Mobile Voice Recording in Financial Sector


top-image-990x743In the financial sector, managing compliance is a critical yet progressively intricate challenge. Until recently, compliance needs for mobile communications were not subject to regulatory scrutiny in financial firms.

However, in 2011, the Financial Conduct Authority (FCA) eliminated the recording exemption for mobile phones and regulated that all mobile communications directly connecting to a financial trade should be recorded.

It was followed by the Dodd-Frank Wall Street Reform in the US, which makes it mandatory for telephone trades to be recorded, including those on mobile devices for financial firms trading in the US.

The MiFID II EU legislation would be implemented in January 2018. This would launch the most stringent mobile voice recording (MVR) regulations. It would result in substantially spreading regulatory needs within the UK.

All the market players involved in the advice chain for a planned trade should record all their mobile communications and maintain the data over a five-year period.

According to research conducted by Ovum (an independent analyst and consultancy firm), two-thirds of the firms required to record mobile communications have not yet complied.

It could be possible that several firms still have not accepted MVR because of misunderstandings about complex or expensive executions.

Again, some firms may have experienced MVR solutions before and could have had a negative experience, such as call degradation.

Moreover, there would be those waiting for MiFID II to take effect in January 2018, not understanding that if they have to renew their current mobile phone contracts at present, they could end up terminating those agreements and face expensive penalties for doing so.

If the appropriate solution is executed, MVR could ensure FCA compliance without disturbing productivity. Conversations would have to be recorded on a mobile device. There would not be any requirement for any special software, call forwarding or local applications.

The most optimal MVR solutions are one that records calls in line, at a network level. This facilitates compatibility with any mobile device, prevents the user from evading the solution and has no impact on IT needs for installation and maintenance.

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Brexit Could Lead to A Global Recession


World crisis. Europe view.A verdict by the UK to leave the EU would mostly trigger a massive sell-off in the pound, a sharp reduction in household income and a global recession, according to several experts. Analysts believe that the decision by the UK would have far-reaching consequences.

It would also have an instant and dramatic effect on global markets, investment, prices and employment.

According to George Soros (business magnate, investor), “Too many believe that a vote to leave the EU will have no effect on their personal financial position. This is wishful thinking.”

If there is a crash in real estate prices and unemployment after Brexit, as is likely, it would not be possible for a monetary policy to stimulate the economy and counter the resulting loss of demand.

As per assessments by various authorities, including the Bank of England and the International Monetary Fund, the average income loss per household because of a decreasing British currency would be around £3,000 to £5,000 yearly ($4,400 to $7,335).

Experts who monitor currency fluctuations predict that a Brexit could result in a 15 to 20% drop in the currency.

In 1992, the British currency had dropped, but it assisted the nation in the long-term by reducing the interest rates and boosting economic growth.

However, a devaluation would not be good for the economy this time because of three main reasons:

  • The Bank of England cannot reduce rates from the existing low levels compatible with the strength of banks in the UK.
  • The UK has a huge current account deficit and most probably would not witness another cash inflow.
  • The loss of currency value would not assist exports because of uncertainty in trading environments that would be triggered due to the Brexit.

A Brexit would result in a Black Friday for the financial markets. There are huge amounts of short positions against the pound. They would moderate any currency decline post-Brexit.

At present, speculators would be waiting to exploit any opportunity. It would seriously impact the economic well-being of most people.

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Financial Planning


u-growthMost firms understand that financial planning is a critical aspect of commercial success. Hence, it is not surprising that they are spending a significant amount of time and money on this endeavour.

Several businesses would like to spend time on planning, but complicated systems usually prevent this from taking place. The absolute number of spreadsheets being used in financial planning, along with the huge quantity of data that has to be managed is an obstacle to planning more regularly.

Complexities in the enormous quantity of data, combined with the labour intensity needed to accumulate, evaluate and report on this information, could often be a drain on critical resources in the finance department.

However, it is an objective that is worth pursuing. By leveraging extremely insightful and efficient data, and by eliminating the barriers to more frequent planning, finance personnel would be able to understand robust business intelligence and thereby become a crucial asset to the business as a whole.

The technology in several finance departments is outdated. Therefore, current solutions, which are often reliant on spreadsheets, fall short and prevent the finance function from achieving its correct potential.

During the automation of critical processes, finance departments have to often select between flexibility and control, but the reality is that finance departments need both. Solutions of this type would not only protect against expensive errors, but would also enable finance functions to plan regularly and efficiently, bringing more value to the business.

The continued dependence on spreadsheets highlights the insufficiency of several alternative solutions. The finance departments require a system that combines the flexibility of spreadsheets with the control available in alternative options.

By using a flexible solution that finance personnel can customize to meet their different requirements, businesses could easily overcome their dependence on spreadsheets. These new solutions are able to deliver the control required for consistent and precise data, enabling businesses to decrease or eliminate errors.

Firms that are able to use business intelligence would find that their financial personnel can concentrate on analysis and planning. The benefits of this method would be seen in the insight which finance statistics deliver, and also in the regularity with which departments would be able to complete their planning cycles.  Finance departments would be able to fulfil the role expected of them by the existing businesses.

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