Banking/Insurance companies need to adhere to the BASEL II, US Patriot Act, Anti money laundering, FDCPA etc-etc. The cost of adhering to such compliances can be considerable high but the value of legal and reputation loss due to non compliance can be many times higher. The cost of non-compliance may include cost of settlement or fines to be paid to the complainant or huge loss of reputation or brand. For e.g. The $ 1.6 Billion in fines that Siemens had to pay to the authorities in the US & in Germany for a failure to comply with regulations regarding the disclosure of illegal financial considerations. Another example in a case between Exchange Commision(SEC) v/s Morgan Stanley in 2006, Morgan Stanley was made to pay fine of $15 million for failing to produce necessary electronic records.
There are two aspects of cost of compliance first is technology and second is people. Investment in right technology at right time improves efficiency towards compliance management and mitigate the risk for future. It is very important for organisation to understand the value of technology in the process of adhering to various compliances.
One of the attribute for compliance management for banking/insurance includes monitoring agent performance and recording conversation with customers. One of the biggest challenge of banking/insurance sector is to ensure call records of their customer are kept for longer duration of time. In case of legal scenario producing the appropriate recording can avoid unfavorable judgement.
Vault1 as solution for Call Recordings
CloudCodes Vault1 provides a comprehensive solution to archive the call recordings of customers to a robust and scalable cloud platform. This allows the organisation to have a copy of the recording of the voice call at a secondary location at a considerable cost that is paid as the storage requirement of the voice call data scale. Organisation no longer need to consider the archival of such a large volume of data as a capex investment as a result it can be implemented quickly as part of compliance management process.
Vault1 allows the IT and compliance team various level of access as required by the compliance management process. It allows an hierarchical access to allow users with bigger role to have access to all data at the same time granular access to localized business or administrator user.
Vault1 allows the organisation to have a almost ZERO RPO and RTO i.e. almost real time backup and retrieval of voice call recording data immediately on demand. This will improve the efficiency of the compliance process.