Mifid II  

Five things you need to know about Mifid II and communications

Is the capacity available to onboard more devices as the organisation grows? This partially comes down to the underlying infrastructure and whether it can handle an influx of extra recorded data, which will all need to be compiled and transferred to a secure data centre for storage.

2: Accessible, but only to the right people

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Mifid II legislation not only requires records to be stored securely, but also for them to remain accessible. These records must be provided in a timely manner if requested by the customer or the financial regulator.

To ensure security, the recording solution should be deployed in an encrypted environment to prevent the interception of data. Although records must be readily available for access, audit logs can be used to ensure only authorised users are accessing the specific records they require.

3: Check out the UX 

Any potential recording solution really needs to be designed with the user in mind – intuitive for staff to learn and operate. This doesn’t just apply to the supervisors or managers who are monitoring calls and ensuring full compliance.

Employees may opt to record additional information, such as screen captures, to improve contextual information and ensure greater accountability. If a recording suite has a complex user interface, it could potentially require large investments of time and money in training – or even not be used properly at all.

4: It’s an opportunity to enhance your customer service

It is important to look at the deployment of a recording solution not just as a necessary investment, but as an opportunity. Recording suites can be harnessed in a customer service and relationship management role, used by managers to track customer satisfaction, evaluate employee-customer interactions and silently supervise calls.

5: Look for an interoperable solution 

Will Fintech developments introduce new methods of communication and transactions not covered by the recording solution? Will further regulations demand broader monitoring and accountability?

These will need to be covered by the existing recording suite, which can often be adapted.

The increasing availability of open APIs will allow developers to customise and tailor existing applications to fit the individual needs of a financial organisation and react to industry change when required.

If communications channels continue to overlap or threaten to escape the overview of your recording solution, the software behind the solution must be open and flexible.

Time is of the essence

As Mifid II approaches, financial organisations require a solution that is secure, rapid to deploy, and simple to operate.

If IT departments opt for a flexible recording solution that is easy to integrate with existing systems and can be scaled up or down based on regulatory demands, compliance can be a rapid and painless process. But they first need the reliable, robust infrastructure in place to support a smooth deployment.