With digital collaboration tools becoming as ingrained to the working world, firms need to aware of the compliance risks and upgrade their communication monitoring tools.
Theta Lake has released a new report titled, ‘Break through compliance barriers in Microsoft Teams for Financial Services’. In its report, Theta Lake and Microsoft share the key compliance components that firms need to consider when using Teams. It also explores key risk factors, and how the Theta Lake solution helps overcome these.
Following the pandemic, financial services have increasingly used digital collaboration tools to communicate, present, collaborate and share ideas. One of the most popular platforms is Microsoft Teams, a cloud-based collaboration platform that combines voice and video meetings, char, file sharing, real-time collaboration and more.
However, as more companies use these platforms, regulators have increased compliance to ensure these platforms are not abused or used in illicit manners. There are now strict requirements for supervision and archiving of digital communications.
According to Theta Lake’s 2021 Modern Communications Survey Report, nearly two-thirds of respondents cited that content shared via chat is one of the biggest concerns due to the ease of sharing files and links that could hold sensitive information. Theta Lake added that information might not exclusively be leaked through chat, with information easily shared through audio and webcams. For example, tabs in a screenshare or information on a whiteboard in the background.