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Security and compliance realities for remote financial services workers

Remote work challenges for financial service companies

This year, the pandemic required many workforces to stay and work at home. While the transition may have been hectic initially, many businesses and employees have since grown comfortable with remote working options.

However, many companies have industry-specific considerations that may make work-from-home arrangements difficult to pull off. The financial services sector is one such category of businesses with particular data security and regulatory concerns that can complicate remote working.

Yet not many good options exist to telework currently. Even physical trading floors have been shut down recently, as trading shifts increasingly online. Financial services companies must address the realities of remote work and prepare to ensure business continuity and compliance.

What remote work challenges do financial services face?

Businesses in financial services — like brokers, mutual funds, asset managers, retirement investment advisors, exchanges, and trading firms, among many others — have a number of regulatory and compliance obligations. As such, their telework arrangements have to be airtight.

Broadly, the challenges they face include considerations related to:

  • Cybersecurity: This is a chief concern for any business, but especially for financial services firms. The decentralization of technology presents particular risks. Employees without company-provided hardware must use personal devices to manage client accounts or access confidential information. This carries obvious risks, as personal devices and networks might not feature the same controls as on-premise solutions that were depended on before to securely store and access data.
  • Compliance: Financial activity is governed by a number of regulatory and oversight agencies. Many financial firms have entire departments dedicated to compliance, but COVID-19 likely threw many into disarray with the abrupt shift to telework. Even something as seemingly innocuous as taking a client call next to a spouse who’s also working from home can be problematic, as the conversation likely contains confidential information. Other compliance concerns relate to potential ethical lapses at home when oversight is more lax.
  • Real-time data: One other difficulty financial services firms may encounter is connectivity. Employees depend on real-time data, which they may have taken for granted in an office setting with an industrial connection. Working from home on the Wi-Fi could be troublesome if lag becomes persistent. For example, buying and selling stocks on price data that is outdated by even milliseconds can have a tangible, negative impact on strategy and trade execution.

What can businesses do to ensure compliance and continuity?

Despite the scale of these challenges, financial services don’t have many current alternatives to telework. Even as states reopen, the future of working will undoubtedly be influenced by remote arrangements.

In either case, there are some best practices business in the financial industry can take to safeguard their operations, employees and clients:

  1. Beef up security

This is the very first thing financial businesses should address. This responsibility encompasses not only assessing their security readiness for telework, but actively looking at ways to improve infrastructure and controls. The Financial Industry Regulatory Authority (FINRA) issued comprehensive guidance for financial firms dealing with the COVID-19, including security tips like:

  • Ensuring virtual private networks (VPNs) and other remote access systems have proper security patches and updates.
  • Double-checking that system entitlements are current
  • Using multi-factor authentication for employees who access systems remotely.
  1. Implement necessary supervisory protocols

Even as more businesses adopted remote working policies, financial services firms weren’t as quick. This trend may be largely attributable to compliance obligations, including supervision of employees and associated persons. Doing so is much easier in a centralized office than it is with employees spread across disparate locations.

However, these compliance obligations have not been relaxed in light of the pandemic. Companies that may become lax in this area can face real risks and repercussions down the line.

FINRA also addressed this topic in its COVD-19 pandemic, saying it expects member firms “to establish and maintain a supervisory system that is reasonably designed to supervise the activities of each associated person while working from an alternative or remote location during the pandemic.”

The onus is on financial firms to ensure they implement the necessary supervisory protocols so that FINRA expectations are met.

  1. Train employees

It’s imperative that businesses in financial services provide adequate support and training to employees. Many may be unfamiliar with remote working, especially as it concerns compliance or security. Having a codified set of policies is not enough, your leaders need to investigate ways to engage employees on these points so they can carry out their jobs compliantly and effectively.

Using video conferencing software to host team meetings is one way to teach employees and ensure high retention of information. FINRA also recommended that firms undertake regular education and other exercises that “promote heightened vigilance.”

Young Asia businessman using laptop talk to colleagues about plan in video call while smart working from home at living room. Self-isolation, social distancing, quarantine for corona virus prevention.

  1. Use secure communication software

Financial services firms have an obligation to monitor and preserve communications. When these conversations occur outside traditional channels, they must have a secure solution to meet their needs. The problem is many popular consumer-grade options don’t feature the controls these businesses require.

