Even though we are in the midst of a global pandemic, companies, primarily regulated entities, have still been required to be compliant with their requirements from the regulators. The U.S. SEC is still actively monitoring markets in case there are any frauds and misconducts being committed. The ESMA has also expected companies to come up with alternatives they could apply to lessen the risks of the lack of recordings. The FCA is still doing its best to prevent market abuse risks. With all this being said, companies really have to be compliant even though the pandemic has presented new challenges.

So, what are the new challenges that have come with the pandemic? First off is the use of new communication channels. Channels like text messages and Whatsapp are frequently being used to keep in touch with clients and colleagues. The markets are also more volatile, andthere has been a lot of data security and privacy threats. To ensure the best execution, financial advisors and traders are also being monitored.

To cope with all of these issues and challenges, an excellent tip for companies would be to audit all communications after the crisis.Whether it be between employees and clients or the co-workers themselves, these relevant business records should be kept and stored. Being able to archive text messages and calls is key in this aspect.Companies should also protect sensitive communications through encryption by using WhatsApp call recording and other such apps.

 To learn more, here is an infographic by Telemessage.