MS Teams – Is Your Surveillance Ready?•
Usage of Microsoft Teams is Surging – Is your Surveillance Program Ready?
Since March, remote working has become the “new normal” for most financial sector firms. During this same period, use of Microsoft Teams, an online communications and collaboration tool, has accelerated massively, growing from 15 million to 75 million users as of May 2020. With over 250 million Microsoft Office users, there is much room to grow for this popular method of communicating. This demand surge has significant implications for financial sector firms’ monitoring efforts. Relatively overnight, Microsoft Teams has become a mainstay collaboration tool.
Scott Burke, Regulatory Product Manager at RIMES, comments:
“To meet monitoring obligations, compliance teams and supervisors must ensure they’re able to capture and monitor Microsoft Teams for suspicious behavior in a timely and effective manner. With Microsoft Teams usage becoming prominent, regulators will focus on the oversight of these communications during exams and inquiries. Coverage gaps increase the risk of regulatory scrutiny and penalty.”
To help firms address this challenge, SOTERIA, a leading holistic communications monitoring solution, has recently added all of Microsoft Teams’ multimedia channels to its offering. Through the solution, Microsoft Teams communications are captured, cleansed, stored, and made accessible for analysis in an immutable format. SOTERIA Communications surveillance integrates with RIMES RegFocus℠ Market Surveillance for holistic communications and trading surveillance. Scott continues:
“Microsoft Teams is unlike traditional communications mediums in that it integrates a range of typically separate channels such as voice, text, screen share, video and chat. SOTERIA’s solution provides peace of mind that this critical channel is ready for instant retrieval, search, and analysis. Thanks to SOTERIA’s best-in-class voice surveillance capabilities, the review process for the audio elements of Teams chats can be done in-line with text elements.”
Rob Houghton, Founder and CTO of SOTERIA, added:
“It’s inevitable there will be a gap in archiving material from a new key comms platform, but it’s essential from a compliance perspective that this gap is as small as possible. The speed with which SOTERIA’s call recording can be implemented makes it ideal for extending surveillance capabilities to a comms platform like Teams that has become so important, so quickly. With the proper tools in place, firms can operate confidently knowing that new methods of collaborating through Teams are captured appropriately. It’s a great addition to SOTERIA and a valuable new element to the RIMES RegFocus Market Surveillance integration.”
*This guest blog was written in collaboration with RIMES. To receive more information about RegFocus℠ Market Surveillance, their award-winning solution which handles the many complex challenges of market surveillance, and their integration with SOTERIA, contact us.