Smarsh®, helping customers get ahead — and stay ahead — of the risk within their electronic communications, has released its ninth annual Electronic Communications Compliance Survey Report, the company said.
The survey of more than 300 compliance professionals in the financial services industry finds that organizations must rethink their approaches to the adoption, retention and oversight of electronic communications to accommodate modern electronic communication technologies in the workplace, including personal mobile devices.
The survey indicates that many compliance teams are struggling with limited human resources to oversee the fast-changing electronic communications compliance landscape. Nearly half of respondents (45%) said they are in constant catch-up mode, rather than proactive mode, when it comes to electronic communication compliance. Without adequate technology to automate the collection, preservation and review of an increasingly diverse volume of electronic communications, organizations are struggling to keep pace.
In addition, prohibiting younger workers from using personal devices and messaging applications to conduct business is no longer a viable option. As new multi-modal networks such as integrated voice, video and chats are requested or approved for use, compliance teams will need to get ahead of retention and supervision standards.
SMS/Text is a compliance gap and perceived source of risk. The top perceived sources of risk for survey respondents were SMS/text messaging (77%) and collaboration platforms such as Microsoft Teams (36%). Respondents also reported compliance gaps in which they lacked archiving and supervision solutions for many allowed popular communication channels, including Instagram (50%) and SMS/text messaging (40%).
Use of personal devices is now the standard. Three-quarters (75%) of those surveyed allow employees to use personal mobile devices at work. At the same time, 44% of respondents lacked confidence that their organizations were capturing and archiving all business communications via allowed mobile devices.
Smarsh has established the industry standard for the efficient review and production of content from the diverse range of channels that organizations now use to communicate. With innovative capture, archiving and monitoring solutions that extend across the industry´s widest breadth of channels, customers can leverage the productivity benefits of email, social media, mobile/text messaging, instant messaging/collaboration, websites and voice while efficiently strengthening their compliance and e-discovery initiatives
