Phone calls have been a standard mode of communication in trading and other financial operations. This increase in transactional phone conversations drives the need for effective mobile call monitoring programs.
Without proper call monitoring, financial institutions are vulnerable to enforcement in the event of illegal financial activity, such as market manipulation and insider trading. Companies must establish strong call recording and monitoring practices to impede illicit activities.
Identifying high-risk traders and improving recording systems are two methods financial companies can adopt to prevent unlawful acts.
Identifying High-Risk Traders
Profiling high-risk traders is a great way to prevent illegal financial activities. Companies must closely monitor the trading behavior of their clients and employees to determine if they are at risk of committing such acts. The following aspects should be considered:
- Trading data and pattern of communication
- Medium of communication such as texts, chats, or emails
- Information revealed by trader or employee
- Social media behavior of traders or employee
- HR and behavioral data of trader or employee
The careful examination of these factors can help companies prevent unlawful activities.
Improve Recording System for Call Archiving
In today’s digital age, the use of state-of-the-art recording systems and mobile archiving programs is expected. For financial companies to protect themselves against liability for illegal activities, they must ensure they comply with safety standards in message archiving.
TeleMessage Mobile Archiver is an industry-standard monitoring system that can capture real-time phone recordings and monitor mobile activity. It reduces the risk for organizations to be accountable for non-compliance with phone archiving standards.
Numerous other themes, such as creating a lexicon for on-call trades and usage of real-time speech analytics, contribute to the safety of financial companies.
Learn more about the essential elements for effective compliance in financial companies by reading this infographic by TeleMessage, a mobile communication archiving supplier.