Due to the huge variety of available communication tools and possibilities to communicate with customers, it has become extremely difficult to fully comply with the requirements of MiFID II and the Dodd-Frank directive. GuardREC® Teams Compliance simplifies compliance recording and gives compliance officers complete control in one single recording system.
According to MiFID II and the Dodd-Frank directive, investment firms are required to record all communication with clients and investors that may lead to a trade or transaction.
For many, ensuring compliance with these requirements is challenging, as recording all communication across different solutions and devices can be extremely complex.
In the finance sector, compliance officers and their teams are required to monitor a complex set-up of different recording channels, including voice, text, video, and screens. Unable to access all communications channels in a single system, and with new channels being introduced regularly, one can easily lose control over important data.
Today’s complex setup
Until now, investment firms have only had one straightforward option to meet the recording requirements mapped out in MiFID II:
A complex setup of multiple unified communication systems, mobile network operators, and recording systems.
The problem is that even with this setup, investment firms are still facing numerous limitations, making it difficult to meet the recording requirements:
- Recording does not work when working remotely – only when consultants are at the office, in front of their desk.
- Recording of mobile voice does not work when roaming on business trips.
- Recording does not work on all devices and apps used, only on desk phones or when using a softphone system.
For companies operating on an international level, there’s also the added challenge of covering separate phone systems and services for each local branch, with data stored in closed silos that do not share information between them.
Additional drawbacks to a complex setup of multiple communication tools and systems include:
- Expensive setup
- High maintenance costs
- Risk of recording failure
- Risk of compliance breaches
- You spend a considerable amount of time accessing, retrieving, and reconstructing customer dialogue across multiple systems
Channel your communication through Microsoft Teams
The first step towards better compliance with MiFID II is streamlining your communication options and channeling as much of your communication as possible through one single communications tool.
We suggest taking advantage of the many options available through Microsoft Teams. Established as the go-to alternative to physical meetings during the on-going pandemic, Teams has a lot more to offer than simply being a web meeting platform.
With audio, video, and text communication, along with screen-sharing options and phone services, Teams enables you to discard several of your other communications systems.
Simplified compliance recording
While focusing your communication through one provider is an important first step, the real challenge is ensuring compliance with recording requirements. This is where our solution, GuardREC® Teams Compliance Recording, comes into play.
GuardREC® Teams Compliance Recording is a powerful software-as-a-service solution for Microsoft Teams recording, enabling you to simply and cost-effectively uphold the MiFID II and Dodd-Frank recording requirements.
The beauty of the guardREC® and Microsoft Teams solution is that it enables you to replace the multiple communication tools and recording solutions that are costing your Compliance and IT departments a significant amount of money, resources, and time every year.
With GuardREC® Teams Compliance Recording you can replace your complex setup with one single recording solution that enables you to record:
- Chat and IMs
- Teams Meeting
- Teams Live Events
Record everything, anywhere, and at any time
With Teams Recording, all recordings are made and stored in the cloud. This allows you to record everything you need to stay compliant, anywhere, and at any time:
- Recording works when working from outside the office, i.e. when working from home
- Recording works when roaming on business trips
- Recording works with any device (i.e. desk phone, mobile phone, desktop, mobile app, browser app)
Additional upsides with the guardREC® and Microsoft Teams solution include:
- Cost-effective setup
- Low maintenance costs
- Ensures compliance
- All customer dialogue is recorded.
- A significant reduction in time spent accessing, retrieving, and reconstructing customer dialogue
Activate recording automatically
Up until now, one of the major complications in achieving MiFID II compliance has been the complexity of activating recording tools. Depending on your set-up, this may be a resource-intensive process involving several parties – from your IT-department to ISPs and hosting partners.
To simplify this, GuardREC has developed a unique recording bot, a scalable, Azure-based application functioning as a Recording-as-a-Service option for all users. This bot uses Microsoft Teams APIs to retrieve audio, video, and chat and temporarily storing the information in Azure Blog Storage until you collect the data.
This makes it incredibly easy to get started with Teams Recording.
All you have to do is to activate a recording policy, define the users that are to be recorded, and enter a few simple commands during setup. From there on out, all recordings are policy-based, triggering automatically and removing the need for users to manually activate recording.
And that’s all there is to it! All calls in Teams are now recorded and accessible in guardREC® Compliance. It really is that simple.
- Infographic: Simplify Compliance Recording
- Datasheet: guardREC® Teams Compliance Recording
- Webinar: Teams Compliance Recording
- Learn more about Teams Compliance Recording