LONDON, June 9, 2015 (GLOBE NEWSWIRE) -- Epiq Systems, Inc. (Nasdaq:EPIQ), a leading global provider of integrated technology solutions for the legal profession, has published a new management guide for companies in the financial services sector on how to manage audio evidence as part of the eDisclosure process.
Audio evidence is becoming increasingly important in regulatory investigations. In particular, the forthcoming EU Directive, Markets in Financial Instruments Directive II (MiFID II), will require financial services firms to record all customer phone calls and retain those recordings for three years.1 Indeed, the Financial Conduct Authority already requires UK financial services firms to record all telephone and mobile phone conversations that relate to client orders and transactions.2
Research commissioned by Epiq suggests that managing audio data is a key challenge for more than a third (38 per cent) of major corporations across Europe. More than two-thirds (69 per cent) of the survey respondents also recognise the need to improve processes to deal with the admissibility of audio evidence.3
"The ubiquity of mobile devices in the workplace is making the management of audio data increasingly complex," said Bob Hopen, vice president and general manager, Epiq Systems. "In addition, the technology available to gather and review audio data is evolving rapidly. Businesses need to keep pace with these developments. It is becoming increasingly difficult for organisations to argue that audio evidence is too challenging to deal with since its evidential value outweighs these arguments."
The guide, available free to download on Epiq's website, is designed to offer firms in the financial services sector guidance on key considerations pertaining to audio evidence including information on technologies available for managing audio evidence and the importance of having a strategy in place.
The guide 'Quick Guides to eDisclosure Best Practice: Audio Evidence (Financial Services)' is free to download here: http://www2.epiqsystems.com/audiomgmtguide.
About Epiq Systems
Epiq Systems is a leading global provider of integrated technology solutions for the legal profession, including electronic discovery, bankruptcy, and class action and mass tort administration. We also offer full-service capabilities to support litigation, investigations, financial transactions, regulatory compliance and other legal matters. Our innovative technology and services, deep subject-matter expertise and global presence spanning 45 countries served from more than 20 locations allow us to provide secure, reliable solutions to the worldwide legal community. Visit us at www.epiqsystems.com.
1 European Securities and Markets Authority, 'Consultation Paper MIFID II', Section 2.6 pp. 32-38, 'MIFID II, Financial Markets And Technology', 22 May 2014
2 Financial Services Authority, 'Telephone Recording: recording of voice conversations and electronic communications', March 2008 and Financial Services Authority, 'Taping of mobile phones - Feedback on CP10/7 and final rules', November 2010
3 Epiq Systems commissioned research of 100 respondents from large blue-chip companies (defined as having more than $500M annual revenues) in the U.K., Germany, the Netherlands and Switzerland. Survey conducted by telephone in November 2013. Large European organisations in manufacturing and construction; retail; financial services; utilities; pharmaceuticals; professional services and IT/telecoms took part. Respondents included the CFO/Finance Director, Head of Compliance/Compliance Director or the Head of Legal/Legal Director/Head of Counsel.
Source:Epiq Systems, Inc.