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BLOG
SEC ENFORCEMENT HIGHLIGHTS NEED FOR A PROACTIVE APPROACH TO COMPLIANCE
By Kristina Case
3 Min. Read
Banks and financial institutions are accountable for their employees’
communications. Recent regulatory enforcement actions, as well as rigorous
fines, have highlighted the digital communication challenges that the financial
sector is experiencing – especially when remote work is so normalized, and
employees are using unofficial communication applications to conduct business
and drive sales.
In October 2020, Morgan Stanley fired two of their executives for breaching
internal policies and protocols by using unsanctioned WhatsApp instances for
business-related discussions. Six months later, JPMorgan Chase let one of their
senior traders go (and cut off bonuses for more than a dozen more), again
because of unsanctioned WhatsApp use.
Cases like these are likely to increase. Recent changes to the regulatory
environment – and rigorous fines and enforcement actions – pose substantial risk
to financial institutions, as they are forced to clamp down even harder on
employee communications if they want to avoid fines.
How should enterprises react? By embracing this trend, rather than working
against it. By automating compliance supervision and archiving for new
communication apps across social and mobile chat.
COMPLIANCE IS ONE OF THE MAJOR DIGITAL COMMUNICATION CHALLENGES
The not-so-new era of remote work has accelerated the trend of employees using
BYOD devices and unofficial communication applications to conduct business and
drive sales. Unfortunately, ensuring compliance for these apps and devices is
difficult for most organizations.
In October of 2021, the US Securities and Exchange Commission (SEC) performed a
“sweep” of Wall Street banks, peering into how they are keeping track of the
digital communications of their employees.
This broad inquiry from the Commission’s enforcement staff was a check on how
well companies were documenting and archiving work-related communications – from
text messages to emails – from their employees, particularly those using
personal computers, phones, and other devices.
This recent industry sweep has highlighted:
* the SEC’s move to ramp up the recent regulatory enforcement actions of the
Biden administration
* the digital communication challenges that banks face in keeping track of
staff missives and messages in this prevailing era of work-from-home set ups
SEC: “BE MORE PROACTIVE”
In a speech, the Director of the SEC’s Division of Enforcement, Gurbir Grewal,
acknowledged that this “time of rapid and profound technological change” we are
experiencing has two sides:
“[This change] can help amplify the dynamism of our markets and increase access
for investors. But at the same time it also creates new avenues for misconduct,
and new responsibilities for compliance.”
Grewal invites everyone to be more proactive in terms of record-keeping
violations. Firms need to rigorously consider how their business models and
products interact with enforcement priorities and the emerging risks of digital
communication, and tailor their compliance policies and protocols accordingly.
This helps the SEC, as an investigating body, to conduct proper investigations
and maintain market integrity.
Unfortunately, the opposite happens in real life, and this affects financial
institutions and firms negatively:
“We continue to see in multiple investigations instances where one party or firm
that used off-channel communications has preserved and produced them, while the
other has not. Not only do these failures delay and obstruct investigations,
they raise broader accountability, integrity and spoliation issues.”
Success Story: Fast-Growing Mortgage Company Reduces Security and Compliance
Risks
WALKING THE FINE LINE OF EMPLOYEE PRIVACY AND DATA SECURITY
The SEC is clear: a proactive compliance approach should not be a waiting game
for market participants. Instead of holding out for the SEC or other authorized
bodies to establish policies and procedures and demand the preservation of these
communications, financial institutions need to anticipate these.
“You need to be actively thinking about and addressing the many compliance
issues raised by the increased use of personal devices, new communications
channels, and other technological developments like ephemeral apps.”
Successful enterprises are already finding ways to embrace this trend rather
than try to work against it. Their solution? Automating compliance supervision
and archiving for new communication apps across social and mobile chat.
Banks and similar institutions often walk a fine line between safeguarding
employees’ data privacy and securing their business-related communications.
However, with the right solution, companies can secure both sides without
violating user privacy or increasing the risks of digital communication.
What companies need is a compliance and governance solution that empowers them
to automate regulatory reviews, and detect and flag non-compliance without
viewing private messages and missives. Such a solution should be able to isolate
business-related messaging from private threads and chats, monitor and archive
violations, and send alerts to teams and regulatory agencies within and out of
the company. These archives should be ready to access and review anytime, which
will help any investigations that follow, without ever needing to expose private
and sensitive information from the employee/executive in question.
Crucially, coverage should extend to every device, across social and mobile
chat. This way, whatever apps employees are using can be folded into company
oversight. The reality of communications can be embraced rather than resisted,
and companies can protect themselves.
SafeGuard Cyber provides those capabilities and more. To continue learning about
the capabilities of SafeGuard Cyber and how it helps banks, firms, and financial
institutions address digital communication challenges, visit us here.
WhatsApp, Compliance, Banking, Featured, Regulatory
Share:
KRISTINA CASE
Kristina Case is the Vice President of Sales, Americas for SafeGuard Cyber,
responsible for driving strategic growth, increasing new business and
bottom-line revenue, and implementing sales process and methodology.
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