Powering Financial Services Compliance with Voice Data
Accurate records of conversations are crucial for financial services compliance, but data security best practice extends beyond call capture to include how data is stored.
Current call recording solutions on local storage fail to address the full spectrum of compliance requirements of financial services regulations. Data retention and security risks can often be increased with local storage having many more vulnerabilities than cloud solutions.
Unified Call Recording, which takes place inside service provider networks and supports both Webex Calling and Microsoft Teams, eliminates the costs and security risks of legacy solutions.
Risk and compliance managers who want to take a more proactive approach to data security and customer trust will be looking for more than basic record-keeping solutions. Providers need to go above and beyond by offering AI, transcription, real-time search, automated alerts and APIs as standard. Here are six critical features that should be considered in any compliant call recording solution.
Six critical features every risk and compliance manager should look for
Retention periods
Regulations such as the GDPR state that organisations must not keep data for longer than is necessary. Financial services institutions require the ability to set retention periods in order to define the length of time that recorded calls are stored for, and to automate their deletion once this time period has been reached.
Unlimited secure storage
Is your data being stored with market-leading AES-256 encryption? Most legacy call recording solutions require on-premise storage that increases in cost the more you store. Universal Call Recording gives enterprises infinite cloud storage at no additional cost — all provisioned with a click and deployed across regional data centres with geographic redundancy for data sovereignty.
Access permissions
Financial institutions want to restrict access to personal information such as recorded calls for security. Depending on the information security policy of the firm, not every user whose calls are recorded should have access to them, or may only be allowed to listen to their calls and nobody else’s. Administrator permissions should be available so that supervisors and management with appropriate authority can access recordings.
Instant retrieval
Audit and compliance investigations require real-time access to data. Legacy call recording platforms depend on SQL searches, which often take several minutes to render results. Compliance managers are looking for immediate and secure access to all recordings — with search delivering results instantly. Users should be able to search for calls using data including the date, time, and call participants. By choosing a solution with added voice AI, recorded calls can even be retrieved by searching for words spoken during a conversation.
Call metadata
Compliance with financial services regulations relies on transparency, so call recording solutions should include call metadata alongside each conversation for a detailed record of customer interactions. This provides full transparency in the case of a request for information from a regulator. Solutions should provide call metadata including timestamps on conversations. For a proactive approach to risk management, firms are looking for voice AI that can detect keywords and send tailored alerts to management. This allows the early detection of suspicious trading activities with the aim of preventing penalties from regulators.
Legal hold
Legal hold is an important feature that allows users to tag single or multiple recordings as held. These recordings can be played, downloaded, and shared as any other recording; but cannot be deleted under any circumstances. Held recordings remain even after their retention period expires, if the user associated with that recording is deleted, or if the storage period expires. This ensures that recordings required for legal reasons will always remain available for review.
A version of this post was published over on the Dubber blog.
