The SEC has imposed fines on several companies that have failed to maintain accurate records of employee communications. This has led to increased attention tocommunication platforms that the company uses. To entirely focus on compliance, there are numerous tools available to monitor communication that you can utilize.
A professional archiving platform can save time and minimize employee communications risks. This can capture all employee communications and create a searchable archive for compliance purposes. You can also use an automated monitoring and reporting tool to help your company comply with regulatory requirements.
When your organization adopts a communication compliance policy, it should be customized to reflect your organizational goals and objectives. In addition, your message should be easy to understand. Whether your target audience is external stakeholders, employees, or customers, your messaging should be crafted to be easily understood and able to convey important information.
From this, ensure that your employees are educated about enforcing compliance policies. This is a crucial step in reducing risks.
It is essential to know everything about compliance to prevent facing any regulations. As such, it is vital to understand WhatsApp FINRA regulations which are crucial for companies and broker-dealers to comply with to avoid penalties.
To be fully compliant, financial companies should implement an enterprise-grade messaging system that allows employees to be productive and compliant, while still using communication apps.
From this, the SEC has taken various enforcement actions as well against financial institutions to prevent market fraud. They regularly conduct regulatory monitoring. Companies were required to have instant message archiving to ensure everything was securely restored when regulatory bodies look for copies of communication messages within the company.
The frequency of reviewing and updating your communications may vary depending on the type of business you conduct. To learn more about SEC’s focus on communication compliance, this infographic from TeleMessage can be helpful for you.