October 23rd, 2018 12:02pm | Call Recording, Compliance, FCA, SupportX,

By Richard Garel-Jones, Product Director, Oak Innovation

If you’re one of the 58,000 UK businesses trading in financial products or advice, then you will already be well aware of the FCA.

The independent regulatory body is licenced by the UK government to enforce regulations that deter, detect and prevent abuse and malpractice in the financial markets, and by the EU to oversee the implementation of MiFID II in the UK with a similar intent.

One of the stipulations of FCA compliance is that organisations provide a visible audit trail of activity surrounding the enquiry, purchase and sale of financial products and services. This includes recording and storing phone conversations with clients, traders and internal staff, for up to seven years.

Many organisations that purchase call recording consider it a business-critical service.

A business may not need to access recordings on a regular basis, but when faced with a customer dispute or compliance challenge, they provide essential information about who said what. This is no mere box-ticking exercise. Failure to comply can result in fines of up to 20% of turnover, not to mention damage to reputation. In 2017 alone, the FCA issued fines totalling £229,515,303*.

In spite of the implications, when firms are deciding which call recorder to purchase, many fail to consider issues of scalability, storage and the potential impact of an interruption in service. Unlike many other real-time applications, a failure may not be immediately apparent, but the consequences of missing information may be significant.

At Oak, we ensure there are deployment options available to maximise uptime and counteract risk.

We recognise that compliance is one of the chief reasons that businesses buy our recording applications, so we’ve created product features, deployment models and support options to provide peace of mind and continuity of service.

1. Your solution, deployed your way

MiFID II requires firms to capture all calls relating to a financial transaction for seven years. This means you need a recorder that works with your current telephony, and sufficient storage for large amounts of cumulative recording data.

Freedom of deployment

Our solutions work with on-premises and cloud telephony. You can choose to deploy the recording application itself on premises, in a virtualised environment to leverage 'high availability', or from a hosted service provider 'as a service'.

Flexible storage

However you deploy, you can store your calls onsite or in the cloud. Some financial firms prefer to retain full control by storing recordings on premises, readily available and easy to find. Others make use of emerging low cost cloud storage for long-term archiving, although they may experience delays in recovery or limitations on the number of withdrawals per year.

2. Identify issues ‘in the moment’

A problem with your system that causes it to stop recording may not be your fault, but it is your responsibility. The higher levels of Oak’s new SupportX service now include a clever health monitoring service identifies and flags issues when they occur to minimise disruption.

End-user notification & recovery

The health monitoring service attempts to correct critical software failures and notifies a nominated IT contact. In addition, the service can be configured, monitored and reports on usage, CPU performance and available memory, highlighting issues before service is affected.

Service provider notification & recovery

Oak’s active health monitoring service goes one step further by notifying Oak’s network operation centre. Our engineers will log in and address any issues. This eases the burden on your in-house maintenance team, helps us track trends to drive improvement.

3. Maximise service availability

Should a primary call recording system fail, due to software or hardware issues, redundancy provides a ‘back-up’ service to make sure no calls are lost until the primary recorder is up and running once more.

How does call redundancy work?

Voice traffic is captured by both a primary and secondary recorder. If there is an issue with the primary system, be it software or hardware, the administrator will be alerted and can then migrate the missing calls over from the back-up. This removes any vulnerable points of failure, be they fleeting interruptions or a larger scale issue.

Tackling server problems

If there’s an issue with the server hardware or host, both primary and secondary recorders continue to capture calls until the server is back online, when the recordings can be uploaded once more.

To find out more about our call recording products and services, call our Sales Team on 0800 9889 625.

 

*https://www.fca.org.uk/news/news-stories/2017-fines

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