Fewer than half of the UK’s financial services companies monitor employee use of electronic communications, and even less are looking to implement a solution to do so, according to a survey by Orchestria, a supplier of email management software.
In a survey of 100 banks and financial services providers, 56% of respondents had no system in place to monitor the use of email, the web or instant messaging among their staff, and just 22% are looking to implement the necessary technology. Only 22% of respondents currently use an in-house monitoring system and, of these, just 14% are looking to enhance their in-house system with more specific technology solutions.
Many companies have no way of knowing when an employee is sending information in breach of regulations such as the Financial Services Authority code of conduct, says Orchestria, which can leave them in danger of fines or worse.
“In a highly-regulated industry like financial services, it is a huge risk to have employees conduct business conversations and transactions in a completely unmonitored way,” says Orchestria CEO Pete Malcolm. “Compliance and risk officers need to be aware of the danger of unstructured communication and put the necessary systems in place.”