The Call Recording Challenge

Call Recording - The Big Question

The Markets in Financial Instrument Directive (MiFID II) is a legislative framework set out by the European Commission to increase transparency in financial markets and to protect investors. The directive will come into full effect in January 2018 and applies to all organisations conduct business in Europe. One section covers call recording and mandates that financial institutions and contact centres handling investment products must record calls regardless of the channel; voice (mobile or fixed-line calls), email, video or chat and must keep these recordings for a minimum of five years.

The challenge faced by financial institutions when complying with the Directive is to not fall foul of the General Data Protection Regulation (GDPR). The conflict here is that where MiFID  will impose hefty fines for not keeping call records, the GDPR  will levy equally significant penalties for organisations who store personal data beyond a stipulated period. To further confuse matters companies who must comply with Payment Card Standards (PCI-DSS Standards) must not record certain elements such as credit card numbers and security codes.

Whilst we await industry guidance on how Financial institutions should balance MiFID with the GDPR it is worth highlighting the fact that cloud technology has enabled businesses to add products and services to their IT as and when they have a requirement. By putting IT and telephony in the cloud businesses are laying the foundations for compliance. IT as a Service enables scalabilty and the flexibility to adapt to changing legislation by adding elements like call recording as needed without incurring costly changes to their infrastructure.

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