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UC Today: Nervous Unified Communications will unleash heavy regulatory compliance fines?

By May 10, 2022No Comments
Compliance, Theta Lake

How Theta Lake fully enables UC so that enterprises still comply with stringent regulations

Do you think you have a challenging job? Consider a financial services Chief Compliance Officer and the stressful decisions they must make.

Recently, this has included blocking regulated users from using aspects of UC collaboration tools to avoid being non-compliant and risking the ire of regulators.

But there’s one company that makes collaboration and regulation win/win: Theta Lake.

Avoiding fines

Global regulatory requirements like SEC Rule 17a-4 and FINRA rule 2210 in the US stipulate that written electronic communications must be captured, retained, and supervised. Recent guidance has extended the scope of electronic correspondence to apply to dynamic collaboration features like polling, whiteboards, webcams, and screenshares.

Facing fines for non-compliance is something no CCO wants to face.

One solution is to allow full use of collaboration tools, but to increase staff. That’s expensive (and not likely), and it doesn’t scale well. Another is to simply review less content. That increases risk.

How Compliance Loses Friends and Alienates People

For some firms, the easiest decision is simply to disable features. They might allow some, like video, but prohibit the use of chat, or screenshares. This avoids retention and supervision requirements, but cripples the use of the platform. It creates tension with departments that rely on these tools, especially in a WFH environment.

For the CCO, it’s then a question of balancing regulation compliance with executing and growing the business. The firm must maximise value from the collaboration platform(s) that they have licensed too.


Read the full article here!