s communication methods, you not only protect your business’s reputation but may also avoid serious legal repercussions. So, take the time to analyze and assess how your organization communicates, and stay proactive in navigating the changing tides of regulatory compliance.

3. Evaluate unified tools for compliant messaging.

The process of evaluating unified tools for compliant messaging is crucial for compliance professionals operating in regulated industries. Furthermore, the implementation of policies and procedures is critical to ensure the separation of business and personal communication while maintaining data security. In this context, the adoption of a single unified tool that manages multiple communication channels can simplify the compliance process, streamlines communication, and ensures adherence to regulatory requirements, making it an appealing option for businesses looking to elevate their messaging compliance strategies.

The younger generations’ preference for mobile messaging, the rise of BYOD (Bring Your Own Device) policies, and the proliferation of consumer messaging apps have all contributed to the growing complexity of messaging compliance. This issue has been further exacerbated by the increase in regulatory fines related to communication. Danvers highlighted that a unified tool is especially beneficial in a regulated space because it eases the implementation, ensuring a single point of access while reducing the number of vendors needed when adopting new communication technologies.

Evaluating and choosing a suitable unified tool for compliant messaging is vital for the audience, as it not only simplifies the messaging compliance landscape but also facilitates a more proactive approach to data protection and adherence to regulations like GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act). By integrating a unified tool, compliance professionals can effectively manage the delicate balance between innovation and regulatory compliance, especially when it comes to dealing with emerging technologies like AI (Artificial Intelligence) and chatbots. Ultimately, this key step paves the way for cross-functional collaboration between various organizational departments, including IT, legal, and compliance, resulting in a cohesive and well-integrated communication compliance strategy that can withstand the constantly evolving regulatory landscape.

In the world of compliance, staying ahead of the curve when it comes to mobile messaging compliance is critical for professionals in regulated industries. To ensure your organization is well-prepared to handle the challenges of messaging compliance, it is essential to understand the landscape, assess your communication methods, and choose the right unified tool for compliant messaging. Furthermore, implementing clear policies and procedures and fostering cross-departmental collaboration will solidify your compliance strategy and help your organization thrive. Follow these steps and confidently move forward in creating a robust and reliable messaging compliance framework.

For more information, go to www.GlobalRelay.com

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Blog

Messaging Compliance in a Shifting Regulatory Landscape: Part 4- Compliance Communications in 2023

Are you ready to learn how to implement electronic communications capture and supervision in your firm for better compliance and prevention of regulatory violations? Is messaging compliance giving your compliance function headaches. Welcome to a special 5 part blog post series on messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. For this Part 5, I visited with Jennie Clark about the recently released Global Relay report, Compliant Communications in 2023.

With the report indicating that 59% of respondents have banned messaging applications such as WhatsApp and WeChat, it’s evident that businesses need to find better solutions. There is significant challenge of senior managers’ compliance and the need for regulators to apply more accountability to individuals. What are the key challenges for compliance professionals?

As regulatory agencies across the globe continue to crack down on non-compliant firms, the role of UK regulators cannot be understated. UK regulators have joined forces with their US counterparts, ensuring that businesses adhere to the required compliance standards.  Jennie Clark mentioned the recent events surrounding regulatory fines and penalties, where total fines issued within a month exceeded $2 billion. She noted that UK regulators’ active involvement in addressing non-compliance is indicative of the importance of understanding and adjusting to these shifting regulatory landscapes.

Navigating modern communication channels presents numerous compliance challenges. These include managing communications across various messaging applications while avoiding the risks of non-compliant information exchange. In turn, compliance officers are responsible for ensuring businesses remain within regulatory requirements to avoid costly penalties.  The report found the ongoing struggle businesses face in terms of addressing their compliance concerns.

