So the world is getting smaller, deals are happening faster and across borders, and it’s still being done with Fax and email… right?
Big companies only use emails to communicate — right?
Business is faster than ever and so are the communications tools being used to conduct it. The distinction between personal phones and work issued phones is also disappearing — people like to use one phone for everything. This can cause nightmares for regulators looking to keep an eye on trades and transactions or companies looking to reduce knowledge loss due to employee turnover.
What Tools Are Being Used?
WeChat, Slack, and FB Workplace are a few tools being used worldwide that didn’t exist a few years ago. Our conversations with legal teams have been mostly the same, “What is a slack?”
Often their clients (and employees of their clients) are using these tools en masse. Some regulated professions in the US have obligations to archive communications for up to three years. If litigation arises, they need to able to search through and deliver these documents promptly.
What If We Don’t Archive?
Fines. Fines Everywhere! FINRA and Court fines have ranged from $5,000 for failing to archive text messages up to $1M for failing to produce text messages in court. Don’t forget other sanctions that can be handed down for non-compliance such as license suspensions.
Stop ignoring chat or mobile communications! There are tools out there, based in the US and in Canada, that can help you or your clients remain compliance and minimize litigation risk. Tools like Evichat and Logikcull can help you archive chat data from multiple channels allowing you to use our AI-powered search to identify areas of potential risk.
Puneet Tiwari co-founder and CEO of Evichat and has extensive experience helping organizations manage their internal chat communications.