Allowing staff to communicate with customers through consumer-grade messaging applications is one of the major risk enablers in many businesses today. Though many companies were initially skeptical of new messaging systems, the 2020 coronavirus pandemic compelled many to utilize them in order to swiftly adjust to the shift brought about by the remote work structure; mobile messaging provided several benefits to businesses, including increased communication and cooperation with workers, which resulted in improved response.
It is estimated that almost a majority of today’s workforce is mobile as a result of the demanding changes in customer expectations, which are mostly centered on reaction time, delivery, and the like. With more businesses preceding office space, the many advantages of mobile communication become apparent. However, as more workers utilize their handsets as part of their remote work arrangement, monitoring business-related mobile activities have been a growing issue, prompting the implementation of SFC recording and text message SFC archiving.
The SFC circular acknowledges that licensed businesses are increasingly using the services of external electronic data storage providers (EDSPs). It states that under the Securities and Futures Ordinance and the SFC’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance, businesses must take multiple steps to ensure the preservation and integrity of the records or documents are required to keep.
The SFC defines electronic data service providers as businesses that provide public and private cloud services, or devices for data storage in conventional data centers, and technology services that generate information during service use and can be retrieved later. A significant issue is that this might bring into scope third-party service providers who may likewise store firm data in their cloud or the cloud of their service provider. If the retained data is not mirrored inside records, compliance with the new criteria may be complicated.
To know more about how to confidently allow mobile messaging in your regulated firm, below is an infographic from TeleMessage.