Businesses need to be sure they have communication and video conferencing tools that not only feature robust functionality, but also security such encryption and other measures.

Looking for a video conferencing solution that offers high performance and security? Consider using Cisco Webex for your financial services firm to preserve business continuity and maintain compliance.

Contact us today for more information, or start with a free offer.

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The impact video has on company culture
The impact video has on company culture

Demonstrating culture with video and communication

A company’s culture plays a major role in how engaged employees are, how successful the company is, and the way in which clients or customers view the organization as a whole. But this can be challenging to build and maintain when employees and other stakeholders aren’t able to easily work together.

The key to cultivating a strong and consistent culture throughout an organization is clear communication. Every employee should have a sound understanding of the core values of their company. Further, everyone should feel connected to those values as well. See how virtual backgrounds to inspire remote work culture: the Cisco Webex artist series

But there can be many barriers to good communication throughout an organization, and succumbing to those obstacles can weaken the company culture. The use of technology that keeps everyone on the same page can help immensely when building and maintaining these values.

Video conferencing tools for company culture

Specifically, here are five ways video conferencing tools can support company culture:

  1. Connect remote workers

Remote work has been on the rise and today, even more, people are working remotely. Now, companies are planning their return-to-work models, that will likely look different any employees will continue to work remotely even after the pandemic is over; 53.9% of respondents to a survey from the Institute for Corporate Productivity said they would likely increase flexible work arrangements on a more permanent basis.

Though remote work is becoming more popular, there are definite drawbacks to this sort of arrangement. One of the biggest challenges is loneliness, cited by 20% of respondents to Buffer’s survey. Making an effort to connect with workers through technology like video conferencing can help to bridge gaps between widely dispersed co-workers.

As remote teams become the new normal, it’s essential that companies establish processes to keep employees connected to one another. Video conferencing makes communicating with others simple, allowing them to converse about their projects and goals.

  1. Effectively collaborate on ideas

Team members must seamlessly collaborate on projects and ideas. However, discussing details of a project via email and phone can be difficult, especially when the topic at hand is visual in nature, such as slide shows, graphic design projects, and visual representations of data.

Another 20% of respondents to Buffer said collaboration is a major hurdle when working remotely. Video conferencing tools allow workers to share their screens so everyone can be on the same page. By enabling all team members to view the materials being discussed, everyone has the opportunity to weigh in on the discussion.

  1. Speak face-to-face with clients

When communicating with clients, discussions should flow smoothly. The relationship between client and vendor should be strong to continue a positive relationship. However, when obstacles like misunderstandings or difficulty connecting come up, it can be challenging to ensure the relationship is on the right track.

Video conferencing allows account managers and other stakeholders to clearly communicate with their clients. This software allows vendors to share important information such as slide shows, charts, imagery, or other data by using screen-share features.

Additionally, teams can invite all stakeholders to join discussions easily, no matter where they’re located, giving way to better cross-team collaboration. See how to share real-time data with customers through video conferencing

  1. Reduce work-related commute and travel

While much of business travel has been put on hold lately, it is something that has an impact on culture. Business travel often involves coordinating with various stakeholders, paying for transportation, lodging, and food, plus dedicating many hours to the requirements of traveling: waiting in line at an airport, renting a vehicle, and finding the way to a hotel in an unknown city, to name a few.

Instead of traveling, video conferencing allows people to hold important meetings without the hassle or expense of travel. Plus, it reduces instances of people not being able to make it to a meeting due to obstacles that don’t allow them to make the trip.

Beyond the type of long-distance travel that professionals may have to engage in to meet with far-away clients or stakeholders, the everyday commute into the office can also take a toll on workers. A Robert Half survey found that nearly one-quarter of employees have quit a job because of their commute, and 21% of respondents to Buffer’s survey said not having to make the trip to the office is the biggest benefit of remote work.

Leaning on video conferencing technology allows offices to improve morale and decrease unnecessary commutes without sacrificing productivity.

  1. Promote work-life balance

Maintaining a healthy work-life balance is important for keeping employees engaged and satisfied in their jobs. That balance will differ for individual employees, who have unique home lives and priorities.

