Every business has its own procedures and protocols. These things usually vary on what kind of industry a company operates. But if there is one thing common for every organization, it is their need to comply with the mobile call monitoring laws. 

Complying with effective call monitoring is a critical regulatory component for business, especially for financial services institutions. It helps in standardizing the quality of your organization. This is more helpful for large corporations as the bigger the company is, the harder it will be to wade through data and manage your team’s work. Call monitoring is also an excellent way to ensure that your team’s services align with your company’s mission and vision.

But more than the benefits for your company, monitoring calls is mainly done for compliance. 

Failure to abide by these laws can expose a firm to enforcement actions. In the UK, one of the regulators that obliges firms to monitor phone calls of their employees is the Financial Conduct Authority or FCA.

The FCA requirements include financial institutions having internal controls to ensure that customer information are kept safe and they are treated fairly, according to their standards. In relation, financial institutions should implement a strict call monitoring solution that will allow a compliance officer to identify whether or not their advisors are demonstrating compliant behavior when transacting with customers via mobile device. 

Markets in Financial Instruments Directive II or MiFID II is another  legislation that requires European financial companies to have a solid call monitoring system. A recording of telephone conversations and electronic communication, including but not limited to mobile calls, text messages, and WhatsApp chats are vital requirements for MiFID compliance. 

Searching for the essential elements for effective communication compliance may seem challenging. But with the right guide, you can easily work around with it. For more information regarding call monitoring program, you may check this infographic created by Telemessage.