As a compliance officer, ensuring that your organization’s messaging apps are in line with industry regulations is vital to your professional success and your company’s reputation. In this blog, we discuss the importance of evaluating current compliance practices, developing targeted educational programs, implementing corporate phone policies, and staying updated on regulatory changes. By following these steps, you can confidently navigate the complexities of messaging apps compliance and maintain a compliant and efficient communication environment. Listen to our podcast to gain expert insights and practical tips for overcoming these challenges.

Here are the key steps:

  • Evaluate current messaging app compliance practices
  • Develop targeted educational programs for staff
  • Consider adopting advanced technology solutions

1. Evaluate current messaging app compliance practices.

As the digital landscape continues to evolve, compliance officers are faced with the challenge of managing messaging apps in a way that adheres to regulatory guidelines. One critical step in this process is to evaluate the current messaging app compliance practices to find areas for improvement. With the rise of platforms like WhatsApp, WeChat, and other messaging applications, businesses have struggled to find the appropriate balance between enabling effective communication and ensuring compliance. By thoroughly assessing current practices, organizations can determine which applications should be allowed, and how to monitor the content exchanged through these platforms.

With a majority of the respondents stating that they have prohibited the use of WhatsApp, WeChat, and other messaging applications in their organizations, it is apparent that establishing a compliant communication process is of utmost importance. Jeannie also emphasized the need for educating employees on the consequences of non-compliance and recognizing the benefits of adopting technological solutions and corporate phone policies as alternatives.  The significance of this key step in evaluating messaging app compliance practices cannot be overstated. As regulatory fines and penalties continue to increase, it is essential for organizations to prioritize compliance and avoid financial setbacks. Beyond financial consequences, ensuring compliant communication channels also safeguards an organization’s reputation, while fostering trust with regulatory bodies. Moreover, understanding the urgency of this issue and adapting accordingly enables businesses to make the best use of available opportunities.

 2. Develop targeted educational programs for staff.

To tackle this challenge, it is essential for businesses to develop targeted educational programs for staff members, ensuring that they are well-versed with the rules and guidelines pertaining to each messaging platform being used within the organization. A structured approach to educating employees can not only mitigate the risks associated with non-compliant messaging but also foster a culture of accountability throughout the company.  The report noted the significance of contextualizing the consequences of non-compliance with communication channels. This calls for tailored training sessions that address the specific challenges faced by employees using different messaging apps, and the potential ramifications of non-compliant communication on the firm’s overall reputation and regulatory standing.

By leveraging real-world scenarios and relatable examples, businesses can educate their staff in a more engaging and effective manner, ensuring that they not only understand the rules but also the underlying reasons for their existence.  The importance of targeted educational programs for staff members cannot be overstated in the current regulatory environment that sees businesses grappling with unprecedented levels of scrutiny and enforcement actions. It is crucial for companies to invest in proactive measures aimed at reducing the likelihood of non-compliant communications. Implementing educational programs and raising awareness among employees is a key step that not only empowers them with the necessary knowledge but also underscores the organization’s commitment to upholding compliance standards. By doing so, businesses can minimize potential risks, safeguard their reputation and ultimately, create a robust foundation for long-term success in an increasingly regulated world.

 3. Consider adopting advanced technology solutions.

Managing compliance in the rapidly changing world of communication platforms can be challenging, especially for companies that rely on popular messaging apps for business communications. Industry experts increasingly recommend adopting advanced technology solutions to help address these challenges. Implementing the latest technological tools in the compliance process can provide businesses with greater control and oversight of their communications while helping prevent non-compliant behavior and fostering a culture of accountability and transparency.

Advanced technology solutions could be leveraged to streamline the compliance process. The deploying robust tools and systems that can effectively manage and monitor the myriad of communication platforms employees use in their day-to-day work is critical. This may include utilizing cutting-edge technology such as AI-driven monitoring, advanced search capabilities, and data analysis to identify and mitigate potential compliance risks. By embracing these advanced solutions, compliance officers can focus on more strategic tasks while ensuring their organization stays compliant with the latest regulatory requirements and industry best practices.

