While the list below is by no means exhaustive, it should serve as a strong benchmark upon which to review potential solutions, as any offering that doesn’t meet these considerations is unlikely to completely fulfill the requirements set out by MiFID II and should therefore be avoided:
Coverage of all required telephone platforms
MiFID II mandates that calls must be recorded across both mobile and landline platforms, so it is critical to ensure any solution being looked at has the capability to do this, as many out there cannot.
Easy implementation and scalability
A cloud-based recording and archiving solutions do not require any on-site installation, eliminating disruption incurred as a result. Scalability is also a major factor. Our solution can scale both up to cover busy periods, while scaling down to save your organisation money during quieter periods?
Access to call recording archives from anywhere
Cloud-based recording and archive solutions offer the ability to access call recordings and archives from anywhere, at any time via a secure online portal. This is particularly beneficial to organisations spread over multiple sites or countries.
Secure storage and encryption to protect recordings
MiFID II mandates that call recordings relating to a financial transaction must be stored for five years after the transaction was made, a significant rise from the six month period currently mandated by current FCA legislation. Not only does this impact heavily on storage resources, but it also presents security challenges, particularly if the recordings contain sensitive financial information. Our recording and archive solution offers the latest levels of data encryption and provides guarantees about who is able to access recordings.
Compliance with additional data standards
Solutions available also offer additional layers of compliance such as the Payment Card Industry Data Security Standard (PCI DSS) and BS10008; governing whether recorded content is legally admissible in court if required.