Empower Your Employees to Collaborate — and Stay Compliant

Enterprise financial services organizations cannot conduct business without enabling employees to communicate using the necessary technology — and with the proper supervision. By understanding how employees communicate, a business can put proper supervision processes, procedures and technologies in place to allow people to do their jobs while complying with regulatory oversight requirements to protect the firm.

In the past, many firms opted for prohibition policies as new channels entered the market. If the firm was unsure how to supervise certain channels, they’d simply instruct employees not to use them. But the simple fact is that check-the-box prohibition policies alone are not enough.

Prohibition cannot be sustained in today’s digital world without the necessary oversight. Employees will still use these unsanctioned channels, and the regulators are paying attention — and bringing enforcement actions. We’ve seen that simply having prohibition policies in place but failing to follow up and monitor the prohibited channels has consequences — and can come with big fines. If the firm is unaware that prohibited channels are, in fact, being used and has no oversight of these activities, this can lead to expensive problems in the future. Employees are often not acting with malicious intent by using channels outside of the designated scope. They’re trying to be proactive and productive, to get the job done.

Shackling your employees technologically threatens to lower productivity. When employees are offered better communication technology and skills, productivity can increase by up to 30%. But firms that provide their employees with better communications technology must also be able to supervise booming amounts of data across multiple channels. Firms need a solution that empowers them to say yes to these new technologies and tools — and stay compliant.