Time and time again we have seen tier one banks make the headlines regarding the use of smartphones – most recently the SEC have issued a probe into Wall Street communications taking place on such devices. With the increased risk brought about by bring your own device (BYOD), firms adopting the policy run a higher risk of regulatory audits and subsequent penalty.
In this blog we take a look at why when it comes to compliance corporate issue devices are king from a compliance point of view.
BYOD refers to employees using personal devices in order to connect to their organisational networks and access work-related systems, that may include sensitive or confidential data. This approach sits under “shadow IT” and inherently adds both a security and compliance risk as users rarely allow their employers to add them to a Mobile Device Management platform in order to govern their devices via policy.
Logistically this produces many obstacles for compliance teams as monitoring staff communication and conduct via such devices is more challenging. A clear division of personal versus professional use is difficult to ascertain, considering the communication platforms are used in the same capacity under both circumstances.
What’s more firms when introducing surveillance measure across BYOD often face resistance from staff considering the nature of the device. Privacy concerns are of increased concern for employees despite the convenience of utilising one device. The implementation of an always on, tamperproof solution under such circumstances is rarely a valid option with reluctance high amongst staff.
A corporate device is a company owned device where company policy prohibits personal use.
With such devices solution providers can confidently monitor communications on this type of device as its sole purpose is one of business use as opposed to personal use. With a clear policy that prohibits personal use, employees who utilise the device for leisure do so at their own discretion and risk prosecution from the firm.
In contrast to the use of personal devices, the roll out of corporate devices is often more favourable amongst staff and faces less resistance regarding the monitoring of communications. With firms maintaining ownership of the device and clear policy in place regarding the surveillance and use of the device alleviates ambiguities regarding the use of the device.
What’s more by providing employees with corporate devices firms are able to implement tamperproof technology that gives uses a native mobile experience whilst also complying with regulatory guidelines!
With hybrid work environments more widespread following the gobal pandemic the need to ensure compliance across all work environments is paramount for compliance teams. Failure to do risks penalties from regulators in addition to tainting the reputation of a firm.
At VoxSmart we aim to work with firms to help ensure regulatory compliance with our tamperproof Mobile Capture solutions which monitors across voice, SMS, Telegram, WeChat and the de facto messaging app across capital markets –WhatsApp.
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