Call recording was once considered a nice add-on. Today, however, this couldn’t be further from truth. From analytical insight and quality assurance, to compliance and CYA, call recording is a necessary tool in the modern enterprise and contact center. With MiFID II and GDPR coming in to effect in the near future, it is paramount to make sure bases are covered and appropriate solutions are in place to support the upcoming regulations.
Resilient plc and Business Systems (UK) announced a partnership aimed at meeting the escalating demand for MiFID II and GDPR compliant call recording solutions. The clock is ticking, January of 2018 MiFID II comes into UK law, and in May GDPR joins the party. Businesses not prepared will face stiff penalties, in addition to the possibility of losing public trust.
“Whilst there are many solutions on the market that enable firms to record their calls, MiFID II and GDPR are placing significant additional demands on firms”, says Richard Mill, managing director of Business Systems. “We are delighted to partner with Resilient, whose smartnumbers service is uniquely placed to meet the often competing demands of these two new regulations. Their smartnumbers service ensures that, while business mobile calls are always recorded to meet the requirements of MiFID II, any personal calls remain private, thereby meeting the requirements of GDPR. Furthermore, with automated compliance monitoring, smartnumbers can streamline the compliance oversight function and keep to a minimum the costs associated with the monitoring of regulated calls. This translates into lower costs and higher levels of efficiency for our clients.”
Ensuring operations are in compliance with MiFID II and GDPR can seem like a herculean task, especially considering some of the confusion caused by the new regulations. Allow me to explain.
Under GDPR, companies are not allowed to record and private conversations on mobile phones, whereas under MiFID II all conversations on corporate mobile phones by regulated individuals are required to be recorded. Also, MiFID II dictates savings these recordings for up to seven years, while GDPR requires archiving recordings for a minimal length of time. In addition, the FCA requires that call recordings are regularly monitored and reviewed to ensure compliance standards are met.
Wading the waters of data regulation can be a murky proposition without the help of a robust call recording solution up to the task of navigating the new compliance regulations.
Do you have a call recording solution in place prepared to keep your operations in compliance?