NICE Compliance Assurance Solution enhanced with Real-time Recording Reconciliation

Blog Post by Arno Sybrandy on 11 March 2019 in category Communication Compliance

Financial Services Organizations (FSOs) must capture every type of trader voice communication to comply with Dodd Frank, MiFID II, and FX Code of Conduct

Are you recording all the trade-related conversations as demanded by Dodd Frank, MiFID II, and FX Code of Conduct regulations? We have further enhanced our NICE COMPASS compliance assurance solution with real-time recording reconciliation capabilities so that you can have complete confidence in capturing virtually every type of trader voice communication.

In recent years, regulators have issued tens of millions of dollars in penalties for record-keeping violations. FSOs are required to report recording lapses to regulators, including the nature and extent of problems, and remedial actions taken. The ability to immediately detect and notify regulatory authorities of such occurrences can lessen the sting of penalties and fines, insulate firms from drawn-out investigations and reputational damage, and alleviate speculation over what missing trade conversations might be hiding.

Today, most firms rely on random, manual recording checks to ensure that calls are being recorded, but by the time a problem is detected, either during a random check or routine audit, the damage is already done, and the ramifications are often far worse.

NICE COMPASS’ real-time recording reconciliation solves this problem by adding another real-time protection layer to NICE COMPASS’ automated, pre-scheduled recording checks. Now, you can instantly know if a call was not recorded, immediately troubleshoot and fix underlying problems, and provide timely notification to regulators.

How Real-time Recording Reconciliation Works

Real-time reconciliation applies sophisticated algorithms to reconcile trade-related calls of regulated employees to actual voice recordings. Call detail records in the phone system are systematically matched up to call records in the recording system, to detect missing or partially recorded calls. When NICE COMPASS detects a mismatch between the phone system and recorder data, it automatically sends an alert to designated stakeholders who can identify and fix problems, and provide proper notification to regulators.

Unique to NICE COMPASS, its integrated real-time reconciliation capability features dashboards and reports so compliance officers can keep tabs on the health of the firm’s entire global recording estate.

NICE COMPASS’ new real-time reconciliation capability is a vital tool for FSOs in terms of providing real-time visibility so that small problems don’t turn into bigger problems, and so that timely corrective action can be taken. By leveraging NICE COMPASS for compliance assurance, FSOs can demonstrate a proactive mindset, reduce their compliance costs through automation, avoid fines, penalties and drawn-out audits, and improve their responsiveness to regulators.

If your firm is currently using the NICE Trading Recording (NTR) system, then NICE COMPASS may be added to the system to take advantage of real-time recording reconciliation and NICE COMPASS’ other robust compliance assurance capabilities.