Regulatory Risks Escalate When Firms Fail to Record Videoconferences

February 26, 2021by Robert Cruz

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How often do you and your colleagues hold virtual meetings using a video conferencing platform? In today’s remote-work environment, probably quite often. And, how regularly does your firm capture the content from those video sessions for regulatory purposes?

Financial firms have largely failed to implement policies and procedures around video sessions and other commonly used collaboration and conferencing technologies. It’s the elephant in the room of today’s communications compliance and regulatory environment, and neither FINRA nor the SEC will give firms a pass on meeting their obligations in this regard.

Findings from the recent Smarsh 2020 Risk & Compliance Survey Report show that not enough financial firms acknowledge how the modern regulatory landscape is changing, particularly as newer communication and collaboration tools, like Zoom and Microsoft Teams, continue to evolve and create further complexity for e-communications recordkeeping.

The Results

More than half (51%) of survey respondents indicated they’ve recently adopted tools like Zoom, or added seats or capabilities, in response to work-from-home mandates. However, of the 83% of firms that allow conferencing tools, only 22% have established retention and oversight programs for the resulting communications content.

Visit Wealth Management for the full article. 

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Robert Cruz
Smarsh Blog

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Smarsh handles information you submit to Smarsh in accordance with its Privacy Policy. By clicking "submit", you consent to Smarsh processing your information and storing it in accordance with the Privacy Policy and agree to receive communications from Smarsh and its third-party partners regarding products and services that may be of interest to you. You may withdraw your consent at any time by emailing privacy@smarsh.com.