What’s Happening
Text messaging data is the latest challenge for compliance teams. Financial firms are tasked with bringing this new data stream in line with existing email, chat, document, and social media policies and procedures according to SEC, FINRA, CFTC, etc. rules. Mobile communications in the Government and Education sectors are governed by NARA, FERPA and other regulating bodies that require text data to be retained in much the same way as financial firms. Failure to bring text data into compliance can result in hefty fines (U.S. securities regulators have imposed close to $2 billion in fines thus far).
The Challenges
The caveats with text data are varied devices/phones, service providers and app integrations across user groups. One employee may have an iPhone with Verizon service and the next has an Android and uses WhatsApp for texting. Secure mobile communication service providers offer options for compliance with new devices, new lines/numbers for existing devices, downloadable apps or corporate level exports. The traditional method of pulling data directly from the source becomes a bit more complicated. Corporate policy can dictate what devices and platforms are allowable but then IT must find a way to collect that data and get it into the archive in an easily reviewable format.
Solutions from DataParser
DataParser’s roadmap is governed by client requests and partner support. As clients face new concerns and requirements for emerging data sources, 17a4 is committed to providing support to best meet these needs. The first module DataParser supported for text was MobileGuard. Then came some generic modules to support first gen exports from providers; for this we used our SQL and CSV modules. The Truphone module for text data was released in late 2022. Then an Email Relay module that can be used for some services like Global Relay Text App that includes Telemessage and Verizon data. Movius is the latest 17a4 data source partner and a module for support is being developed now. A GA release of Movius DataParser is scheduled for Q2 2023.
