From: RegTech Analyst
RegTech startup Theta Lake has written a new whitepaper named 5 Compliance Steps for Video Conference Recording in Financial Services.
It kicks off by explaining that while using video conferences is a great tool for sales and for improving the customer experience, it inadvertently comes attached with many risks. Chief among them is the risk of failing to live up to the firms’ regulatory obligations.
But by using the five steps outlined in the whitepaper, Theta lake explains that the risk of falling foul of the law can be minimized.
The first step is to have a plan to record video conferencing and calls. That means knowing which video calls should be recorded, starting with the ones that may contain activities subject to regulations or conduct risk.
The second step is to select the vendors to do the recoding, looking particularly at the capabilities like administrative settings and ability to record different type of content.
Thirdly, set up a way to identify where you want your recordings stored. While emails and file storage may work for some, Theta Lake argues that it is important to have dedicated call storage capabilities.
Fourth, create a review plan that essentially sets up how to review the videos.
And, finally, the fifth step should be to use technology to ensure compliance when it comes to video recordings, Theta Lake argues.
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