When running a business, your responsibilities go beyond paying your employees and taking care of your clients. You also have to abide by various regulations, especially the ones set by the Securities and Exchange Commission (SEC).
To ensure compliance, the company must implement systems to monitor calls on WhatsApp or other similar messaging applications for any regulatory issues. This is where having a stringent Electronically Stored Information (ESI) framework comes into play.
A robust ESI system ensures that all digital communications are properly archived, easily retrievable, and compliant with legal and regulatory requirements. With this structure in place, companies may record any business transactions stored in data center facilities, hard drives, or in-cloud storage. ESI can also record communications done via email, text messages, call and video meetings, or voicemails.
Additionally, it encompasses digitally stored images, videos, and other multimedia files. Communication done via instant messengers and team collaboration platforms, social media posts, and website content can also be recorded under ESI.
Apart from compliance, the goal of ESI is to help companies effectively manage and audit their communications. This communications archiving became crucial in the WhatsApp – SEC case, where the agency found that companies using WhatsApp and similar platforms might be failing to maintain their communication records.
While WhatsApp addressed this issue and claimed that its platform’s encryption was essential for user privacy, the SEC imposed penalties to enforce stricter record-keeping practices. This documentation shortcoming raised concerns about transparency and accountability.
Such a scenario underscores the critical importance of having a robust ESI system. A well-implemented ESI framework ensures that communications are accurately archived and easily retrievable, helping companies manage records effectively, maintain transparency, and comply with regulatory requirements.
The only problem is that it can get complicated and confusing. Fortunately, mobile archiving companies, like TeleMessage, can help enterprises employ seamless record-keeping solutions. Visit our website for more information.