As technology continues to evolve and improve, it has significantly changed the traditional means of communication for businesses worldwide. Today, many modern communication tools are available at every company’s disposal.

Many organizations have employees who prefer various non-business communication applications such as WhatsApp, WeChat, Signal, and more to engage with colleagues and clients. Many prefer using such communication tools as they are convenient and easy to use. 

This trend has accelerated in the COVID era as employees are forced to work from home, and most conversations are conducted virtually. Modern communication tools such as Zoom, Microsoft Teams, and Cisco WebEx are also widely used by companies to facilitate remote collaboration.

With the significant growth in digital communications technologies, firms are given more communication methods. Consequently, regulatory bodies such as the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have become motivated to address the use and retaining of electronic messages.

It prompted them to amend existing compliance rules and introduce new ones covering the requirements of hybrid working models. Regulators have expected firms further to strengthen their existing efforts for model digital communication technologies but found that many organizations have yet to expand their monitoring and archiving systems, including record mobile sms.

Without effective systems to monitor and archive vital business-related communication like instant message capture, a business can face multiple legal risks. The SEC has clearly warned that firms who fail to adhere to their record-keeping rules will incur significant monetary and non-monetary penalties.

Furthermore, as companies increasingly rely on various social media channels for business communication, FINRA has also issued regulatory notices and guiding documents for using social media as a medium for business communication. The guidance highlighted the importance of monitoring and capturing social media posts, chats, voice calls, and emails.

Read this infographic from TeleMessage to learn more about SEC focus on communication compliance.