In an ever-evolving work landscape, financial institutions are being urged to adapt and stay well-informed regarding the growing risks tied to video communication within regulated environments.
The Regulatory Concern
As the nature of work undergoes rapid transformations, financial firms are facing increased scrutiny, leading to a pressing need for monitoring staff video calls to prevent potential regulatory violations. This scrutiny arises from the expectation that regulatory bodies will expand their oversight to encompass video communications, specifically to identify and address compliance breaches.
The SEC’s Initiative
The United States Securities and Exchange Commission (SEC) has taken the lead in a broader industry crackdown. This crackdown primarily focuses on business-related text messages sent through unauthorized platforms such as WhatsApp. These messages went untracked and unrecorded by regulated firms during the COVID-19 pandemic when remote work became prevalent, as reported by Reuters.
The financial industry is experiencing a seismic shift in regulatory scrutiny, emphasizing the importance of monitoring video calls and text messages to ensure compliance with evolving rules and regulations in an ever-changing work environment.
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