Compliance doesn’t need to be a chore. With industries across the board introducing regulations in a quest to protect consumers, staying compliant with new legislation can be challenging for businesses. Luckily, advances in technology mean that keeping on top of compliance is easier than ever.
Putting the customer first is at the heart of every industry regulation, meaning that the security of customer data is a vital component of compliance. Whether your business is in retail, where global regulations mandate the protection of sensitive payment information; or healthcare, where there are strict rules governing the storage of personal data; or finance, where transactions must be recorded and securely stored in the interests of the consumer, data security is at the forefront of compliance requirements.
Across the globe, regulations on the financial services industry have been put in place in order to protect consumers and reduce the risk of another global financial crisis. One of the many common requirements is that communications between financial services entities and their customers must be recorded. Telephone calls containing financial advice must be recorded, whether from an individual financial advisor or large financial services enterprise. Regulatory directives vary by country but generally these calls must be securely stored for at least five years. Not only must the calls be securely stored but they must also be available for retrieval at any time, along with a detailed audit trail.
Five years is a long time to store calls, and to continually add more and more new recordings to your storage. When deploying legacy systems, businesses may find that their on-premise call recording solutions have limitations that make it difficult to store all calls within the infrastructure. Thankfully, with cloud call recording, storage worries are a thing of the past.
Cloud call recording solutions have the flexibility to offer packages to suit the changing needs of businesses of all sizes. Such packages can be deployed almost instantly, with no need to wait for on-premise installation and no up-front investment required. Simply choose your plan and add subscriptions as and when you need. The cloud offers a level of encryption and reliability not seen in on-premise storage, with significantly reduced risk of damage, theft, or tampering. Alongside sophisticated security, cloud call recording solutions provide enhanced functionality such as instant secure retrieval of calls from multiple devices, as well as detailed audit trails.
Thinking of moving to the cloud or want to talk about cloud call recording for compliance? Get in touch with our team for expert advice.
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