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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.
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 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):
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.
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.
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"We need to retrieve calls several times a week, search and playback is very easy. Sound quality is stunning."
"Your system was recommended by our Cisco integrator. We use one central system to record multiple remote locations. It just works."
"Your solution is almost too good, brokers and traders constantly use and rely on the playback facility as it is so simple to use."
"Using your BroadSoft compatible Service Provider Edition we are now able to offer professional call recording as a service to all our telephony customers."
"As a Cisco integrator, we are very happy with both your product and your company."
"Your system is reliable and user-friendly. It fits in really well to the rest of our IT infrastructure, simplified maintenance provides increased recording stability."
"Our banking customers are very satisfied with your system."
"We have found your solution on the net. Your product and support is really good, it properly solves our legal compliance and training requirements."