Industry Insights Report: Compliant Communications 2023

Global Relay's first industry insights report, which serves as a litmus test for market responsiveness to regulatory action for recordkeeping and communications compliance.

Electronic messaging (Connectors)Records & Information Management Report

17 May 2023 2 mins read

By Jennie Clarke

Written by a human

Find out how compliance teams are managing business communication in 2023

We asked our compliance network how they were managing communication channels in the face of constant innovation and increasing regulatory scrutiny.

This report analyzes the results of that survey, as well as the opinions given by seasoned practitioners at our roundtable events, including TP ICAP’s Eren Erman and industry veteran Carroll Barry-Walsh, to present an industry-wide view of compliant communications practice.

Learn:

How compliance teams are managing WhatsApp, WeChat, and similar channels
Whether BYOD policies prevail despite regulatory pressure
CCO insight on best practice for robust policies to withstand regulatory scrutiny

View the full report:

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A preview of what we found…

In the wake of regulatory fines for off-channel communications, we asked compliance officers how they’re responding.

59% of respondents said that they have banned WhatsApp, WeChat and similar apps…

Despite this, only 2.6% of respondents agreed that banning is an effective solution that would withstand regulatory scrutiny.

When asked their biggest concern when ensuring compliance with electronic communication rules and regulations, the majority said that they struggled with getting employees to adhere to the rules.

Others said that they struggled to monitor all communication channels (53.8%), with some struggling to capture communication data in the first place.

While the majority of regulatory movement for recordkeeping has so far come out of the U.S., almost 50% of respondents said that they are anticipating action from U.K regulators next.

Despite this, very few U.K.-based respondents said that they will be prepared if U.K. regulators do change their focus.

It’s a matter of time until the FCA fines someone for using off-channel comms. Given some of the recent FCA fines in the AML and Trade Surveillance space, I think we can expect similar fines in the comms and record keeping space in the near future, although I don’t see fines being as large as the recent SEC/CFTC fines issued for use of WhatsApp and Signal.

Eren Erman, Global Head of Compliance Technology, TP ICAP

Global Relay

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Published 17 May 2023

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Jennie Clarke Head of Content

Industry Insights Report: Compliant Communications 2023