In financial services industries, recording calls is not just best practice, but a non-negotiable compliance requirement. In a sector governed by regulations from the FCA, MiFID II, Dodd-Frank and WORM amongst others, every trade interaction with clients and other stakeholders must be captured by law, including all types of calls.
Perhaps unsurprisingly, there are now a number of recording solutions out there for Microsoft Teams that claim to support compliance, but not all are created equal. It’s worth doing your homework to make sure all your regulatory needs will be met, which can be broadly summarized under these three key deliverables:
i) The range of call capture
ii) Secure and intelligent storage
iii) Access control and risk management
Let’s take a closer look at each of these areas and how our own solution, ClarifyGo call recording for Microsoft Teams, addresses them.
1. Recording every type of call
Financial service companies are required to capture every type of call relating to a transaction, including internal ones. It may seem obvious enough, but it’s worth checking when comparing solutions as some only record PSTN lines or omit internal ones. ClarifyGo misses nothing. Thanks to tight integration using the Microsoft Call Recording Graph API, every type of call is captured, including the entire range of audio, video, and screen-sharing within Microsoft Teams. Whether it’s internal communications, external calls, Teams-to-Teams conversations, PSTN calls, mobile interactions, or meetings, ClarifyGo ensures no conversation slips through the cracks.
2. Secure and intelligent storage
Financial services recordings must be encrypted to prevent tampering. They should also be stored in a secure environment for as long as needed, often up to 7 years under MiFID II, and sometimes even longer pending legal investigation.
In ClarifyGo, every call is encrypted and stored safely in Microsoft Azure, either managed in a public cloud by Oak to reduce the IT load in-house or in the customer’s own private instance for greater data sovereignty. How long it stays there is up to each business: custom retention periods may be applied on a per-department basis depending on who comes under which regulations. You can also tag calls to prevent them from being automatically deleted after a standard period if they need to be retained for an ongoing investigation.
3. Controlled access and risk management
Central to compliance management is the ability to control access to sensitive information and mitigate risks effectively. At a fundamental level, recording reduces error and abuse simply by providing objective, tamper-proof evidence of discussions and agreements. This acts as a deterrent to any potentially malicious actors, allows agreements to be checked before mistakes are made, and helps resolve client misunderstandings quickly and amicably.
Financial regulations also stipulate that access to recordings is carefully managed. ClarifyGo includes role-based permissions that let organizations limit access to those with predefined user roles, thereby safeguarding against any unauthorized changes or possible data breaches.
ClarifyGo even allows admins to determine which extensions, departments, or customer phone numbers are recorded in the first place. This flexibility is beneficial in two ways: firstly, by automating the recording process to ensure nothing that needs to be recorded is missed, and secondly, by excluding calls that fall outside compliance (like the CEO calling home). It also supports the customer’s right under GDPR to request not to have their calls recorded (as long as it doesn’t contravene financial regulations or prevent a service from being fulfilled).
Finally, speech analytics and Quality Measurement can provide the proverbial icing on the compliance cake. Evaluating a sample of calls for compliance phrases, staff knowledge and emption is a quick way of spotting issues and training gaps. In this way, you can actively pursue service improvements in line with FCA Consumer Duty requirements, as well as look out for incidents of bad practice such as coercion.
Why ClarifyGo?
ClarifyGo was designed and built by Oak Innovation to support the unique compliance recording needs of the finance sector. The system uses Microsoft’s Call Recording Graph API to seamlessly integrate with Microsoft Teams, giving you the high quality, compatibility, and reliability you expect from a Microsoft partner.
Certified under the Compliance Recording for Microsoft Teams program, ClarifyGo has also passed rigorous security penetration tests and verification. In addition, we’re often told that ClarifyGo stands out from other call recording solutions for the ease of purchase and installation, which is a matter of hours not days.
We believe in doing things properly, not in making the buying process more complicated than it needs to be, which is why it’s already a popular choice for financial organizations globally.
To find out more about Teams compliant call recording for your business, reach out and drop me a message today. Alternatively, send us an email at sales@oakinnovate.com.