The coronavirus pandemic has changed various firms’ working landscape and changed the securities industry’s day-to-day operations—irrespective of business size, the majority transitioned to remote work to prevent the virus’s further spread.
Such firms are fortunate enough to continue their operations with employees working from the safety of their homes. Others have lost their sources of income with the temporary and permanent closure of some businesses.
However, even fortunate firms that resumed and continued their operations have challenges they need to face.
Those who transitioned to remote work amid the COVID-19 should implement remote supervisory practices. FINRA issued a notice tackling the transition to remote work as well as supervision.
FINRA discussed steps they have taken for a smooth transition to the new workstyle with small, mid-sized, and large firms. In the notice, it includes the different practices which FINRA suggested for securities firms. All of which can enhance supervisory efforts and compliance programs of the firms, including call monitoring.
Firms are free to adhere to their practices: however, FINRA reminded them that they must still implement a reasonably designed supervisory system appropriate to their business size and model. Additionally, firms must also memorialize in writing all of the adjustments made to their policies and supervisory procedures due to the pandemic.
Furthermore, among the many challenges firms must face is remote supervision. Some are relatively prepared as they have existing supervisory tools to supervise their employees remotely.
For those without such tools, firms must take steps to address supervisory concerns and compliance issues like text messaging, especially with the prevalent use of various instant messaging applications like WeChat and WhatsApp.
Firms should consider the mobile messaging solutions of TeleMessage with their product lines, namely Mobile Archiver, Secure Enterprise Messaging, and Mass Messaging. It can reduce risks across various industries and enable whatsapp archiving, capture, and archive of SMS, MMS, and voice calls.
Learn more about the notice issued by FINRA by clicking this infographic from TeleMessage.
