Could inaction be your biggest compliance risk?
Compliance is the backbone of regulated organisations, particularly those within banking, financial trading and insurance.
Every interaction, every transaction, and every communication must be recorded, stored, and accessible for years, sometimes decades, at a time when communication channels continue to increase. However, as regulations evolve and become more stringent, the reliance on outdated recording systems can expose your organisation to significant risks.
Our new whitepaper, “The Cost of Doing Nothing: The Risks and Solutions for Compliance Archiving and Records Management” highlights the dangers of maintaining the status quo.
Non-compliance is not just a risk – it’s a reality for many organisations still using legacy systems that are either end-of-life or unsupported.
The Hidden Dangers of Legacy Systems
Outdated systems can create a compliance nightmare. Fragmented data across multiple platforms makes it challenging to retrieve records quickly, accurately or at all, during audits or investigations. Worse still, the inability to prove the authenticity of these records could result in regulatory penalties or even legal challenges in a court environment.
The whitepaper reveals that a staggering 93% of regulated organisations said they must retain interaction recordings for up to 10 years. Despite this, 44% admitted to using at least one legacy recording system that is no longer supported. This not only increases the risk of non-compliance but also leaves these organisations vulnerable to data breaches and other security threats.
A Modern Solution to an Old Problem
The key to overcoming these risks lies in modernising your records management strategy. Cutting-edge solutions, such as Wordwatch, consolidate all interaction records from both live and legacy systems under one platform. This ensures that recordings are not only stored securely but are also easily accessible and verifiable, reducing the risk of non-compliance.
Why You Need to Act Now
Compliance is not optional. The cost of inaction could have dramatic consequences for your organisation. Download our latest whitepaper today and learn how to future-proof your communications compliance strategy with Wordwatch.