This is the first in a series of articles about enterprise-level voice data. Here we discuss compliance. Subsequent articles will address record keeping regulations, data normalization, data consolidation and AI.
The explosive growth of corporate voice recording data in recent years has been driven by an unprecedented demand for this data and facilitated by a flurry of technological developments in communications bandwidth expansion, data compression, and storage innovations.
Technical innovation combined with compulsory record-keeping regulations created the perfect voice data storm while fueling the growth of disparate IVR platforms and formats. This invariably leads to records management, compliance, and eDiscovery challenges while creating unique opportunities to leverage artificial intelligence to generate ROI.
One of the most significant challenges for larger regulated entities subject to stringent voice data record-keeping requirements is managing the combination of their own voluminous voice data files and the inherited vast troves of recordings that comes through mergers and acquisitions.
Complicating matters further is the fact that domestic and international regulations, such as the US 17 CFR 1.31 (1), mandate 1) that records of regulated entities “shall be open to inspection by any representative of the Commission or the United States Department of Justice”; and 2) organizations must be able to produce these records “in the form and medium requested promptly, upon request, unless otherwise directed by the Commission representative.”
In early 2023, Reg SEC 17a-4 (2) provided organizations with the latitude to preserve data in “audit trail” electronic format, which permits many broker-dealers to leverage the electronic record-keeping systems they use for business purposes to meet the voice record maintenance and preservation requirements of this statute.
Such compliance requirements can be highly costly and operationally impactful, and the failure to comply can result in heavy fines or even the revocation of an organization’s license to operate.
So how can you stay compliant? It’s not simple. In most cases, your calls were recorded on now obsolete devices and the file formats are obsolete too. And in the present, the recordings from your current voice logging platform still need to be converted into accessible formats.
Enter XOVOX – a world leader in the forensically sound voice data recovery, retrieval, and migration. Founded over two decades ago, it remains the undisputed leader in supporting the widest range of voice data formats. XOVOX’s unique portfolio of solutions and technical capabilities helps organizations adhere to stringent, multi-jurisdictional record-keeping and data privacy regulations more easily, more cost-effectively, and with reduced risk.
In addition to these regulatory compliance benefits, XOVOX can help organizations leverage burgeoning Generative AI technologies to glean valuable insights from the vast troves of recording data they can’t access today.
Contact us to learn more about how XOVOX can help your organization maximize your voice recording data.
Coming up next: Record Keeping Regulations