Inflation is bad enough.
But UC professionals whose businesses are regulated worry even more about their regulatory compliance costs (and consequences!). They are inflating fast.
LexisNexis’s Global True Cost of Compliance 2020 report found that global compliance costs increased $33 billion from 2019 to 2020, totalling $213.9 billion in 2021.
With accelerating growth in Unified Communications (UC) since the pandemic’s start, that figure can only rise. For regulated businesses, all UC must be supervised, monitored and stored compliantly. Worst of all, it is largely a manual process. Current automation has negative consequences. Great news for scarce compliance officers. Not so for regulated UC users and their bosses.
Luckily Theta Lake, winner of both UC Today’s Best Compliance Product and Best Security Product in 2020 and 2021, has a winning solution. It can be applied economically to regulated businesses large or small.
The Inefficient Grind that is Current Compliance
Compliance teams reviewing UC face a number of challenges:
- Users will look to circumvent available tools. For example, by using their personal devices
- They may conduct screen sharing and intentionally or accidentally share confidential data during video calls
- Transcripts of voice or video calls may be inaccurate or incomplete, leading to missing compliance violation red flags if only screening the transcripts for keywords
Legacy compliance tools have a number of shortcomings in addressing UC platforms like MS Teams:
- They store and present all communications in email format, losing context and fidelity
- They use lexicon-based supervision without the aid of artificial intelligence, turning routine terms and phrases into a constant parade of false positives for compliance review
- They utilise expensive storage, the costs of which are passed onto the customer
For Microsoft Teams users, the tension is acute.
If they comply, they can’t use Microsoft Teams as it’s designed. They are very unproductive. But if they use it, their company risks huge regulatory fines.
For example, moving a channel (or moving a conversation to a different channel) is in breach, because context can be lost. Breaches are made also when private chats are deleted or moved to a workspace which might subsequently be deleted.
