Financial

Donoma Message Vault: Voicemail Archiving in Financial & Insurance


In late 2006, the Supreme Court of the United States revised the Federal Rules of Civil Procedure to specifically include electronically stored information, including text and voice records in discovery.

Once a party anticipates litigation, it must ensure the preservation of relevant electronically stored information. Additionally, the records should be maintained in their original format. Accidental deletion, misplacement, or any inability to locate data could even result in sanctions. (reference link – Rule 37(b)) Until now, being able to find and produce voicemail records has been extremely difficult.

Regulatory Drivers:

In the U.S., organizations operating in the Financial & Insurance markets, regulated electronic record retention compliance is driven by the Sarbanes-Oxley Act and regulations stipulated by the Securities and Exchange Commission (SEC), the National Association of Securities Dealers (NASD) and New York Stock Exchange (NYSE).

Sarbanes-Oxley (SOX)

The Sarbanes-Oxley Act of 2002 requires companies to implement policies and systems to monitor and prevent fraudulent activities. All publicly-traded companies under the jurisdiction of the U.S. Securities and Exchange Commission (SEC) must comply with the Sarbanes-Oxley Act. In addition, private firms that may one day be merged with, or acquired by, a public company will fall under these regulations as well. It is recommended that all such entities implement a data retention strategy and all financial controls must be verified and documented by independent auditors.  Penalties for non-compliance include fines of up to $5 million and up to 20-year prison term.

The requirements for Sarbanes-Oxley specify keeping electronic data for no less than three but up to seven years. To use a backup device to try to store this amount of data would be costly and difficult to manage, in addition to being nearly impossible from which to retrieve data. With a voicemail archiving solution, organizations can typically specify the amount of time data must be stored as well as take advantage of custom search and tagging tools for easy message retrieval.

SEC/NASD

Firms in the financial services industries must adhere to strict sets of rules imposed by governing bodies such as the Securities and Exchange Commission (SEC), the National Association of Securities Dealers (NASD) and New York Stock Exchange (NYSE). Among these rule sets is SEC Rule 17a which imposes a series of rules governing securities brokers and dealers. SEC Rule 17a-3 through 17a-4 outlines the effective handling of electronic records and how long such records must be kept. In conjunction with this SEC rule set is NASD Rule 3110, a requirement to keep records in compliance with SEC Rule 17a. In addition, there is NASD 2860, a requirement to maintain and keep a separate central log for all options-related complaints. Also of importance is NASD Rule 3010 which requires that brokers and dealers follow specific rules when sampling and reviewing messages to make sure they are in compliance.

Again, a voicemail archiving solution is an invaluable tool for compliance with the many rules and regulations governing electronic communications in the financial services sector.  Message Vault helps achieve compliance by maintaining integrity over the storage, access, and content-based policies governing voicemails. With its role based administration, Message Vault enables you to assign special privileges to Auditors that enable them to search and enforce content-based policy to comply with regulations.

How Message Vault Helps Organizations in the Financial & Insurance Markets:

Compliance:  Voicemail records are archived in real time based on user profiles.  Regardless of the end user’s activity, Message Vault archives and curates data for the designated time period.

Eliminates record-spoilage: Message Vault is a self-contained system and preserves messages in their original format.  Thus records are not subject to charges of “contamination” which can be claimed when records move between systems.

Responsive service: Message Vault quickly locates specific messages and provides the messages for download, restoration or reporting. Because it can find records so quickly, valuable manpower is saved and expense radically reduced.

Reduced storage and hardware costs associated with archiving: Public budgets are being cut for both hardware and IT staffing.  Because Message Vault archives voice records so efficiently, it requires less hardware and  management.

Accountability: The ability to find messages and quickly respond to requests (or accusations) empowers an organization with  information.  Be able to quickly ascertain what calls arrived, to whom, from whom, what was said, and the status of the message.

Security: Message Vault’s multi-level administration roles and full activity tracking ensures that there is complete audit trail reporting.

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