Compliance as a function and company culture has grown more complex in the past few years due to changing employee behavior and technological advancements as the primary drivers.
Along with misconduct in using various mobile channels for illegal activities, multiple factors have motivated corporate executives and critical regulators to demand more control for compliance officers. Specifically, this involves the scope of authority of compliance officers regarding internal communications within the organization, such as tighter text archiving rules and a more efficient system for mobile call monitoring.
Due to this, compliance officers are fulfilling new roles as they initiate cross-division collaboration to monitor and capture mobile calls effectively. They are also wearing new hats to mitigate possible risks surrounding communication compliance.
Vague Compliance Objectives Due To Changes in Regulations
The rapid rise of new laws and regulations is one of the vital issues of concern for communication compliance professionals worldwide. These changes in rules have upended existing systems and practices regarding communication.
One prominent example of this change in regulation is the General Data Protection Regulation or GDPR. This regulation requires companies inside and outside the European Union to process EU citizens’ data to obtain the user’s consent before processing it, such as recording phone calls.
Another example of this change in regulation is the amended MiFID II rules for call recording. In this regulation, companies must capture phone calls of the highest quality possible.
These new laws challenge compliance officers as they challenge current technological capabilities. Aside from this, it also muddles the existing chain of command as these regulations include overlapping privacy and archiving mandates. With these changes, it can be challenging for chief compliance officers to distribute the tasks to the right person with adequate knowledge and expertise in privacy and archiving mandates.
The currently changing landscape in modern communication compliance paved the way for new strategies in text archiving and call monitoring policies. Enterprises must be aware of this to adapt to the ever-changing landscape in organizational communication.