Choosing and implementing the right call archiving solution in your company is an important step towards complying with MiFID II archiving requirements. However, with so many vendors in the market these days, choosing the right solution that will help you stay compliant can be a daunting task. Without any prior knowledge on what to look for in a mobile call archiving solution, choosing the right one that can meet your compliance requirements can be very difficult. To help you navigate this process, the following are the core capabilities that your archiving solution must have.
When choosing a call archiving solution, one of the things that you should look for is fast implementation and scalability. The solution you choose should be easy and quick to install, because lengthy software and hardware installation can disrupt your operations as well as compliance measures. The software should also be able to scale with the ever-changing regulations and should be easily integrated with other best in class solutions that will help you stay one step ahead of the regulatory compliance and avoid the problems triggered by vendor lock-in.
Another important thing to look for when choosing a call archiving solution to use in your business is an encrypted archiving database. MiFID II requires recorded conversations to be kept for 5 years after the transaction was made, in a format that does not allow the original recorded to be deleted or altered. To make sure that the recorded calls are securely maintained, you need to invest in a solution that uses end to end encryption to deliver the recordings from mobile devices to the archiving database. The database itself should also be fully encrypted in order to protect recordings from a potential data breach.