Call Monitoring Program – Essential Elements for Effective Compliance


In many financial services institutions, a need for regulation of monitoring practices is growing. This strengthened the core regulatory compliance strategy to protect firms from being penalized. Currently, mobile call monitoring and text recordings are strictly implemented in the UK. This assures customers that those employees treat all information fairly and follow the FCA or Financial Conduct Authority guidelines.  

Aside from the FCA, MiFID II or Markets in Financial Instruments Directive II requires the EU financial firms to have a solid call monitoring system. This should be able to record phone conversations and electronic communications that include calls, texts, and IM chats like WhatsApp and other applications used in the workplace.

Continue reading this article to know more about the essential elements for effective call monitoring compliance.

In the financial firm industry, some institutions are tasked to supervise, monitor, and investigate trading that is deemed manipulative. Exposing such action highly depends on all data collected through recorded phone calls and other mobile-related activity relevant to the business.

To better detect and flag suspicious conversations, having a list of keywords or phrases preventing illegal activities is a must-have. Usually, a list of 15 highly-refined keywords will help your company avoid detecting false positives. Flagging keywords such as “just between us two” or “call me at home” will maximize your monitoring efforts. 

By investing in speech-to-text analytics, call monitoring takes a giant leap from reactive to proactive monitoring. This powerful tool helps convert voice conversations into a readable text format that allows financial firms to analyze communications. Some companies use NLP or Natural Language Processing machines to identify behaviors and understand the context of a recorded phone call.

Check out this infographic by TeleMessage to learn more about effective call monitoring programs.


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