The key step of considering and adopting advanced technology solutions cannot be overstated for compliance officers seeking to manage messaging app compliance. Modern technology has the potential to dramatically enhance a compliance officer’s ability to monitor communications, automate routine tasks, and identify potential concerns. Not only does this result in increased efficiency and effectiveness of compliance programs, but it also helps reduce the likelihood of costly fines and penalties due to non-compliant communications. As the landscape of communication platforms continues to evolve, companies that stay on top of emerging technology trends and harness the power of advanced tools will be better positioned to navigate the complexities of compliant communications and maintain a proactive approach to regulatory compliance.

In today’s fast-paced business environment, staying on top of messaging app compliance is crucial for compliance officers, as this can help them overcome the challenges they face daily. By evaluating their current practices, developing educational programs for staff, adopting advanced technology solutions, implementing corporate phone policies, and monitoring regulatory updates, they can effectively maintain a compliant communication system. So, take these steps to heart and embrace the opportunities they present in ensuring a more secure and compliant future for your organization.

To obtain a copy of the Insights Report, Compliance Communications 2023, click here.

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Innovation in Compliance

Messaging Compliance in a Shifting Regulatory Landscape: Part 4 – Global Relay Industry Insights Report

Is messaging compliance giving your compliance function headaches? Welcome to a special 5 part podcast post series, messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. Over this series, I will visit with Chip Jones, Executive Vice President – Compliance at Global Relay; Alex Viall, Chief Strategy Officer at Global Relay; Rob Mason, Director, Regulatory Intelligence at Global Relay; Jennifer Clarke, Head of Content at Global Relay; and Raewyn Danvers, Sales Manager, Unified Communications. Over this series, we will consider the US and UK regulatory framework for messaging apps, consider if business innovation is being stifled by regulatory action, preview the Global Relay Report: Compliant Communications in 2023, and look down the road on how to stay Ahead of regulation with the compliant communications in one app.

In this Part 4, I visit with Jennifer Clarke, Head of Content at Global Relay, on the recently released Global Relay Report: Compliant Communications in 2023 and the fines faced by companies. Discover how they gathered information from customers and industry experts to contextualize these findings. Find out why 59% of respondents from regulated industries, mainly financial services, have banned apps such as WhatsApp and WeChat. Explore the more creative solutions discussed in the report, including the idea of corporate-issued devices rather than BYOD. Gain insights into communication compliance challenges and how education and training around compliance culture can help employees understand the consequences of non-compliance. Take advantage of this insightful conversation on Global Relay Industry Insights Report.

Key Highlights:

  • Global Relay’s “Compliance Communications 2023” Report
  • Regulating Communication Channels in Businesses
  • Communication Compliance Challenges and Business Opportunities

For more information, go to Global Relay.

Click here to obtain a copy of the Insights Report, Compliance Communications 2023.

Join us in our concluding episode, which discusses Compliant Communications in One App.

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Innovation in Compliance

Messaging Compliance in a Shifting Regulatory Landscape: Part 3 – Regulatory Changes on the Horizon for UK Firms

Is messaging compliance giving your compliance function headaches? Welcome to a special 5 part podcast post series, messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. Over this series, I will visit with Chip Jones, Executive Vice President – Compliance at Global Relay;  Alex Viall, Chief Strategy Officer at Global Relay; Rob Mason, Director, Regulatory Intelligence at Global Relay; Jennifer Clarke, Head of Content at Global Relay; and Raewyn Danvers, Sales Manager, Unified Communications. Over this series, we will consider the US and UK regulatory framework for messaging apps, consider if business innovation is being stifled by regulatory action, preview the Global Relay Report: Compliant Communications in 2023, and look down the road on how to stay Ahead of regulation with the compliant communications in one app.

