Despite widespread efforts to ban problematic communication apps like WhatsApp and WeChat, only 3% of compliance leaders strongly believe those bans are effective, according to new research from compliance software provider Global Relay.
Global Relay’s small survey of 39 global compliance officers, mostly in the financial services industry, found that while 59% had banned WhatsApp and similar apps as a result of regulatory scrutiny, few leaders believed those bans were completely effective at maintaining communications compliance, and more than half of respondents said they had difficulty monitoring all their firm’s communication channels.
Here’s a look at some of the other findings:
- 62% said getting employees to comply with rules is their biggest electronic communications challenge
- 26% of companies don’t have a clear plan for reining in communication channels
- More than half of companies have a BYOD communications policy
Global Relay’s survey was conducted just a few months after the SEC fined 11 major banks a combined $2 billion to resolve an investigation into improper use of personal messaging apps for business, and in the intervening months, the DOJ has also issued warnings about the use of ephemeral messaging apps for company communications.