Call recording for legal compliance

Call centers, trading floors and businesses that regularly communicate with customers, clients, and partners, must be aware of the risk associated with every interaction. Many businesses are legally required to monitor these interactions as a means of managing risk and liability. Businesses must adhere to standards set by private companies and self-regulatory groups that monitor the protection of personal data. Monitoring the high volume of interactions that take place on a daily basis is a challenge, especially for businesses that operate large or multi-site contact centers. In order to maintain compliance with the numerous legal and internal requirements, these businesses must implement total call recording solutions that can effectively capture, store, monitor, and find their most critical interactions.

  • Does your regulator recommend call recording?
  • Do you make verbal contracts over the phone?
  • Can your traders verify price and volume information before submitting a transaction?
  • How do you settle customer complaints and disputes?
  • Are your recordings secured and well protected?

Legal compliance for the finance sector

Legislation in many countries and states mandate call recording for banks, insurance companies, trading houses and other financial institutions. In the banking world our customers barely touch the recording system; it silently does its work and is used to settle special cases. Reliability of the solution is crucial to ensure all calls are available when needed. Our largest deployed banking system steadily records 20,000 calls per day, and provides online search capabilities for 5 years of historical call records and media.

Trading with confidence

Beside ensuring legal compliance, trading organizations also use our instant call replay and call marking capabilities to easily verify prices and volumes mentioned on the call, during their after call wrap-up. They benefit from convenient user interfaces. Traders in a trading house who use our solution in three trading rooms around the world use our user interface for call replay regularly during their work.

Financial regulations

Financial regulation laws in most markets require that over-the-phone finance related activities are documented by means of phone call recording.

The following regulation example is from a 2007 document by Finansinspektionen (FI) - the Swedish Financial Supervisory Authority about Regulations governing investment services and activities (download the full document):

Recording telephone conversations at a broker’s desk

Section 3

All telephone conversations at a broker’s desk at an investment firm shall be recorded. The aforesaid shall also apply to the firm’s conversations whichrelate to client orders on other telephones in premises with access to the trading system of a regulated market or an MTF, or premises which have been specifically adapted for financial instruments trading.

A client order which have been received via mobile phones or at a personal meeting with a client and which has thus not been recorded must be documented. The mobile telephone service agreements used in the securities business must be the property of the investment firm. The investment firm shall adopt guidelines governing the handling of non-recorded engagements.

 Financial Services Authority (FSA) in the UK also regulates call recording in its policy document from 2008: Telephone Recording: recording of voice conversations and electronic communications (download the full document).

The Verba compliance recording solution

Verba Recording System provides a complete solution for legal compliance.

  • Silent and full-time recording of any selected phone lines without any user interaction
  • Complete, timestamped and digitally secured repository with call information and media
  • Fine-grained access control solution that can enforce any internal security policies
  • Efficient long term archiving solution with fast search capability
  • No-touch, automated data retention policies for archiving and disposal of recorded media
  • Comprehensive audit traces of all activities in the recording system from configuration to playback
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