Compliance Recording Assurance - From "Nice-to-have" To "Need-to-have"

Blog Post by Lee Garf on 17 December 2018 in category Communication Compliance

Modern regulations require banks and financial institutions to capture more communication data than ever. Dodd Frank established the obligation for US banks to record trading conversations following the financial crisis of 2008, to inject transparency into swap trading and derivative processes. Europe was soon to follow with MAR and MiFID II. The concept behind this trend is plain and simple – People Talk. They talk about what they are going to do before they do it, and they brag about what they have done after-the-fact. Traders are no exception. Trade compliance recording assurance, analytics and surveillance solutions are no longer "nice-to-haves," they’re "need-to-haves."

These very same regulations are exerting tremendous stress on financial firms by expanding the scope of employees, asset classes, communication channels and devices that need to be recorded and monitored, requiring evidence of compliance, and imposing new benchmarks for timely response to regulators. Against this regulatory backdrop, NICE COMPASS is helping firms reduce risk and save time by automating manual, labor-intensive processes around financial communication compliance, reporting and regulatory response.

If your firm is struggling with these challenges, NICE COMPASS can help. NICE COMPASS can streamline your compliance assurance processes through automated provisioning, system health checks, call extraction, compliance assurance reporting, and now automated trader voice transcription. NICE COMPASS is a one-of-a-kind solution that will help your firm ensure accurate records of trading communications, reduce risk of fines, and save time and money, all while adhering to strict turnaround times for regulator requests.

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If you have any questions or would like more information on our trade compliance recording assurance, analytics and surveillance solutions, please don’t hesitate to contact us or download more information from our Resource Center.