In this Part 3, I visit with Rob Mason, Director of Regulatory Intelligence at Global Relay, on the current and upcoming UK regulatory landscape. Rob shares his experience, having worked with Lloyds Banking Group, UBS, and the UK’s conduct regulator. The podcast delves into current UK regulatory priorities, data protection issues, and the importance of operational risk management, compliance, and surveillance in the banking industry.  Hear Rob’s insights on the evolution of the remit of the FCA, the role of monitoring communication effectively without breaching data privacy, Brexit, and data protection issues, and the need for closer monitoring to avoid scandals. If you want to learn how to manage risk and compliance from industry experts, tune in to UK Regulatory Landscape.

Key Highlights:

  • Latest UK Regulatory Priorities
  • Comparison of FCA and SEC Regulations
  • Data Protection and Operational Resilience in the UK
  • Impact of the Merger of Credit Suisse and UBS

For more information, go to Global Relay.

Join us in our next episode, where we examine the Global Relay Report: Compliant Communications in 2023.

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Blog

Messaging Compliance in a Shifting Regulatory Landscape: The Current and Shifting UK Regulatory Landscape

Are you ready to learn how to implement electronic communications capture and supervision in your firm for better compliance and prevention of regulatory violations? Is messaging compliance giving your compliance function headaches. Welcome to a special 5 part blog post series on messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. For this Part 3, I visited with Rob Mason on the current state of UK regulations on messaging apps and where it may be headed.

Staying ahead of the curve when it comes to the shifting UK regulatory landscape is vital for financial institutions and their compliance professionals. Keeping pace with the FCA’s evolving priorities, as well as ensuring ongoing compliance with GDPR and data protection, can have significant effects on the smooth functioning of your institution. Enhancing operational resilience and implementing effective employee communication monitoring are essential steps to take, in addition to exploring resources for regulatory technology solutions. By remaining updated and flexible, compliance professionals in the UK can successfully navigate the complexities of regulatory changes, ultimately resulting in an improved understanding of current and upcoming UK regulations.

Here are some key steps:

  • Understand FCA’s evolving priorities and focus
  • Keep up-to-date with GDPR and data protection
  • Enhance operational resilience in your institution
  • Implement effective employee communication monitoring
  • Explore resources for regulatory technology solutions

 1. Understand FCA’s evolving priorities and focus.

Navigating the shifting UK regulatory landscape as a financial institution can be complex, but a key step is understanding the evolving priorities and focus of the Financial Conduct Authority (FCA). As the FCA shifts its focus towards a broader oversight approach, financial institutions must remain up-to-date with emerging regulations and adapt their internal processes accordingly. This comprehensive understanding of FCA priorities is vital for compliance professionals, as it enables them to mitigate potential risks, ensure data protection, and maintain operational resilience in an ever-changing regulatory environment.

Mason noted the FCA’s increased focus on retail and consumer financial services in addition to wholesale markets, which has led to a broader oversight approach and also highlighted the importance of data protection and the impact that GDPR regulations and Brexit have had on the UK’s regulatory environment.  Understanding the FCA’s evolving priorities and focus is crucial for compliance professionals in the UK, as it allows them to better adapt to the rapidly changing regulatory landscape. Being knowledgeable about current regulations and anticipating future changes can help institutions maintain compliance, safeguard data, and ensure operational resilience in the face of potential challenges. By staying informed and proactive, compliance professionals can successfully navigate the shifting UK regulatory landscape and contribute to the overall success and stability of their organizations.

 2. Keep up-to-date with GDPR and data protection.

With the ever-changing regulatory landscape in the UK, remaining up-to-date with GDPR and data protection is more crucial than ever for financial institutions. One of the significant changes that has come to focus in recent times is the GDPR, which greatly impacts how businesses collect, store, and process personal data. Data protection concerns have now begun to take center stage not only in Europe but also across the globe. By understanding the requirements of GDPR and other data protection laws, financial institutions can adapt to the changes and avoid costly fines or reputational damage.

