REGULATORS ARE ENFORCING RULES AS MESSAGING PROLIFERATES.

From a regulatory perspective, financial services is the most mature industry, having developed regulations that require formal records of all communications to monitor activity, conduct the examinations, investigations, and reviews that prevent sales practice and advertising violations, fraud, and other abuses (these include SEC Rules 17a-3 &d 17a-4, Rule 204-2 of the US Investment Advisors Act and FINRA Rules 2210, 3110, 3130, 3120 & 4511).

These financial regulations require 5-7 years of retention of records encompassing all written business-related communications, including not only email, but also instant messaging, text messaging, WhatsApp, WeChat, Bloomberg, LinkedIn, Facebook, Twitter, Instagram, and other social media usage.

Similar requirements are being implemented by financial regulatory authorities globally.

DATA LEAKS & MONITORING ISSUES CAUSED BY CURRENT TECHNOLOGY

iOS and Android OS automatically delete older messages once 10k messages are created

Companies requiring apps for employees to stay compliant run into learning curves and adoption problems

BYOD (Bring Your Own Device) problems start when employees leave the company

Secondary devices cost $ millions annually and are subject to data leaks 

Although regulations are in place, the current technology platforms available in the market do not support the capture and archiving of required information.

 

Find out how txtsmarter can help you stay compliant.