Your Business Communications May Have You on The Wrong Side of The Law

Darren Sinden, Account Manager, avsnet

Most financial services organisations have a digital services strategy, but two regulations (GDPR and MiFID II) are radically changing how financial services companies should invest in business communications… if they’re to stay the right side of the law.

From boutique management firms to larger global investment companies, we regularly help financial services organisations improve collaboration and productivity through business digitisation… BUT not all solutions are equal and many companies don’t realise the risks shadow IT is creating.

Business disruption is everywhere, it can emerge from different sources – new technology, competitor strategies, generational changes or in many cases… new regulation.

To help you tackle these new demands within the context of collaboration, we’ve prepared a short guide.

Our advice is available here in more depth, however in summary your steps should be:

1. Acknowledge digitisation’s disruptive effect – collaboration technology is a force for good, an enabler that, when done right, actually delivers compliance and the ability to drive positive business outcomes. Do you see it that way?

2. Understand the benefits – when investing in new collaboration solutions, set clear expectations and leverage case studies to truly understand what’s achievable from a compliance and business point of view.

3. Define your collaboration ecosystem – You need a strategy, so start by evaluating what communications systems you have, the needs of your workforce and if your applications are compliant with current and upcoming regulations?

4. Assess GDPR & MiFID II specifically – these are highly complex and have severe consequences for non-compliance, does your collaboration technology adhere to every clause? Why not offload that responsibility to a compliant service provider?

5. Make an informed decision – if a new communications solution is required, make sure it’s the right one. Invoke the assistance of an expert with the necessary credentials.

If you’re unsure whether your business communications are compliant or if you are considering changing to a new solution, let me know or get more information here.