Mason said that Europe has been ahead of the curve when it comes to data protection concerns, and how new developments, such as Brexit, have further emphasized the significance of GDPR in the UK. He also discussed how monitoring employee communications became increasingly critical for large organizations to prevent scandals. By keeping up with these regulatory changes and understanding the impact they have on organizations, compliance professionals can better equip themselves to face the challenges that lie ahead.  The importance of staying up-to-date with GDPR and data protection for compliance professionals in the UK cannot be understated.

These regulations help build a strong framework that ensures the protection of customer data, which is at the heart of any financial institution. Besides preventing financial and reputational damage, being compliant with GDPR and data protection laws allows organizations to maintain customer trust, demonstrate transparency, and ultimately contribute to the long-term success of their business. For financial institutions, being knowledgeable about these laws is not just a matter of regulatory compliance, but also a vital factor in creating a sustainable, ethical, and client-centric business. As the regulatory environment continues to evolve, staying ahead of the curve will prove indispensable for financial institutions and their compliance professionals.

 3. Enhance operational resilience in your institution.

In today’s rapidly changing regulatory environment, financial institutions must be agile and proactive in order to stay ahead of the curve. Enhancing operational resilience is a key step in achieving this goal, as it allows organizations to effectively manage unexpected disruptions and challenges. A strong operational resilience framework not only prevents potential losses but also helps maintain stability and reputation in the face of adversity. To successfully navigate the shifting UK regulatory landscape, financial institutions must invest in the necessary resources, infrastructure, and skill sets required for effective risk management, business continuity, and crisis response mechanisms. In this context, it is crucial for these institutions to regularly assess their resilience measures and adopt best practices in line with emerging industry trends and regulations.

Strengthening operational resilience safeguards the institution from potential losses and reputational damage, ensuring long-term success in a capricious regulatory landscape. Moreover, addressing operational risks effectively is crucial in mitigating negative consequences on a larger scale, preventing widespread financial contagion. As the UK financial sector undergoes constant transformation, compliance professionals must be equipped to adapt quickly to emerging challenges. By prioritizing operational resilience and staying abreast of the latest industry trends, these professionals will be better prepared to navigate the shifting UK regulatory landscape, protecting both their institutions and their clients from potential adverse effects.

As a compliance professional in the UK, it’s essential to keep up with the shifting regulatory landscape in order to ensure your financial institution can effectively overcome any obstacles. Staying informed about the FCA’s priorities, GDPR, and data protection regulations is key to maintaining a strong compliance strategy. Additionally, focus on enhancing operational resilience, monitoring employee communications, and seeking out resources for regtech solutions. By doing so, you’ll not only stay compliant but also foster a more secure and thriving financial institution.

Join me tomorrow where we review the recently released Global Relay report, Compliant Communications 2023.

For more information on Global Relay, click here.

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Innovation in Compliance

Messaging Compliance in a Shifting Regulatory Landscape: Part 2 – Is Business Innovation Being Stifled by Regulatory Actions?

Is messaging compliance giving your compliance function headaches? Welcome to a special 5 part podcast post series, messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. Over this series, I will visit with Chip Jones, Executive Vice President – Compliance at Global Relay; Alex Viall, Chief Strategy Officer at Global Relay; Rob Mason, Director, Regulatory Intelligence at Global Relay; Jennifer Clarke, Head of Content at Global Relay; and Raewyn Danvers, Sales Manager, Unified Communications. Over this series, we will consider the US and UK regulatory framework for messaging apps, consider if business innovation is being stifled by regulatory action, preview the Global Relay Report: Compliant Communications in 2023, and look down the road on how to stay Ahead of regulation with the compliant communications in one app.

In this Part 2, I visit with Alex Viall UK regulatory compliance expert, to explore the intersection of regulation and innovation, and in this thought-provoking podcast as they discuss the dynamics between business innovation and regulatory compliance. Discover how the evolution of technology is causing a generational shift in communication and how this impacts businesses in the industry. Hear about the importance of capturing conversations and messages for law enforcement purposes and the need for policies and procedures to manage risks effectively.

