In the wake of the COVID-19 pandemic, many financial services firms are implementing work from home policies using collaboration tools. Theta Lake’s Marc Gilman provides background on regulatory responses and requirements, as well as practical advice about compliance considerations.
As individuals and organizations aggressively invoke business continuity plans in the wake of coronavirus, a rapid uptick in the use of collaboration platforms like Zoom and Cisco Webex are helping to connect employees and support remote working environments. In fact, Cisco, LogMeIn, RingCentral and others are offering free trials and resources to proactively support employees who are shifting to work-from-home arrangements.
Moreover, several banks, including HSBC and JPMorgan Chase, are publicly discussing migrations to remote working setups and moving directly to collaboration platforms for client communication and support purposes, acknowledging that the ability to be nimble and flexible is critical.
At the same time, the rapid expansion in the use of video collaboration platforms cannot come at the expense of compliance requirements and standards. Based on a recent Theta Lake Survey, 90 percent of financial services and insurance firms are using video tools in their organization. FINRA as well as the SEC, NFA and FFIEC all…
