What Are Financial Firms Saying About 2023’s Regulatory Squeeze?


INSIGHT
Published
Jan 10th '24
Share
Facebook

Over the past year, Smarsh® has referenced the manymany headlines of record-breaking fines being levied against financial services firms for failure to meet recordkeeping requirements.

 

Firms are reading the same articles – and feeling adrift about how to shore up their communications compliance strategies.

 

Smarsh recently surveyed regulated firms to get a ‘lay of the land’ of the financial services sector regarding the retention and oversight of digital communications. In short, they’ve learned that it’s been a tough year for firms to find their compliance footing given the following:

 

  • In-office vs. remote culture clashes
  • Readily available generative AI technologies
  • Growing cybersecurity and data privacy concerns
  • Unprecedented volume of new, updated and expected regulatory updates

 

There are simply too many questions for firms, like:

 

  • “Should we allow the use of WhatsApp?”
  • “Is our compliance strategy still good enough?”
  • “What are we supposed to do when regulatory requirements evolve?”
  • “How can we make our compliance controls nimble and responsive enough for
    further regulatory changes?”

 

How are firms reacting to increased scrutiny?

Research methods consisted of a 15-question online survey of 229 respondents with communication compliance responsibilities, conducted Sept-Oct 2023. Here’s a glimpse into the results:

 

  • Collaboration apps are most popular with hybrid firms (82%); surprisingly, office-only and remote-first are at a near tie (68% and 66%, respectively)
  • Remote firms are more likely to use emerging social media apps — hybrid and office-first firms seem to take the “wait and see” approach
  • SMS text messaging continues to be a struggle
  • The concern of new regulations is growing from 46% in 2020 to 65% in 2023
  • Only 29% of respondents feel comfortable with their existing digital communications policies

 

compliance survey 2023 channels used
Image: Smarsh®
compliance survey 2023 top risks
Image: Smarsh®
compliance survey 2023 understanding regulations
Image: Smarsh®
compliance survey 2023 update compliance
Image: Smarsh®

 

Get the full report

As communication technology advances and regulations evolve, firms must keep up with and have a deep understanding of both. Regulators are zeroing in on how and what firms use to communicate, and we expect that these regulatory changes and updates are only the beginning. There’s a lot to unpack, so get the full survey results and analysis from leading industry experts.

 

FEATURED REPORT: An Unprecedented Year in Enforcements

 

Source: Smarsh

 

About Smarsh

Smarsh® is the recognized global leader in electronic communications archiving solutions for regulated organizations. Smarsh provides innovative capture, archiving, e-discovery, and supervision solutions across the industry’s widest breadth of communication channels.

 

Scalable for organizations of all sizes, the Smarsh platform provides customers with compliance built on confidence. It enables them to strategically future-proof as new communication channels are adopted, and to realize more insight and value from the data in their archive. Customers strengthen their compliance and e-discovery initiatives and benefit from the productive use of email, social media, mobile/text messaging, instant messaging and collaboration, web, and voice channels.

 

Smarsh serves a global client base that spans the top banks in North America and Europe, along with leading brokerage firms, insurers, and registered investment advisors. Smarsh also enables state and local government agencies to meet their public records and e-discovery requirements. For more information, visit www.smarsh.com.

 

About us

LS Consultancy are experts in Marketing and Compliance, and work with a range of firms to assist with improving their documents, processes and systems to mitigate any risk.

 

We provide a cost-effective and timely bespoke copy advice and copy development services to make sure all your advertising and campaigns are compliant, clear and suitable for their purpose.

 

Our range of innovative solutions can be tailored to suit your unique requirements, no matter whether you’re currently working from home, or are continuing to go into the office. Our services can be deployed individually or combined to form a broader solution to release your energies and focus on your clients.

 

Contact us today for a chat or send us an email to find out how we can support you in meeting your current and future challenges with confidence.

 

Explore our full range today.

 

Need A Regulatory Marketing Compliance Consultant? A Bit More About Us

 

Contact us

 

Why Not Download our FREE Brochures! Click here.

 

Call Us Today on 020 8087 2377 or send us an email.

 

We welcome individual bloggers / Professional Writers / Freelancers to submit high quality contents. Find out more…

 

FOLLOW US

Connect with us via social media and drop us a message from there. We’d love to hear from you and discuss how we can help.

 

Facebook | Instagram | LinkedIn | X (formally Twitter) | YouTube

 

Contact us