Financial institutions are expected to maintain a good structure of e-communication surveillance as per compliance requirements. However, evidence suggests that institutions have been struggling with this, given the recent rise in regulatory fines. Hence, financial institutions must understand the compliance regulations set out by regulatory authorities. Regulatory bodies are prone to increasing regulatory expectations since the issue of protecting sensitive data is paramount. As a result, firms need to focus on sufficient data collection, retention, and surveillance operations to demonstrate compliance. Here are some of the latest steps being carried out by financial institutions to efficiently create compliant e-communication surveillance processes.

Effective Policies and Procedures

Financial institutions are taking measures that allow them to draw up more prescriptive policies to carry out fair and compliant E-communication Surveillance. These policies allow for efficient processes in the fields of data retention, archiving, monitoring, and review processes. Institutions that keep a firm eye on and monitor the performance of their processes and policies must stay alert to any changing regulations so that they always adapt quickly. Well-defined policies also allow financial institutions to convey to employees the consequences of using off-channel communication methods.

Employee Attestation

Employee attestation is important in ensuring e communication surveillance compliance is met. Hence, financial institutions must inform their employees that they will be under e-communication surveillance. By acknowledging the attestation, employees agree to be monitored and indicate that they understand their responsibilities and obligations. However, if institutions wish to succeed, it may not be enough to simply get the attestation of all employees.  Financial institutions should also aim to provide robust training to ensure that employees make acceptable use of communication channels. Employees should be made aware of the consequences associated with non-compliance. These steps can help institutions maintain compliance and better protect sensitive & private data. 

Technological Solutions

Financial institutions are likely to benefit from implementing technology solutions to detect unauthorized communications. This is because using non-approved communication channels, such as WhatsApp, poses a serious threat to institutions. Communication channels such as WhatsApp lack the security features and archival capability necessary for e communication surveillance. Using unauthorized communication channels is a risk even if an institution has efficient policies and employee attestation processes in place. Institutions should inform employees of the consequences and disciplinary actions of non-compliance and the importance of using approved communication channels to help better protect sensitive data. 

Artificial Intelligence & Machine Learning

Utilising Artificial Intelligence or Machine Learning can be a double-edged sword for financial institutions. AI and ML can help institutions detect compliance breaches more effectively if done correctly. However, institutions without robust data retention mechanisms in place may not be able to use AI and ML efficiently. Also, the complexity of these technologies can become an added issue. So, institutions should invest in vigorous training and validation processes to help get accurate results.

Must Read: The Basics of E-Communication Surveillance: What You Need to Know

Institutions that wish to use AI and ML also need to provide auditors and regulators with an intricate explanation of the AI and ML technologies in use. This includes providing documentation on the design, implementation, and validation of the technologies to show how they demonstrate compliance. As a result, firms should foster trust with regulators by maintaining transparent communication channels. This means updating regulators with any risk management strategies, technology enhancements, and monitoring processes that are taking place. 

Maintaining stellar e communication surveillance policies and processes to help protect user data is extremely important for financial institutions. However, it is not easy, and the changing regulatory landscape and increasing expectations of regulators do not make it any easier. As a result, institutions must focus on creating robust e-communication surveillance systems that instantly detect any unauthorized forms of communication. Furthermore, institutions must also eliminate the threat of unapproved communication channels, such as WhatsApp. Finally, institutions must inform employees of their responsibilities and the consequences of any breaches in compliance. AI and ML can be of good use to financial institutions, but they should first aim to develop efficient surveillance methods, data collection, and data retention methods.