Choosing and implementing the right call recording solutions is a very critical step to comply with MiFID II call archiving requirements. However, with so many vendors in the market these days, picking the right solution to help you stay compliant can be a challenging task. If you already have a call recording solution in your business, you need to make sure that it meets the specific requirements of this heavy, blunt financial regulation.
Without any prior knowledge on what to look for in a mobile call recording archiving software solution, selecting the right one that can fulfill your compliance needs can be very difficult. There are various core capabilities that you should look for in the software that you will choose, one of them being high quality audio data capture. According to article 72, financial service firms should be able to ensure accuracy, quality as well as completeness of the records of all call recordings as well as electronic communications for faster and more efficient investigation and audit process.
So, before you invest your money in any call archiving solution, you need to make sure that it can capture audio data in evidential grade quality. With a solution that has this capability, you will be able to use more accurate call recordings for speech recognition. It will also help you in proactively monitoring employee conversations and detecting any suspicious activities as well as behaviors as they transpire in real time.
When choosing a mobile call archiving software, you also need to make sure that it has an encrypted archiving database. The recorded conversations should be kept for 5 years after the transaction was made in a format that cannot be altered or deleted.