Need to Record Skype for Business Communications to Comply with New Regulatory Requirements?
The solution might just be right under your nose
In recent years, Microsoft Skype for Business has enjoyed growing popularity among back office departments in trading firms, for its ability to support multi-channel communications (voice, video, instant messaging, and email) all in one unified platform. Talk about driving up employee productivity and driving down costs.
If your firm uses Skype for Business, it’s important to ensure you have the right technology in place to record these communications.
Today, there are more regulations than ever around trade conversations. This means you have to think carefully about how your firm will capture, archive and retain them. Of course, Dodd Frank and MAR require trading communications to be recorded. But MiFID II, which went into effect earlier this year, goes a step further, stipulating that ALL communications that result in transactions (whether intended or not), across ALL modalities (PBX’s, turrets, mobile phones, video, chat, email, unified communication platforms, etc.) must be recorded.
Firms must also take reasonable steps to keep records of all communications for at least five years, and provide these records to clients or regulators on request. In certain cases, a firm might only have a mere 72 hours to gather all of the evidence around a questionable trade and reconstruct a timeline of events.
Not currently recording Skype communications?
To comply with these demanding new regulatory requirements (and future ones as well), firms should invest in enterprise-wide recording solutions that are capable of recording and managing ALL compliance-related content. Handling recording in this manner is a wise strategy because you don’t have to deploy a separate recording system (essentially a new data silo) every time you need to add support for a new communication device (like Skype for Business).
If you’re in the market for a solution to record your Skype communications, the good news is you don’t need to buy a new recording system. In fact if you’re currently using the NICE Trading Recording (NTR), the solution you’re in search of is right under your nose.
As more and more firms have come have adopt Skype for Business for their back-office operations, NICE has enhanced its NTR solution to help firms comply with regulations by recording this and other new modalities.
And if your firm is one of the hundreds of leading banks around the world already use NTR, you can add our Microsoft-certified Skype recording via an easy upgrade. We even offer Skype for Business recording in a 2N configuration for added resiliency.
If you’re not using NTR, but you’re looking to standardize on a new solution to address all of your compliance recording needs, we encourage you to take a second look at NICE. Here are some reasons why:
Learn more
Learn more about the NICE Trading Recording (NTR) solution and Skype for Business recording.
The only solution you need
NTR is the only recording, search and replay solution you’ll need for ALL of your trade-related communications. It can adapt to your environment and all the ways your regulated employees communicate today: turrets, mobile phones, PBXs (desk phones), or unified communications platforms (like Skype for Business and Cisco Jabber). With NTR, you’ll have one centralized portal to manage all of your compliance recording needs, and one place to easily find every communication related to any trade or transaction.
Lower cost of ownership
As you add regulated users, locations, and new communication modalities, you can streamline compliance work processes and gain economies of scale. Use one system to record and manage all communications, instead of maintaining and working in separate recording systems and databases.
Automated trade reconstruction
Rapid trade reconstruction is mandated by a host of regulations, including MAR, Code of Conduct, Dodd-Frank, and MiFID II. In some cases, firms must adhere to a demanding 72-hour turnaround time to provide reconstructions to regulators. At the same time, trade reconstructions are becoming inherently more complex as regulated employees have more ways to communicate (e.g. desktop PBX phones, turrets, mobile phones, email, instant messages, etc.). When recordings are stored in separate silos, they need to be manually located and stitched together. NTR replaces these silos with a holistic solution. And with the addition of automated trade reconstruction and advanced analytics, NTR can cut trade reconstruction time from days to minutes, and improve responsiveness to regulators.
Ensures regulatory compliance
NTR is designed from the ground up as a compliance-focused recording platform, enabling you to adhere to all regulatory requirements around the recording, retention, and rapid reconstruction of trading communications.
Complete compliance assurance solution
In addition to requiring firms to record more conversations, for more regulated users, across more modalities, new regulations like MiFID II also require firms to provide proof of compliance. NTR works in tandem with NICE COMPASS to provide a complete compliance assurance solution.
Holistic Surveillance
MiFID II also requires firms to monitor 100% of communications for market abuse (and intent to commit market abuse). Using advanced speech and behavioral analytics, NICE’s holistic surveillance solutions works alongside NTR to detect even the hardest-to-find cases of market abuse (and intent to commit market abuse), and conduct risks, including collusion, benchmark manipulation and insider trading – across all trades and communication channels, including Skype for Business.