Choosing and implementing the right voice call recording solution is a critical step to comply with MiFID II archiving requirements. However, with many vendors in the market, how can you make sure that you pick the right one that will help you stay compliant? If you already have one, how do you know if it meets the specific requirements of this heavy, blunt financial regulation?
Compared to its previous version, the call recording requirements of MiFID II have a broader scope in terms of individuals and firms that must record their phone conversations, especially phone calls.
Companies in this sector are now required to monitor and capture voice calls of anyone providing financial advice to their clients. This essentially means that you must have a call recording tool that can be deployed to all mobile devices present within and outside your workplace – regardless of their ownership, platform, and network.
That being said, without any prior knowledge on what to look for in a mobile voice call archiving software, choosing one that can fulfill your compliance needs will be very difficult. So, to help you navigate this process, we list below the core capabilities that your voice call recording and the archiving solution must have:
Fast Implementation and Scalability
Your mobile voice call recording solution should be easy and quick to install, as lengthy software and hardware installation could disrupt your operations and compliance measures.
It’s also essential that it can scale with the ever-changing regulations and can be integrated with other best-in-class solutions that will help your company one step ahead of the regulatory compliance and avoid the issues triggered by vendor lock-in
High-Quality Audio Data Capture
According to Article 72, financial organizations must be able to ensure the quality, accuracy, and completeness of the records of all mobile call recordings and electronic communications for faster and more efficient investigation and audit process.
As such, it is critical that your voice call archiving solution can capture audio data in evidential grade quality. With that capability, you will be able to use more accurate call recordings for speech recognition, which should also help you proactively monitor your employees’ conversations and detect suspicious activities and behaviors as they transpire in real-time.
Encrypted Archiving Database
MIFID II requires recorded conversations to be kept for five years after the transaction was made – in a format that does not allow the original record to be altered or deleted.
To ensure recorded calls are maintained securely, you must ensure that your solution of choice uses end-to-end encryption to deliver the recordings from mobile device to your archiving database. It’s also important that the database itself is fully encrypted to protect the recordings from a potential data breach.
On-Demand Search and Retrieval
Lastly, MiFID II requires firms to store recordings of voice calls and electronic communications in a way that will enable for fast access, search, and retrieval in case competent authority demand for it.
To achieve such level of accessibility, the voice call archiving solution should be able to allow you to search and analyze pertinent recordings in your designated database – on-premise or cloud. It should allow you to retrieve at least five years of recorded phone conversations just by entering sentence, phrases, and keywords.
All in all, a voice call archiving solution that can provide this level of flexibility, accessibility, security, and compliance is simply a necessity in the rapidly-evolving and strictly-regulated financial sector.
The TeleMessage Mobile Archiver effectively addresses compliance, regulatory, and eDiscovery response requirements and reduces risks for financial organizations under the new MiFID mobile phone recording mandate. Our solution is equipped with voice call archiving capabilities that capture and record employee mobile phone calls, as well as text messages, emails, WhatsApp chats, and other types of mobile content.All the captured data are securely and reliably retained within TeleMessage servers or forwarded to an archiving data storage vendor of your choice.
Our mobile archiving products securely capture content from mobile carriers and mobile devices for a variety of ownership models (BYOD, CYOD, and employer-issued). With our multiple archiving solutions, you can always find the right tools or blend for your requirements:
TeleMessage offers cross-carrier and international mobile text & calls archiving for corporate and BYOD phones. Contact us today to try our mobile archiving products.
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