It is true that there are other reasons why Call Recording helps companies, such as quality or customer experience, however, we must not forget that one of the purposes that have had greater weight in recent years is the regulatory compliance.
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The way in which data is created, stored and shared changes everyday thanks to technological developments. This has led to the creation of extensive regulations, policies, standards and laws that companies are obliged to comply with in order to protect data privacy and be aware of potential compliance gap, so as not to incur a negligence or carelessness.
International data protection regulations:
Among all the international regulations created to protect customers’ personal data and privacy, we present you some of the most important ones affecting Call Recording are GDPR and CCPA for regulating data privacy and PCI DSS, MiFID II and DOD-FRANK ACT for regulating transparency in the financial sector.
Failure to comply with these regulations can result in companies facing criminal liability, costly lawsuits, fines and dilapidation of their reputation in the marketplace. Indeed, in the case of the MiFID II directive, non-compliance entails sanctions ranging from €600,000 to €5 million or 10% of total annual turnover. Or in the case of non-compliance of the GDPR the sanctions can rise to up to €20 million or 4% of the company’s annual turnover.
Thus, not only ensuring full compliance with regulations and ethical behavior, but also transmitting this transparency to their customers, becomes essential for all companies, especially for those in stricter sectors such as finance, and this is where call recording comes into play. In fact, companies have introduced the position of Chief Information Security Officer, known as CISO, who knows in detail the regulations to which the activity of his company is subject and whose mission, among other aspects, is to ensure compliance, as well as the creation and adoption of recovery plans to respond to unplanned incidents and minimize their effects and training plans with which to instruct work teams.
How do Call Recording help to comply with regulations?
Call Recording technology solutions such as Recordia allow you to make these call recordings in a safe and responsible way, complying with international data protection regulations. In the specific case of Recordia, it is designed and certified to meet the technical requirements of security and data privacy necessary to comply with all the international regulations described above. Recordia helps you to comply with international regulations through:
- Capture and custody: record all interactions legally and adjusts the custody period and geographical location of the servers where your encrypted captures will be securely stored.
- Centralize and manage recordings in a single program, all recordings and captures remain secure within Recordia.
- Ensure authenticity and transparency, thanks to the HASH fingerprint it is proven that each interaction remains unaltered from end to end.
- Control access, limiting access to data; configure access and permissions for Recordia users. Two-factor authentication (A2F) is required for access.
- Retrieve and shares all interactions: the trace of your interactions can be retrieved at any time in case of audit or query, or if their modification or deletion is required by users.
If you want to learn more about Recordia Call Recording, you can get it here.
Go one step further with Artificial Intelligence
Although one of the most compelling reasons for using Call Recording is compliance, there are many other reasons to use it. Recording for quality reasons, to improve the customer experience or for employee training is becoming increasingly important in companies.
However, these recordings, far from remaining a static resource that only involves a storage cost, can be a very interesting source of information for companies, exploitation is legal. This is what has led to the creation of a technology that has been gaining momentum in recent years, Speech Analytics, which purpose is to extact information and trends from thousands or even millions of recordings thanks to Artificial Intelligence.
For this reason, companies that once created Call Recording software, have opted for a product development strategy, implementing Speech Analytics. Recordia is one of them, providing solutions based on Artificial Intelligence such as Speech Analytics, Sentiment Analysis, Biometric Voice Identification or Call Transcription, which allow you to classify and group 100% of your conversations, offering insights and key information for your business.
For more information on how Recordia helps companies comply with international data protection regulations, you can find it here.
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