Choosing and implementing the right call archiving solution is a critical step to comply with MiFID II archiving requirements. But with so many vendors to choose from these days, choosing the right solution to ensure you stay compliant can be a daunting task. The following are some of the core capabilities that you should look for in the solution that you will choose.
First of all, you should look for fast implementation and scalability. The call archiving solution that you will choose should be quick to install, because lengthy software and hardware installation can disrupt your operations as well as compliance measures. You also need to make sure that the solution you will choose can scale with the ever-changing regulations and can be easily integrated with other best in class solutions that can help you stay a step ahead of the regulatory compliance.
When choosing a call archiving solution to use in your business, another thing that you should look for is high quality data capture. Article 72 states that financial organizations must ensure the accuracy, quality as well as completeness of the records of all call recordings as well as electronic communications for faster and more efficient audit process. For this reason, you need to make sure that the solution that you will choose can capture audio data in good quality.
If you choose a call archiving solution that supports high quality audio data capture, you will be able to use more accurate call recordings for speech recognition. You will also be able to proactively monitor the conversations of your employees and detect any suspicious activities as well as behaviors as they happen in real time.