Top Indications You Are Ready For A Regulatory Compliance Audit

The requirements to comply with FINRA, SEC, MiFID II, IIROC, and others regarding the archiving of text messages and recording of video calls were updated yet many firms remain naïve of these and end up being non-compliant.

Several companies do not monitor trades systematically even though MIFID II requires it; other registered firms did not maintain WSPs or monitor communications, websites, social media, or external email accounts even when needed for complying to FINRA.

Experts said that there are two reasons why firms continue to be non-compliant. One reason is that they think the new regulations do not apply to their business while another reason states that the companies believed that their current systems were sufficient.

When an auditor comes for your employees’ communications data can you provide them without being penalized for being late, having disparate records, and incurring additional costs for technical and human resource capabilities?

You’re ready for an audit when you have a centralized database for archived communications, you can capture high-quality voice calls, have a mobile archiving solution integrated to a CRM, and if your database can be accessed remotely and securely.

Telemessage’s infographic provides more details for the indications stated above.