Remote work is an excellent tool for promoting a healthy work-life balance, no matter what that may look like for each unique worker. By allowing them to complete their work in their own homes, or on the road while they travel to visit loved ones or new places, they can maintain productivity during the workday and engage in their favorite activities once they sign off.

Video conferencing supports strong company culture

Organizational culture is critical to the success of a business and the happiness and productivity of employees. Being able to support worker and customer needs, such as work-life balance and ability to collaborate on important tasks, are primary components of this.

Video conferencing tools bring everyone together, no matter how far apart they are. Keeping everyone connected helps immensely in supporting a strong company culture.

Get started with a free plan on Cisco Webex today

Sources

News Release Bureau of Labor Statistics

The 2020 State of Remote Work

Nearly One-Quarter Of Workers Have Left A Job Due To A Bad Commute, According To Robert Half Survey

Understanding and Developing Organizational Culture

Learn more

Virtual backgrounds to inspire remote work culture: the Cisco Webex artist series

How to quickly create a company culture in a growing business

Screen sharing how-to-guide: Tips for better real-time collaboration

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Confident Workspace
How to create a more confident and connected workplace

Truly connect with interpersonal interaction

Remote work has a significant and complicated impact on individuals and businesses.

The ability to work from home allows employees greater freedom over how they organize their days and manage their personal lives. At the same time, without a physical separation between the workplace and the rest of an employee’s day, work-life balance can begin to feel like a blurry concept that’s hard to define.

In this environment perhaps more than ever, it’s important for businesses to emphasize the human connection that ties team members together.

Instead of viewing one another as unrelated individuals quietly working by themselves to check off a string of disconnected tasks, companies need to help people come together. Learn How to launch a community with Webex Teams

Interpersonal interaction improves workforce well-being and boosts collective confidence

The answer for a more confident and connected workplace is greater interpersonal interaction.

Because of the greater flexibility provided by telework opportunities, colleagues may be based in locations far away from each other, limiting opportunities for them to chitchat in the break room, grab lunch together, or even just to say hello in the hallway.

Finding new opportunities for interpersonal interaction among geographically separated employees can lead to a wide range of positive outcomes.

Benefits for health

Summarizing a study originally published in Personality and Social Psychology Review, an article in Science Daily claimed that “health at work is determined to a large extent by our social relationships in the workplace – and, more particularly, the social groups we form there.”

The authors went on to note that health benefits seemed to be more significant when a greater number of people at the organization shared a feeling of connectedness.

This research indicates that, while one-on-one relationships are important, organizations need to do what they can to develop a greater sense of inclusion for everybody.

Improved productivity

There’s a huge difference in performance between workers who have strong connections with their colleagues and those who don’t.

It seems like common sense that greater interpersonal connection in the workplace could translate into better productivity. When people know, respect and value their colleagues, they’re naturally inclined to feel like they share responsibility and accountability with their peers. Why remote work can be more productive work

There’s evidence to support this claim.

For instance, Gallup found that people who reported having a best friend at work were “seven times more likely to be engaged.” Other positive performance indicators included better work and fewer workplace injuries.

Greater self-confidence and team morale

Feeling connected to teammates may have benefits for self-esteem and collective confidence, too.

Interacting closely with colleagues can help individuals develop greater self-confidence and improve a team’s sense of cohesion and shared accomplishment.

On the other hand, without the affirmation provided by close relationships, it can be difficult to achieve higher levels of self-esteem. Self-doubt can begin to take the place of mutual support.

The American Psychological Association highlighted a study first published in the Journal of Personality and Social Psychology that claimed self-esteem and positive relationships go hand in hand, with one factor boosting the other. The study indicated that these results seem to hold true across a person’s life, even into advanced age.

To create this feedback loop between self-esteem and positive relationships, businesses need to cultivate greater personal interaction.

Techniques for encouraging interpersonal interaction

To achieve greater interaction between colleagues and associates, there are many strategies that businesses can use. The thoughtful application of telework technologies can help drive stronger human connection.

Promote virtual presence

Videoconferencing is a simple solution for enhanced communication. By enabling meeting participants to pick up on nonverbal cues from each other, attendees can more fully appreciate what their colleagues are saying. Using video for client meetings can also help establish a more personal connection with prospects and customers. Screen sharing tools can facilitate more thorough communication, assisting with collaboration, and allowing contributors to truly feel heard.

