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Mobile Recording: Tackling Fraud in a Digital Age
By Adrian Gorham, Head of Fraud and Security Telefónica UK
Today’s society is largely characterised by rapid advances in technology. From Instagram and iPhones, to Google Glass and Driverless cars, the way in which we interact with technology in our everyday lives is developing at a phenomenal rate. However, this is not only shaping consumer behaviour but also the regulatory compliance landscape. As a result compliance officers are increasingly looking to new technologies to make their lives easier.
Depending on the industry you’re in, your organisation may be used to regulations or completely new to them. Nevertheless ensuring integrity and protecting confidentiality is central to most. According to industry research, financial services companies report that risk, compliance and eDiscovery teams spend as much as 80% of their time managing documents and reconciling information and only 20% of their time actually managing risk. To tackle this, IT departments and compliance managers are increasingly having to look for innovative ways of using technology to make their company compliant.
O2 is at the heart of one of the most regulated industries in the world. In my role as Head of Fraud and Security, protecting over 23 million customers in the UK, I need to ensure any IT we use is sophisticated enough to adheres to strict telecoms industry regulations. The complexity of our organisation, as well as the wider industry, means we understand the importance of compliance, and the benefits technology can bring to it. It is in this context we developed Mobile Recording from O2.
The solution, which is device and OS agnostic, enables your organisation to comply with the Financial Conduct Authority (FCA) ruling regarding call recording for firms selling regulated financial products. If this specific regulation doesn’t apply to your firm, Mobile Recording from O2 can help ensure your organisation is able to meet the growing number of regulations affecting all industries such as insurance and legal liability regulations for law firms. The solution, which seamlessly records calls and texts, also gives employees the ability to work flexibly without compromising on call quality or security. As companies begin to realise the benefits of flexible working, maintaining compliance in this way has the potential to be game changing.
Given the complexity of regulations affecting organisations today, a one size fits all approach simply won’t work. We recognise this fact and have ensured our Mobile Recording solution gives customers the option of hosted, on premise or hybrid data storage. This allows for the technology to be customised to meet specific needs or security regulations, even if this means integrating it into an existing fixed voice recording solution.
As organisations continue to face increasing regulations, tools that allow them to remain compliant without affecting employee productivity or customer service are becoming more important. Technology has become integral to any compliance programme, and Mobile Recording from O2 in particular has the ability to meet regulator expectations in a seamless and dynamic way.
Find out more on our website about how we’re helping our customers tackle fraud.
 M.Rasmussen. GRC 20/20 Research, http://www.grc2020.com/index.php/research2/solution-viewpoints/720-sai-global-delivering-effective-compliance-solutions-architecture