The continual technological advancements in recent decades have resulted in massive changes in how Canadian businesses engage with their customers. Gone are the days when customers need to go to physical stores to shop or communicate with the brands. Communicating through instant messaging platforms, such as WhatsApp and WeChat, is the norm nowadays, owing to its convenience to both companies and consumers.
However, despite being a convenient solution for all sides involved, using such channels poses the risk of non-compliance. This is especially true for regulated industries, such as those under the Investment Industry Regulatory Organization of Canada (IIROC). The institution requires its members to keep records of customer communication for legal purposes, and not doing so can result in hefty fines.
And to follow this, many enterprises under the IIROC invest in WhatsApp or WeChat archiving solutions to help them save business messages, primarily those in off-channel platforms. Mobile archiving involves capturing, storing, and monitoring mobile communications to meet regulatory requirements. For IIROC-regulated companies, this means archiving all communications with clients, keeping them for the required period, and ensuring that everything is secure and cannot be altered or deleted.
Mobile archiving has several benefits for investment firms. First and foremost, it helps them comply with regulatory requirements. IIROC regulations mandate that firms keep records of all client communications for a specified period. With mobile archiving, investment firms can easily store and access these records, reducing the risk of non-compliance.
Mobile archiving can also help investment firms mitigate risk. By capturing all mobile communications, firms can monitor for potentially suspicious activity, such as insider trading or market manipulation. In addition, mobile archiving can enhance transparency and accountability. By keeping a record of all mobile communications, firms can provide clients with a complete and accurate account of their interactions. This helps build client trust and ensures the firm acts in its best interests.
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