The past decade has seen a significant shift toward digital communication, owing to the widespread adoption of business technologies such as video conferencing software and collaboration tools. This trend has only accelerated in recent years, with virtual meetings becoming the norm for businesses worldwide.
For registered investment advisors (RIAs), this shift has not only transformed the way they communicate with clients, partners, and colleagues but also brought about new challenges in terms of security and compliance. In this article, we will explore how RIAs like you can navigate virtual meetings effectively while maintaining the security and compliance of your digital interactions.
Making virtual meetings seamless
One of the biggest advantages of virtual meetings is convenience. With just a few clicks, you can connect with anyone from anywhere in the world. However, to truly reap these benefits, you must ensure that your virtual meetings are seamless by following these tips:
Familiarize yourself with the technology
While most virtual meeting software offer intuitive interfaces that are easy to get comfortable with, it is still essential to fully immerse yourself in the technology you are using. This includes learning how to schedule and join meetings, use features such as screen sharing and chat, and troubleshoot any technical issues that may arise. Doing so will enable you to conduct meetings with ease and confidence.
Establish clear communication protocols
Before holding a virtual meeting — especially with a large group of people — establish clear communication protocols with all participants. Provide detailed instructions on how to join the meeting, access any necessary documents or presentations, and use features such as muting and raising hands. By setting expectations upfront, you can avoid any confusion or disruptions during the meeting.
For smaller or one-on-one meetings, it is also helpful to establish a routine or structure to follow, such as taking turns speaking and using visual cues like nodding or hand gestures to indicate when someone can speak.
Leverage Microsoft Teams for effortless collaboration
Most RIAs are already familiar with Microsoft’s suite of tools, making Teams an ideal choice for virtual meetings. Teams simplifies the process of scheduling and joining meetings, and comes with a host of features designed to enhance collaboration. It also offers secure document sharing capabilities, making it an excellent choice for discussing sensitive information with clients.
Aside from facilitating large group meetings, Teams is also an incredibly effective tool for one-on-one communication. It allows users to send direct messages, share files, and seamlessly switch between text, voice, and video communication. This ensures that all your client interactions can occur in one place, keeping everything organized and accessible.
| Related reading: Is Microsoft Teams SEC-compliant? |
Addressing the security risks of virtual meetings
Like any form of digital communication, virtual meetings come with their own set of security risks. As an RIA handling sensitive financial information, it is crucial to be aware of these risks and take the necessary precautions to protect yourself and your clients.
Secure your meeting links
One common security risk for virtual meetings is sharing unsecured meeting links. Hackers can easily find and join unprotected meetings, potentially gaining access to sensitive information. To avoid this, ensure that all your meeting links are password-protected or require participants to wait in a virtual lobby for screening before joining.
Use end-to-end encryption
End-to-end encryption is a vital security measure for virtual meetings, as it ensures that only intended recipients can view the meeting’s contents. Teams, for example, uses TLS and SRTP encryption to secure all audio, video, and screen sharing data during meetings.
Educate participants on best practices
In addition to taking security measures on your end, it is essential to educate all meeting participants on best practices for virtual meetings. This includes not sharing sensitive information over chat, being cautious when screen sharing, and not joining meetings from unsecured networks. By fostering a culture of cybersecurity awareness, you can mitigate the risk of security breaches during virtual meetings.
Ensuring compliance with Microsoft Teams
Virtual meetings for RIAs must comply with various regulations, including the Securities and Exchange Commission’s (SEC) recordkeeping requirements. Fortunately, Teams offers several features that help you stay secure and compliant:
Archive meetings for recordkeeping
Teams allows you to record meetings and save them for future reference. These recordings can serve as evidence of client interactions, satisfying the SEC’s recordkeeping requirements.
To archive a meeting in Teams, follow these steps:
- Start or join the meeting.
- Go to the meeting controls and choose More actions. From the menu, click on Record and transcribe, then select Start recording.
- Once the meeting is over, click Stop recording. The recording will be saved to SharePoint, for channel meetings, or OneDrive, for any other type of meeting.
Archiving chat conversations in meetings
Another feature of Teams that bolsters compliance efforts is the ability to archive chat conversations. This enables you to document all exchanges and keep track of essential decisions made during meetings.
To archive chat conversations, follow these steps:
- Open the chat window during the meeting.
- Click on the three-dot icon to access More options and select Save this message.
- All the saved chats will be accessible from your profile, under the Saved section.
Utilize eDiscovery for compliance checks
Teams also offers eDiscovery, which is a feature that lets you search and export Teams data for compliance purposes. Whether you need to retrieve a specific chat, file, or meeting recording, eDiscovery can help you locate and export the necessary information quickly and easily.
Your IT team can enable these and other compliance features and configure them according to your RIA firm’s specific needs.
Embracing virtual meetings responsibly
Virtual meetings have become a necessary tool for RIAs, which makes it all the more crucial to approach them responsibly by being mindful of security risks and compliance requirements. By following the tips above and utilizing the powerful features offered by Teams, you can conduct seamless and secure virtual meetings that benefit both you and your clients.
Let our team at RIA WorkSpace help you optimize your virtual meeting experience with Teams and other essential tools for RIAs and financial advisors. Contact us today to learn more about our services and how we can support your technology needs.