Recordkeeping failures continue to generate fines
Digital Communications: Governance, Compliance & Security Report
What’s in this report from Theta Lake:
The 2023/24 report is based on the views and experiences of over 600 IT and compliance professionals with, this year, an exclusive focus on global financial services. It provides an unparalleled picture of how unified communications and collaboration (UCC) platforms are being used, the challenges faced by firms in a UCC-powered work environment as well as practical suggestions as to emerging good and better practices.
As with prior years’ reports, the insights are intended to help organizations benchmark their own practices, experiences and expectations against the wider industry and address any gaps or areas of exposure they may have.
What’s clear is that financial institutions need a considered strategic approach to digital communications governance — firms may wish to consider a three-point approach to the challenge with the first step being recordkeeping:
- Without comprehensive, at source, capture of the right data at the right time it is impossible for firms to reconcile and report on the completeness of recordkeeping.
- Once firms have the means for comprehensive recordkeeping across modalities, the ability to search and navigate those records, and the meshed communications in them becomes both possible and efficient.
- Comprehensive and unified communication records will enable institutions to undertake proactive compliance and supervision.