How do we keep the financial markets online if traders are forced to stay at home?
The economic effects of the coronavirus have preceded the spread of the outbreak itself. With markets fluctuating wildly, and companies closing offices or asking employees to work from home, the financial services sector is right on the front line. Any failure to manage disruption could have major impacts on global financial markets.
Big banks brace for coronavirus
The biggest priority for financial services firms is setting up traders to work remotely. They need to recreate the carefully monitored environment of the trading floor at potentially thousands of sites.
The Financial Conduct Authority (FCA) has said that it doesn’t have an issue with UK staff working from backup sites, or even from home, so long as regulatory obligations are met. For example, they still need to record telephone conversations between traders and customers. There’s an urgent call to action here to enable this immediate and imperative shift in working practices.
Keep calm and prioritise compliance
Mobile voice and SMS recording technology already exists — enabling traders to operate effectively from home while remaining compliant with regulations such as GDPR and MiFID II. Financial institutions need to get these solutions in place as a matter of urgency, in addition to easy to use conferencing and robust, accessible voicemail.
The move to home working has been a long time coming. Yet coronavirus has raised visibility of smart solutions to meet global regulations.
Teleware’s Mobile Voice Recording SIM is easy to deploy and enables traders to make mobile calls in line with FCA, MiFID II and Dodd Frank regulatory requirements. When used alongside other home working technologies, we can limit the impact on the UK’s finance sector from viral contagion. So, ultimately, technology could play a massive role in keeping financial services fully operational to help maintain economic stability.
Stay compliant with Teleware mobile voice and SMS recording