Take advantage of expert insights on practical solutions, training, and monitoring policies to stay compliant. Learn why banning communication isn’t the answer and how a proactive attitude can lead to better risk management and regulatory compliance.

Key Highlights:

  • Balancing Innovation and Compliance in Messaging
  • Challenges of Ephemeral Messaging in Business
  • Communications Compliance and Training for Business Conversations
  • Overcoming the Ineffectiveness of Communication Bans

For more information, go to Global Relay.

Join us in our next episode, where we examine the current UK regulatory landscape for messaging apps.

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Blog

Messaging Compliance in a Shifting Regulatory Landscape: Is Regulation Stifling Business Innovation?

Are you ready to learn how to implement electronic communications capture and supervision in your firm for better compliance and prevention of regulatory violations? Is messaging compliance giving your compliance function headaches? Welcome to a special 5 part blog post series on messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. In this Part 2, I visited with Alex Viall on the provocative topic of where regulation stifles innovation in messaging apps.

The ever-increasing use of instant messaging in businesses brings about the need for compliant messaging policies. With proper guidelines, compliance officers and entrepreneurs can ensure that their company’s communication practices are up to par with regulatory standards and that potential risks are minimized. This enhances the overall efficiency and transparency of the business and provides peace of mind for those involved in managing and maintaining these communication platforms.

Here are some key steps:

  • Assess current communication platforms and habits
  • Create clear, transparent messaging policies
  • Implement regular employee training sessions
  • Monitor messaging compliance and address breaches
  • Explore tech solutions for messaging management

1. Assess current communication platforms and habits.

Developing compliant messaging policies for your business begins with assessing your company’s current communication platforms and habits. This critical first step involves thoroughly examining how employees communicate internally and externally and the tools and channels they utilize. You can effectively mitigate potential non-compliance issues by deeply understanding your business’s communication landscape. Identifying areas where innovation and improvements can be made while minimizing impacts on operations and employee experience is crucial. Therefore, it’s essential to keep an open mind and be prepared to adapt to the evolving nature of technology and ever-changing communication trends.

Viall underscored embracing business innovation while ensuring regulatory compliance and risk management. Communication habits constantly change, and organizations must adapt effectively while maintaining auditable trials for every conversation. Proper employee training is critical to fostering change and adopting new communication practices. This training should focus on creating comprehensive, practical policies that everyone can easily understand and adhere to, steering clear of generic policies that merely act as a checkbox.

Remember that senior management is pivotal in setting a positive tone and demonstrating a commitment to transparency and policy adherence.  Understanding and addressing the critical first step of assessing your business’s current communication platforms and habits is vital for compliance officers and entrepreneurs because doing so equips them with valuable insights into potential shortcomings, risks, and opportunities for growth. Organizations can proactively tackle potential compliance pitfalls by developing relevant and practical messaging policies while encouraging innovation and seamless communication. Ultimately, this will result in a more robust and resilient business that can effectively navigate the ever-evolving communication technology landscape and maintain a competitive edge in the market.

2. Create clear, transparent messaging policies.

Effective communication is essential for businesses today, and as technology evolves, so do the platforms and devices we use to communicate with one another. This shift in communication methods has increased the importance of creating clear, transparent messaging policies for companies. While internal and external communication may change, one thing remains constant: the need for proper risk management, regulatory compliance, and corporate hygiene. To achieve this, companies should develop comprehensive, practical policies for instant messaging that employees can easily understand and implement. The goal is to avoid creating generic policies that are simply a box-ticking exercise while supporting business innovation and maintaining auditable communication trails.

Viall noted that effective communication requires changing employees’ mindsets and ongoing training to ensure a secure and compliant messaging environment. Furthermore, senior management must set the right tone, reiterating the importance of compliance with these policies. Companies need to have procedures in place for monitoring, remediation, and promptly addressing any non-compliance issues. As technology continues to evolve, new tools and solutions for managing messaging compliance will become increasingly available, making it more important than ever for businesses to stay ahead of the curve.

