DeepView’s First DeepDive Podcast, with Catherine Parry and Joy MacKnight

Welcome to DeepDive, the podcasts from DeepView that dive deep into the world of finance with the people who shape it.

In this very first episode, we’re thrilled to have Catherine Parry, founder of DeepView, in conversation with Joy Macknight, a leading voice in financial journalism and the former, history-making editor of The Banker. Joy was the first woman to ever hold that prestigious position.

This is a conversation you won’t want to miss. So, buckle up and get ready to DeepDive!

FCA Consultation: Four Ways to Avoid Penalties in 2024

In the intricate world of financial regulations, staying abreast of the latest rules and guidelines can be quite a task. Nevertheless, compliance isn’t just a box to tick; it’s an essential aspect of running a successful financial institution. The Financial Conduct Authority (FCA) continually revises its regulations, and 2024 is no exception. Therefore, here are four ways to avoid falling foul of the FCA’s rules this year.

1. Stay Informed

The first step towards compliance is staying informed about the latest changes in the regulations. The FCA regularly updates its guidelines, and keeping track of these updates can save your organisation from inadvertent non-compliance1. Subscribe to the FCA’s updates, attend relevant webinars and seminars, and make it a point to thoroughly read through any new documentation.

2. Implement Robust Compliance Systems

Having robust compliance systems in place is a must for any financial institution. This involves clear policies, efficient reporting mechanisms, and technology-driven solutions to monitor transactions and detect suspicious activities2. Regularly review and update your compliance systems to ensure they meet the FCA’s standards.

3. Foster a Culture of Compliance

Compliance isn’t just the responsibility of your compliance department; it should be ingrained into the culture of your organisation. This means creating an environment where every employee understands the importance of compliance and their role in ensuring it3. Regular training sessions and clear communication about compliance matters can go a long way in fostering this culture.

4. Engage in Regular Audits

Regular internal and external audits can help identify any potential areas of non-compliance early on. These audits can provide valuable insights into your compliance status and help you make necessary adjustments before facing regulatory scrutiny4.

In conclusion, avoiding penalties from the FCA in 2024 requires a proactive and informed approach. By staying updated on the latest regulations, implementing robust compliance systems, fostering a culture of compliance, and conducting regular audits, you can ensure your organisation remains on the right side of the law.

Text and Call Archiving: Ensuring Security and Compliance in the Digital Age

In the current digital era, the dynamics of communication have undergone a significant transformation. The widespread use of digital platforms has not only facilitated seamless communication but also raised new challenges related to data security and regulatory compliance 1. One such critical aspect is the management of text messages and call records, which necessitates the implementation of robust archiving solutions.

Understanding the Significance of Text and Call Archiving

With the increasing trend of using mobile devices for business communication, employees frequently exchange text messages or make calls to discuss professional matters2. These exchanges often contain crucial information and may also be subject to legal and regulatory mandates.

Archiving text messages and call records ensures that businesses can access essential information when needed, such as during legal disputes, internal audits, or regulatory inspections 3. Moreover, it fosters transparency and accountability within organisations by maintaining a record of their communication activities.

Addressing Security Issues

The rise in cyber threats has made text and call archiving a vital security measure4. It enables companies to detect and investigate instances of data breaches, unauthorised access, or information misuse. By maintaining an exhaustive archive, organisations can identify communication patterns, which may indicate potential security vulnerabilities.

Ensuring Regulatory Compliance

Certain industries like finance, healthcare, and government are governed by strict regulations regarding data retention5. Laws such as the Sarbanes-Oxley Act (SOX), Health Insurance Portability and Accountability Act (HIPAA), and the Markets in Financial Instruments Directive (MiFID, MiFID II) require the preservation and protection of specific types of communication678.

Non-compliance with these regulations can result in severe penalties, including substantial fines and reputational damage. Therefore, effective text and call archiving is not merely a good practice but a legal obligation.

The Impact of Technological Advancements

Technological advancements have facilitated the implementation of comprehensive text and call archiving strategies9. Modern solutions can automatically capture, store, and index texts and calls, making them easily searchable and retrievable. These tools often integrate features like encryption and access controls to enhance security.

In addition, Artificial Intelligence (AI) and Machine Learning (ML) technologies are increasingly being used to analyse archived data, helping organisations gain insights into their communication patterns and identify potential risks10.

Conclusion

The role of text and call archiving in the digital age is significant. It ensures security and compliance, protects businesses from legal complications, and provides valuable insights. As technology continues to evolve, it is imperative for organisations to stay updated by adopting efficient and comprehensive archiving solutions.

Resources

1. Digital Age Challenge: Data Security and Privacy ↩
2. Mobile Communication in the Workplace ↩
3. Importance of Archiving Business Communications ↩
4. Cyber Threats in the Digital Age ↩
5. Data Retention Laws by Industry ↩
6. SOX Compliance ↩
7. HIPAA Data Retention Requirements ↩
8. MiFID II and Communication Recording ↩
9. How Technology is Changing Archiving ↩
10. How AI is Transforming Data Governance ↩