Mobile call recording can be beneficial for companies in many ways, yet the non-compliance of mobile call recording could result to malpractice, fraudulent activity and ultimately litigation for any company.
Recently, TeleWare (News - Alert) Group, a communications technology specialist, has conducted research that revels financial organizations could be at significant risk of fines and potential loss of operating licenses due to non-compliance of mobile call recording.
“We all know the fines being handed out are hardly parking tickets, but I think financial organizations are missing the real issue here,” said Steve Haworth (News - Alert), CEO of TeleWare. “One fine can financially hurt but the impact on reputation can cripple.”
Haworth added, “The biggest problem is that many organizations are still unsure about the impact the encroaching regulations will have on their businesses. With the introduction of increasingly global regulations such as Dodd-Frank and MiFID II, the financial sector has been undergoing a period of transformation. Rising dependency on mobile technology coupled with complex regulatory pressure, means recording transactions has never been more crucial.”
The study of technical, infrastructure, risk and compliance department heads of global and U.K. organizations found that almost half of those organizations still don’t have fully compliant solutions in place, despite U.K. legislation and the U.S. Dodd-Frank legislation that has been in place since 2011.
TeleWare has worked in the call recording space for some 20 years and specialized its business in 2011. The company is introducing a North American division, which will operate out of New York. Mark Miller, formerly VP, Product Management Trading Communication Solutions of IPC (News - Alert), has joined the TeleWare Group as general manager of the U.S.
Presently, one in three banking and financial services companies in the U.K.’s FTSE 100 use TeleWare, and clients include financial services companies and blue chip nationals and multinationals.