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Failures in messaging compliance can be costly. In the fall of 2022, Firms were fined over $1.1 Billion for record-keeping failures related to electronic communications.
It can be stressful when assessing one’s policies and procedures, as electronic communication is so prevalent in the industry. It can be difficult to know how to make a distinction between personal and private without forcing employees to use different devices.
Today, we provide some key reminders when handling electronic communication compliance.
Maintaining compliance with electronic communications can be a tedious task. It can also be frustrating considering it is not directly revenue generating and seemingly takes a lot of time.
However, proper compliance will help defend your Firm against costly regulatory fines that could devastate a business.
With the proper resources and effort, and help from dedicated compliance professionals, Firms can create recordkeeping practices that are both compliant and resource efficient.
Reach out to us for any support you may need.