What is VSmart™ WebCap?
The FT reported that “a boastful WhatsApp message had cost a London investment banker his job and a £37,000
fine” in the first case of regulators cracking down on communications over Instant Message.This event shows
there is now an even greater need for companies to have effective solutions to manage and monitor the use
of all mobile communication channels. These tools are available and are already being used by a number of
Christopher Niehaus, a former Jefferies banker, passed confidential client information to a ‘personal
acquaintance and a friend’ using the Facebook owned messaging platform. Mr Niehaus, who turned over his
personal device to his employer voluntarily, had shared confidential information on the messaging system
‘on a number of occasions’ between January and May last year to ‘impress’ people.
At VoxSmart, we developed our compliant communication recording solution VSmart™, to record, store and
transcribe all types of communication including WhatsApp messages, globally. Meaning that financial
institutions can comply no matter what their device policy.
Those who currently operate a ‘Bring Your Own Device’ (BYOD) policy meaning that employees use their own
personal phone to communicate with colleagues and clients, will now have to think twice about how they
secure their mobiles, not only to protect brand reputation but also to comply with impending EU regulation
under MiFID II.
So if you’re now examining your mobile phone policy what are the options and how can you ensure regulatory
compliance across your workforce?
As the article states, the FCA does not specifically ban WhatsApp or any other messaging platforms but
requires firms to “take reasonable steps to prevent an employee or contractor from making, sending or
receiving relevant telephone conversations and electronic communications on privately owned equipment which
the firm is unable to record.”
Therefore, firstly we must ask, is BYOD a practical and compliant mobile policy in a post crisis financial
environment? If all communications can be recorded then yes, but would you like your employer to be able to
listen to your personal calls and read private messages? We assume not.
Of course, banks could always just ban the use of messaging apps and new media as many have done this year
so far. In January this year, Bloomberg published a leaked internal email from Deutsche Bank’s COO,
informing staff that text messaging and instant messaging on any platform would be banned on all corporate
issued mobile phones and also any personal phones used for work purposes.
Their reason? “This step is necessary to ensure Deutsche Bank continues to comply with regulatory and legal
Therefore any trade or investment, would have to be executed over a monitored phone, or else that employee
would be in breach of company policy. This not only damages business efficiencies but also damages company
relationships. As any trader will tell you, their customers want to execute on trades immediately via a one
word message, on the platform they choose. Not a lengthy unnecessary phonecall.
But, here at VoxSmart, we believe there is another option. Investing in technology solutions to achieve
global regulatory compliance across your workforce no matter what the device or the network.
Our proprietary mobile recording solution, VSmart™, enables banks and financial institutions to record
Calls, Texts, Voicemail and Instant Message across multiple platforms including WhatsApp Messenger. Not
only is the solution ‘Always On’ it doesn't rely on any carrier or third party network and is available on
all BlackBerry and Android devices with an IOS solution already in production.
Achieving regulatory compliance shouldn't be about restricting technology OR mobility. Companies need to be
pro-active, conscious and innovative, investing in new technologies to achieve peace of mind for not only
their senior managers but their entire workforce.