Choosing the right voice call recording solution is a very important step to comply with MiFID II call archiving requirements. However, with so many vendors in the market these days, picking the right one to help you stay compliant can prove to be a daunting task. If you already have one, you need to make sure that they meet specific requirements of this heavy, blunt, financial regulation.
Compared to the previous version, the call archiving requirements of MiFID II are broader in scope in terms of individuals and companies that must record their phone conversations. Companies in the finance sector are now supposed to monitor and capture voice calls of anyone that is providing financial advice to their clients. What this essentially means is that you must have a call recording tool that can be deployed to all mobile devices that are available within as well as outside the workplace, regardless of their platform, network or ownership.
If you do not know what to look for in a mobile voice call archiving software, choosing the right one to use in your business can be a difficult task. There are various capabilities that you should look for in the software that you will choose, one of them being fast implementation and scalability. The call recording solution that you will choose should be easy and quick to install. Lengthy software and hardware installation can disrupt your operations as well as compliance measures.
You also need to make sure that the call archiving solution that you will choose can scale with the ever changing regulations. It should also be easy to integrate with other best in class solutions that can help your company stay ahead of regulatory compliance and avoid problems that are triggered by vendor lock-in.