When companies talk about managing “corporate risk,” they're focused on a lot more than internal crime or damage to physical assets. According to a recently released survey on electronic communications compliance conducted by technology company Smarsh, there are worrisome gaps in financial service firms' electronic message compliance programs.

Though the compliance officers surveyed for the “2015 Electronic Communications Compliance Survey Report” said they felt more confident about their firms' use of newer methods of communication, such as social media, they're now worried about the retention and production of text messages. “The oversight of electronic communications has evolved to become far more than the cursory, check-the-box review of email that existed years ago,” said Stephen Marsh, chief executive officer and founder of Smarsh, in a statement.

This year's results indicated 73 percent of respondents allowed a Bring Your Own Device program at their company, as opposed to 58 percent last year. With respect to other methods of communication, email remained the message type that was most requested during a regulatory exam, at 77 percent, up 13 percentage points from 2014. Those surveyed said their No. 1 challenge in producing data is managing the number of platforms used to retain and supervise all communications.