by Kevin S. Dilallo and Joe Schmidt
This week, two high-profile investigations have highlighted the
enormous financial and legal risks created by lax management of
employees' text messages, apps, and personal mobile devices in the
workplace
First was the announcement of a months-long probe by the Securities
and Exchange Commission (SEC) and Commodity Futures Trading Commission
(CFTC) of several Wall Street banks, which concluded that the banks
had failed to comply with fundamental recordkeeping laws and
regulations dating back to the 1930s and 40s. The widespread
non-compliance, which occurred at all levels within the organizations,
stemmed from employees' routine use of personal devices, email
accounts, and text messaging apps for regulated financial transactions
and related communications. The targeted institutions failed to
maintain records of these communications and transactions as required
by law. As a result, the two federal agencies slapped fines on them
totaling One Billion Dollars to punish the recordkeeping violations.
https://tinyurl.com/25fs7kzu
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