NICE COMPASS Real-Time Recording Reconciliation Now Supports IPC Unigy Environments
We're happy to anounnce that the NICE COMPASS compliance assurance solution with real-time recording reconciliation now supports the IPC Unigy trading and communications platform. Financial services organizations (FSOs) that rely on the IPC Unigy platform can now have complete confidence that all regulated employee communications are always being recorded in compliance with major regulations. The NICE COMPASS real-time recording reconciliation feature is also available for Cisco Unified Communications Manager environments.
Dodd Frank, MiFID II, and FX Code of Conduct all mandate that trade-related conversations must be recorded. Recording lapses can expose firms to costly remediation and penalties. FSOs are also required to report lapses to regulators, including the nature and extent of problems and actions taken. Today, FSOs predominantly rely on random, manual recording checks to detect when calls go unrecorded. The problem with this 'hit or miss' approach is that recording lapses often go undetected until a regulator requests the recordings and the FSO discovers that they are missing,
NICE COMPASS real-time reconciliation helps insulate firms from regulatory scrutiny, fines and reputational damage by using sophisticated algorithms to systematically reconcile metadata from communications platforms (like the IPC Unigy system) with actual conversations recorded in the NICE Trading Recording (NTR) system, to check for missing or partially recorded calls. If discrepancies are found, stakeholders are automatically notified so they can immediately troubleshoot underlying issues, and proactively notify regulators. NICE COMPASS also features dashboards and reports so that firms can keep tabs on the health of their entire global recording estate.
We're excited to now offer this essential compliance capability to IPC Unigy customers through our NICE COMPASS solution. By leveraging NICE COMPASS for compliance assurance, you can ensure compliance with record-keeping regulations, avoid fines and drawn-out audits, reduce compliance costs through automation, and improve their responsiveness to regulators.
If your firm currently uses the NICE Trading Recording System (NTR), NICE COMPASS may be added to the system to take advantage of real-time recording reconciliation and NICE COMPASS’ other robust compliance assurance capabilities.
NICE COMPASS helps you to streamline the compliance assurance processes through automated provisioning, system health checks (real-time recording reconciliation and automated daily recording checks), bulk call extraction, compliance assurance reporting and automated transcription.
- For further information on NICE COMPASS, please click here.
- For further information on the NICE Trading Recording solution, please click here.
- For more information on NICE Financial Compliance solutions, email NICE at firstname.lastname@example.org.