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Global Mobility v Global Compliance

By 4th September 2015 No Comments
Global Mobility v Global Compliance

Global Mobility v Global Compliance- A generational conundrum de-risked with VSmart.

I have noticed an increasing tension among the financial trading community, regulators and compliance officers of late. The upcoming MiFiD II regulations, and the full scope of their implications for trading firms and other regulated individuals and organisations, are leading some to question whether the flexibility and efficiency of global mobile communication will need to be sacrificed on the altar of compliance.

Of course, trading firms cannot risk their reputation or their business by using non-compliant communication mechanisms or devices. And the scope of the MiFiD II regulations – covering voice calls, text messaging, internet messaging and even Voice over Internet Protocol (“VoIP”) calls such as Skype – has some compliance officers looking at their existing systems and policies and pondering whether simply banning trader’s use of mobile devices and smartphones, or acting to remove much of the handset’s functionality, is the short cut and simplest method to ensuring organizational compliance.

But the global mobile efficiency and flexibility genie is well and truly out of the bottle, and attempting to send key workers back to the basic handsets of the last century, or even taking them away altogether, will be neither popular or practical, and certainly not the best solution from an efficiency and productivity point of view.

The problem is that most mobile recording solutions on the market can’t capture the full range of conversations and communications required; most in-house recording systems can’t cope with the volume of data that is going to need to be captured and stored; and any partial solutions on the marketplace require changing networks, SIM cards, handsets, or a cumbersome mixture of all three. The blanket ban is easier to implement than the blanket overhaul. Or so the theory goes.

Having been a regulated user AND a mobile voice recording end user since 2011 I have first hand experience of how frustrating not using a mobile on a trading floor is or not being able to reply to a customers text message, or use the camera or retrieve a voicemail. That’s why I worked so hard with our development team here at VoxSmart to design a solution which not only meets global regulatory and compliance requirements but is invisible to the user, wherever in the world he/she is, is highly secure and totally scalable. 

Our recently patented and trademarked VSmart solution works on any mobile network, on any Android or Blackberry device, runs automatically in the background and captures every telephone conversation and electronic communication covered by the MiFID II rules and, by leveraging world class cloud-based recording capabilities, we can retain every record for as long as you need us to.

Each record can be quickly located by date, time, number, person calling, or even using voice recognition. All of which means you can retrieve that vital call or communication quickly and easily. We can also integrate with any existing in-house recorder to store data in the short-term, using our cloud servers as the back-up and archive for the long term. And because we use a Tier 1 IP-backbone, we can also massively lower the cost of international mobile calls for our customers.

VSmart delivers full global MiFID II, FCA and Dodd Frank compliance; with full global mobility for the traders at a fraction of the cost of incumbent or legacy technology.

Oliver

'Find a company that helps you grow. Surround yourself with a team who will support you.' -@VoxSmartGlobal Adrienne Muir on mentorship

VoxSmart COO Adrienne Muir on the @FIAconnect Panel this afternoon! #women #FIAExpo #WILD

Our COO Adrienne Muir is on the panel @FIAexpo in Chicago today talking about Women in FinTech:2.30 Nextgen Classroom, Silver Hall #FIAExpo

Another great Meet the Companies event today for advisers in Bristol. Thanks to @vTimeNet and @VoxSmartGlobal for joining us.

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Our very own, Emily Brown talking about the VoxSmart mission at @DeepbridgeCap Roundtable in Birmingham https://t.co/lin7OKCYLD

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