Organizations must maintain collaboration compliance in a crisis because the majority of their workforce is working from home. Vendors are offering free trials to ease the process, but they should also fulfill the standard regulatory needs. In this article at Corporate Compliance Insights, Marc Gilman shares how collaboration compliance in a crisis is essential.
Collaboration Compliance and COVID-19
HSBC and JPMorgan Chase are leaning on remote work and planning to support customers through collaboration platforms. According to Theta Lake Survey, 90 percent of financial and insurance firms are using video applications for collaboration. FINRA, SEC, NFA, and FFIEC have issued guidelines to help organizations with business continuity in this pandemic. FCA has asked UK companies to monitor and record remote work environments for collaboration compliance.
Collaboration platforms not only provide video and voice support but also have features like file transfer, chat, and whiteboarding. You can call up your client and share ideas and discuss new strategies. Based on what both sides agree to during the brainstorming sessions, you can pitch for new products or services. Though you cannot meet the prospective customer in person and have regular follow-ups, these features can keep you connected.
However, you should also maintain collaboration compliance during the coronavirus crisis. Record your client interactions and follow cybersecurity protocols. Go through each of the features of your collaboration platform to check for compliance disparity. You can save your business from facing a lawsuit because you unknowingly violated standard rules and regulations.
FINRA’s Report on Examination Findings and Observations insists that collaboration tools must meet compliance requirements. They must undergo the ‘same capture, retention and supervision’ as other digital communication mediums. Also, the institution is going to audit all organizations’ policies and technologies. In a Bloomberg TV interview, SIFMA President and CEO Kenneth Bentsen recommends companies to abide by the laws as much as possible.
Things to Do
Clear visibility helps you win half of the battle you perform to maintain collaboration compliance. So, inspire your employees to strive for transparency in their work processes:
- Give employees access to corporate accounts of collaboration platforms. Suggest not to use personal accounts for business collaboration and communications.
- Your employees are going to use collaboration platforms for diverse work requirements. Leverage Regtech applications that record all content and store them in their electronic databases in an organized manner. They help you quickly find relevant data to supervise or help with an ongoing investigation.
- Invest in platforms with AI and machine learning capabilities to alert you of regulatory breaches or information security issues. Furthermore, your Regtech software should be able to search even with minimal keywords.
To view the original article in full, visit the following link: https://www.corporatecomplianceinsights.com/collaboration-compliance-during-crisis/ve/