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Thomson Reuters: New communications demand a new approach to compliance

By November 28, 2022No Comments
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Law firms and other organizations need to dramatically update their compliance functions around how they collect and report communications data coming from new tech like messaging and chat apps

Modern unified communication (UC) tools have become a critical part of the communications infrastructure for many organizations. The use of Short Message Service (SMS), collaboration, and chat applications to conduct business is powering the work-from-anywhere era.

Yet, mistakes, data breaches, and data exposure tend to happen when people communicate and share information digitally, and firms need to make it as straightforward as possible for employees to leverage modern UC tools while remaining compliant and secure.

“Increased reliance on simple, easy-to-access but unauthorized chat and text platforms will pose a significant challenge for many types of entities operating in our markets. Internal compliance programs must adopt internal controls consistent with this new landscape. Firms must inculcate a culture of compliance at all levels of their organization to mitigate the risks associated with using unauthorized chat and text platforms.”

— Kristin N. Johnson, commissioner, US Commodity Futures Trading Commission (CFTC), September 2022

In its 4th annual survey report on modern communications compliance and security, security and compliance software firm Theta Lake highlights the complex challenges faced by those professionals tasked with maintaining compliance, security, and data privacy within firms and companies. The report is based on the views and experiences of more than 500 compliance and security professionals from the heavily regulated financial services, healthcare, and government sectors across the United States, the United Kingdom, and Canada. The report provides a snapshot of how communication platforms are being used and the issues with which organizations are struggling and can help organizations benchmark their own practices and expectations against those of the wider industry.

Read the full article by Susannah Hammond,
Senior Regulatory Intelligence Expert at Theta Lake.

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