Are you prepared to record and prove ALL communications around financial transactions?

10 Questions to Ask to Prepare for Rapidly Expanding Financial Recording Requirements

The latest global-reaching financial regulations – MiFID II (goes in effect on January 3, 2018), MAR, Dodd-Frank and Code of Conduct – expand the scope of monitored employees, asset classes, communication channels, devices, and retention requirements, while demanding greater evidence around the complete process. They also stiffen the demands for performance monitoring and proof of compliance, and enforce compliance with escalating fines for breaches. The prior "record and forget" thinking is simply not an option anymore.

10 Point Checklist:

Are you RECORDING all required employees, communication channels and devices?

  1. Are the correct people recorded?
  2. Is the recording quality adequate?
  3. Did I capture everything I should have?
  4. Can I find the calls I am asked for quickly?
  5. Can I capture new modalities from Skype and Cisco?

Can you easily PROVE they are being successfully recorded and retained?

  1. Can I prove the correct people are in the system and successfully recording?
  2. Can I prove “outside parties” are aware conversations are recorded?
  3. How do I know the recording system is working even though I haven’t received any alarms?

Can you quickly RETRIEVE, synchronize and share all recorded communications related to a transaction?

  1. How do I export the calls we are asked for quickly?
  2. Are all calls archived successfully with the correct retention periods?

At NICE, we're already helping global and regional banks answer YES to these questions.

And today, we′re pleased to introduce you to a revolutionary new complete Compliance Assurance solution – NICE COMPASS. It uniquely combines omnichannel recording of trader and back-office communications with the world&primes most comprehensive monitoring and compliance reporting at all stages of financial transactions.

Let us help you navigate and ensure compliance. Contact us to learn more.


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