Creating clear messaging policies cannot be overstated, particularly for compliance officers and entrepreneurs operating in an instant, ephemeral messaging age. With regulatory compliance and risk management at the forefront of business concerns, having practical, transparent policies can help ensure that a company maintains its competitive edge. This is especially true given the rapid advancements in technology and the potential consequences of non-compliance, which could lead to serious repercussions for businesses, both legally and financially. By focusing on transparent messaging policies, companies will be poised to manage risk effectively and thrive in today’s fast-paced, interconnected world of business communication.

3. Implement regular employee training sessions.

The nature of business is that it continues to evolve and adapt to new technologies, and communication methods are also changing. Gone are the days of only relying on traditional face-to-face conversations or even phone calls to get things done. With the rise of instant messaging platforms, companies now have a fast and effective way to communicate internally with team members and externally with clients. This new, dynamic form of conversation has greatly improved workplace efficiency and speed. Still, it also presents a significant challenge – ensuring that all communication is properly documented and compliant with various rules and regulations.

According to Viall, implementing regular employee training sessions is one crucial aspect of achieving this. These sessions should cover all of the proper procedures to be followed when using instant messaging in a professional setting and the potential risks and consequences of not adhering to these guidelines.  Conducting regular employee training sessions on messaging compliance helps create a company culture that prioritizes open communication, transparency, and, ultimately, accountability. When employees are knowledgeable and confident about what is expected of them, they are more likely to abide by the rules and demonstrate better judgment when faced with challenging situations. This reduces the likelihood of regulatory issues or scandals related to non-compliant messaging for businesses.

As compliance officers and entrepreneurs managing instant messaging in business, staying on top of evolving regulations and ensuring your company is adhering to best practices is crucial. You can significantly improve your organization’s regulatory compliance and risk by assessing your current communication platforms and habits, creating clear and transparent messaging policies, implementing regular employee training sessions, monitoring messaging compliance, and exploring tech solutions for messaging management. Do not hesitate to implement these steps and reap the benefits of a compliant and efficient messaging system.

Join me tomorrow as we consider changes in the UK regulatory schemes regarding messaging apps and compliance.

For more information, go to www.globalrelay.com

Categories
Innovation in Compliance

Messaging Compliance in a Shifting Regulatory Landscape: Part 1 – The Future is Now: U.S. Regulatory Compliance

Is messaging compliance giving your compliance function headaches? Welcome to a special 5 part podcast post series, messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. Over this series, I will visit with Chip Jones, Executive Vice President – Compliance at Global Relay;  Alex Viall, Chief Strategy Officer at Global Relay; Rob Mason, Director, Regulatory Intelligence at Global Relay; Jennifer Clarke, Head of Content at Global Relay; and Raewyn Danvers, Sales Manager, Unified Communications. Over this series, we will consider the US and UK regulatory framework for messaging apps, consider if business innovation is being stifled by regulatory action, preview the Global Relay Report: Compliant Communications in 2023, and look down the road on how to stay Ahead of regulation with the compliant communications in one app.

In this Part 1, I visit with Chip Jones, Executive VP of Compliance at Global Relay, on the current US regulatory landscape for messaging apps and discuss the challenges of maintaining communication compliance in various industries, focusing on off-channel communications, particularly in the financial services industry. Chip shares insights on the recent collective settlement issued by the SEC, which sends a clear message to firms about the importance of adhering to internal communication retention and supervision policies. Learn about how Global Relay is helping firms monitor their communications to detect fraudulent activities and avoid compliance issues. Take advantage of this informative podcast, which ends with a teaser for the next episode on the impact of regulatory action on business innovation.

Key Highlights:

  • The Challenges of Regulatory Compliance in the US
  • SEC enforcement actions on communication violations
  • Monitoring Electronic Communications in Financial Services
  • Off-channel Communications Consequences

For more information, go to Global Relay.

Join us in our next episode, where we ask: Is business innovation stifled by regulatory action?