Businesses and individuals need to be clear on what MiFID ll means for them. Recording requirements across mobile devices will need to be complied with from 3rd January 2018. So, what are the main questions those affected are asking about MiFID ll and mobile recording?
Does MiFID ll apply to me?
MiFID ll extends the recording of conversations and electronic communications to firms providing investment services to third parties and/or performing investment activities on a professional basis. If you fall into this group, you’ll be expected to record, in their entirety, every single telephone conversation, electronic communication and face-to-face meeting that is intended to result in a transaction or the provision of services.
Where do I stand if my business has a BYOD policy?
MiFID ll applies to the content of a conversation or communication, not the device it’s conducted on. In light of this, some companies have decided to ban the use of personal devices for business purposes. And, for a simpler implementation of MiFID ll, Vodafone recommends that you use only company-owned numbers and devices to conduct business. To support you in your quest to comply with MiFID ll regulatory requirements, Vodafone Network Mobile Recording provides an innovative, secure and cost-effective cloud-based recording solution. The system will record all phone numbers used for business purposes.
What about my company’s security?
It’s only natural to wonder whether making recordings of financial conversations will compromise your company’s security. But you needn’t worry. Vodafone Network Mobile Recording is triple encrypted and will allow you to securely stream recordings without providing a separate copy to the receiver. In addition, Vodafone only uses Tier 1 vendors and its own data centers.
Will compulsory recording slow my business down?
You may well be concerned that compulsory recording of every ‘financial transaction’ discussion will slow you and your business transactions down, but don’t be. As Vodafone Network Mobile Recording is fully integrated on the Vodafone network, each call is immediately redirected via the Vodafone in-network call recorder, seamlessly connecting users and enabling them to conduct business as usual.
What control can I have over recordings and processes?
With Vodafone Network Mobile Recording, you can record, store, search and investigate quickly and easily. You can also add on analytics that will let you search for key phrases, specific calls and issues. For example, a typical search would take one person days to complete by having to listen to individual calls – now that process could take just three minutes. You can also set up alerts based on key phrases, so you can find out when questionable business conversations are taking place.
Isn’t it time to act?
Do you have a storage system that will cope with a constantly growing data mountain? And can it keep every piece secure – without alteration or deletion – for the five years MiFID ll requires you to keep it? And beyond recording and storage, can you proactively manage risk by monitoring and looking for dangers in the recordings?
The sooner you act, the sooner you’ll be able to comply. So, don’t delay and request a demo of the Vodafone Network Mobile Recording solution.