Another significant benefit of videoconferencing technology is the ability to record and archive demos and tutorials in their entirety. Sharing these resources can be a great way for colleagues to help keep one another informed about business operations.

Provide tools for work-life balance and interactivity

Employees feel more connected to their workplaces when they know they have the tools they need to adequately balance work responsibilities with their personal lives.

Remote work technology that enables workers to spend less time on their commute will help their personal interactions feel relaxed and natural.

Encouraging workers to use videoconferencing and collaboration tools also allow them to be more present with one another when they tackle projects together. When colleagues connect over a video chat line, their attention remains focused on the conversation at hand, not divided among other communication channels. Get the most out of work-life balance

Create digital communities

Collaboration tools and scheduled meetings are one component of a multifaceted approach to shared, community-based platforms that encourage interpersonal communication.

Standalone multifunctional groups, such as Webex Teams, enable greater interaction between colleagues and teammates. With limited outside distractions and a more relaxed atmosphere, online communities can serve as a virtual watercooler for impromptu check-ins and spontaneous chats.

There are many opportunities available from Cisco Webex to help you improve interpersonal interaction and nurture a more confident, connected workplace.

Reach out today for more information or a free trial.

Sources:

Your Friends and Your Social Well-Being

Health determined by social relationships at work

Positive Relationships Boost Self-Esteem, and Vice Versa

Creating Human Connection

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5 tips for connecting with remote colleagues

Delighting remote workers: Why user experience is important

Using technology to create work-life balance

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graphic classroom and
Bridging hybrid classrooms with the Cisco Webex Board

Easy deployment and super friendly interface

Technology can be unnecessarily complex. Whether the screen was left on the wrong video input or the camera wasn’t connected – these kinds of disruptions that take valuable time away from teaching and learning. With Cisco Webex Rooms devices, technology isn’t an inhibitor to education – it’s the conduit.

Video device

There are plenty of touch screens in the market for education, but they sacrifice the most important factor of all: communication. With hybrid learning models on the rise, we need to ensure that the distance between the teachers and students doesn’t become a barrier to learning. According to Dr. Albert Mehrabian*, communication requires more than verbal interactions. It is made up of 7% of spoken words, 38% of voice and tone, and 55% of body language. If the students can’t hear or see the teacher, then some of the most important parts of the lesson can be lost. Capturing the teachers movements and tone of voice is essential to an engaging lesson.

Teachers, on the other hand, need to be certain that students can hear and see them without fault so they can focus on giving the class, not on managing the technology that enables class. The 4k camera of the Webex Board plus its 12 microphone array ensures that wherever the teacher is, they can be heard, seen, and understood.

Works with your favorite online education platform

For some time now, education has relied on digital platforms to distribute home assignments, review projects and homework, and store class material. The Webex Board can be set up with tools like Blackboard CourseSites and Canvas as Webapps so the teacher and student can interact with them directly on the Webex Board while on a call. Webex can also be integrated directly into the institution’s Learning Management System.

Annotate on all!          

In the case that the teacher feels more comfortable sharing material from their computer, Touch Redirect allows the teacher to interact with the computer as they would with a tablet by using touching the Webex Board. While using PowerPoint, for example, the teacher can go through slides by swiping their finger on the screen. When showing a 3D model, they can zoom in and rotate the model on the screen. Any content shared on the board can be annotated on by the teacher using the board or the students from their home devices. This encourages students to participate freely, while keeping their attention on the class, not on handling the tech. At the end of the class, all written notes are stored as whiteboards in spaces where teachers and students can access them.

The power of the Webex Assistant

Webex Assistant for Webex Meetings gives the teacher the option to record the lesson for future reference. Recordings may also include a transcript of the lesson and a selection of highlights. So, the teacher can help students find critical parts of the lesson faster and relate them to other lessons.

The Webex Board makes learning easy for teachings and students by providing the correct set of tools in video conferencing and interaction that modern hybrid learning requires.

Learn more about the all-in-one device for team collaboration 

Reference

Dr. Albert Mehrabian*

Learn More

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Webex for Education: Technology for collaboration in and out of the classroom

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