Call Accounting Featured Article

How Call Recording Addresses Compliance

February 28, 2018

If your business delivers customer service and/or is in financial services, you need call recording technology. Call recording helps businesses meet compliance requirements, can lower their risk, and improve their customer satisfaction.

There are many different regulations that call for recording. For example, the Markets in Financial Instruments Directive just went into effect in the European Union. MiFID II, as it’s known, applies to financial services entities that do business in the EU.

This regulation makes it mandatory to record all conversations related to financial transactions. That includes interactions on both personal- and company-owned mobile devices. And it requires entities to keep those records for five years.

Some regulators have signaled they might be lenient in enforcing MiFID II. But to what extent that may actually be the case is in question. So Deloitte (News - Alert) suggests businesses not to assume regulators will go easy on MiFID II non-compliance.

“Firms need to act swiftly to identify areas where they are at risk of not being fully compliant and plan accordingly, including documenting how and by when they will achieve full compliance,” said Deloitte.

Another benefit of recording is traders can access call recording to verify prices and volumes. Meanwhile, call centers and contact centers can leverage call recording to assess agent performance and use that data to provide more targeted training and agent assistance. Records of agent-customer interactions can also help organizations unearth new insights into what callers like and don’t like. And that can help inform those businesses on how they can do things differently and better. It can even guide decisions about future process and product design.

Not only do some businesses need to record their interactions. They also need to monitor, secure, store, and be able to easily search such interactions.

And solutions like Verint Verba 9.1 offer recording systems to enable that for legal compliance.

The Verba Recording System provides:

• Audit traces of all activities in the recording system

• Automated data retention policies for archiving and disposal of recorded media

• Fast search capability

• Granular access control solution that can enforce internal security policies

• Long-term archiving solution

• Silent and full-time recording of selected phone lines without user interaction

• Timestamped and digitally secured repository with call information and media

Edited by Maurice Nagle