COMPLY – OR PAY THE PRICE…

The drive to BYOD (Bring Your Own Device) in the workplace has obvious advantages for employees and employers alike.

On the one hand, familiarity with their favoured mobile device tends to keep the employee happy. (And, according to an increasing number of studies, also improves productivity.) On the other, corporations benefit from reduced CAPEX costs as the need to supply workers with high-spec communications equipment is significantly reduced.

All well and good…

But the switch to BYOD (and, indeed, use of COPE devices) creates a regulatory minefield in terms of a company’s communications’ procedures and compliance obligations:

If a corporation tries to monitor / record all communications on the employees’ mobile device they are, in effect, breaching his or her right to privacy.

Conversely, if their tracking systems are geared to landline and email communications only, a huge cache of data is likely to be missed in any audit trail. (Like it or not, the use of personal mobile devices for work purposes is today’s reality – inside and outside the physical office environment.)

And finally, of course, some of the most popular consumer chat brands can’t be effectively monitored or recorded.

It’s already a complex problem for financial institutions and one that is going to become more acute when MiFID II comes into force in January 2018.

Fortunately, VENNCOMM TALK® has been specifically developed to provide a simple, cost-effective solution that protects corporate concerns and every individual’s right to privacy in equal measure.

Audit & Analytics

– Their Growing Importance

One of the key implications of MiFID II is that organisations will need to prove that they have robust compliance procedures in place at all times, rather than reacting to specific incidents of (potential) compliance abuse. And although most companies have well-established audit programmes when it comes to fixed-line recordings and email capture, multi-media mobile – particularly on a BYOD basis - is more complex

The VENNCOMM Solution

VENNCOMM TALK® is the super-fast, multi-functional, OTT corporate dialling and chat app that gives companies complete control of their compliance procedures, MDM programmes and BYOD/COPE policies.

The app allows the import of a dedicated business number (and support suite) on an employee’s personal device, providing a clear divide between commercial and private use of the same phone. With automatic recording and retrieval of all work calls and chats, VC-TALK improves communications’ efficiencies whilst ensuring that organisations can meet regulatory compliance checks with the minimum of fuss.

MiFID II versus GDPR

– the Catch 22 of the FS Sector

In Joseph Heller’s war-time satire, ‘Catch 22’, US pilots could be excused combat missions if they could prove they were insane and therefore unfit to fly. Unfortunately, according to the medical authorities judging the cases, if a pilot pleaded insanity in order to avoid duty, it actually proved they were thinking logically and should therefore be returned to the front line. ‘Catch 22’ in the military rule-book!

MiFID II

– Key Changes & Implications

MiFID II, which comes into effect in January 2018, strengthens and extends existing marketplace legislation. FS providers will not only need to react to cases of (potential) malpractice, but also implement procedures and communications’ audit trails that reduce the risk of such occurrences in the first place. In addition, the collation of data has been broadened to include all communications relating to actual and potential transactions. And – not surprisingly – the penalties for non-compliance will be severe!