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Many of these regulations explicitly require that the lender produce any and all communications between the lender and borrower on-demand--and for good reason.
by goatinaboat 7y ago
Many of these regulations explicitly require that the lender produce any and all communications between the lender and borrower on-demand--and for good reason.
This is why traders WFH during coronavirus lockdowns is so problematic; not only a lack of externally accessible recorded phone lines but the impossibility of policing OOB communications when the local compliance guy can’t physically see you talking on your mobile phone.
- d4mi3n 7y agoThen it should not surprise you to know that phishing attempts have spiked in recent months. The pandemic has sewn much chaos, and bad actors are taking advantage. :( What really concerns me is that these phishing attempts are just the attacks we're observing. Many more will go unnoticed given how ad-hoc current work environments have become with so many organizations going full-time remote overnight without the IT/security systems and processes in place to safely support it.
- goatinaboat 7y agoYeah, entire departments are just setting up their own Zoom, Slack etc with no oversight, it’s crazy. Mostly in a way that anyone can just join too.
- cpitman 7y agoIs that really a limitation of WFH? Even when someone is in the office, if the intent is to bypass monitoring someone can use their phone. I tether my laptop to my phone all the time on client sites (instead of fighting with yet another captive portal).
- jonas21 7y agoThis is why personal phones are generally not allowed on trading floors.
- cpitman 7y agoNo kidding! Ok, that makes more sense then.
- AmericanChopper 7y agoI’ve been privy to how a few of these highly regulated organisations are handling WFH, and the main challenges they seem to face are compute/network capacity on their virtual desktop/VPN/conferencing/instant messaging infrastructure. Which usually tend to be hosted on site. Of course people could bypass the systems completely, by say getting a private slack for their team. But doing so would (usually) be a policy violation, and from a compliance perspective, policy is often a valid control. Not all regulations require technical controls, and if they do, there’s often room to make exceptions to implement alternative controls when circumstances require it.
- goatinaboat 7y agoif the intent is to bypass monitoring someone can use their phone Not if phones are checked in at the security desk when you arrive, there is a phone jammer operating in the building, and compliance staff are patrolling to make sure no one has smuggled a phone in. These measures are normal on most trading floors.