News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Ruth Prickett2024-05-21T12:45:00
Social media is an evolving challenge for compliance managers, particularly at highly regulated financial services firms amid crackdowns on employee use of off-channel communications for conducting business.
A recent survey found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts. More than a third of firms are abandoning tech compliance projects.
The survey of more than 400 compliance decision-makers worldwide by surveillance technology firm SteelEye found 63 percent of financial services firms are not monitoring platforms like WhatsApp for compliance, even though 69 percent expect the value of regulatory fines to increase and 63 percent expect the volume of fines to rise.
Matt Smith, chief executive officer of SteelEye, said in a press release the findings indicated “a very real possibility that compliance teams will be unable to fulfill their responsibilities as the regulatory burden becomes unmanageable.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2024-04-26T14:13:00Z By Kyle Brasseur
The Department of Justice’s renewed scrutiny toward a corporation’s approach to the use of personal devices strengthens the case for companies to get away from bring your own device, a panelist at Compliance Week’s 2024 National Conference argued.
2023-12-11T17:42:00Z By Aaron Nicodemus
As if creating policies and procedures to handle employee use of off-channel communications is not difficult enough, ephemeral messaging platforms can make it even more difficult to recover messages in transit.
2023-08-23T17:36:00Z By Aaron Nicodemus
The U.K.’s Office of Gas and Electricity Markets fined Morgan Stanley £5.4 million (U.S. $6.8 million) for allegedly failing to record and retain electronic communications by its wholesale energy traders over two years.
2024-05-14T12:00:00Z By Adrianne Appel
Large public companies say they are prepared to comply with the disclosure requirements of the SEC’s new cybersecurity incident rule, according to a survey conducted by Compliance Week and DLA Piper, but concerns exist that those reports could enhance the threat of future cyberattacks.
2024-05-06T09:45:00Z By Aaron Nicodemus
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
2024-03-27T21:27:00Z By Aaron Nicodemus
A new report on corporate whistleblowing and hotline trends in 2023 found reporting volume at an all-time high, with key disparities uncovered between reports filed by third parties and those filed by employees.
Site powered by Webvision Cloud