When I speak to IT managers in charge of Enterprise Voice Recording systems, they tell me that sometimes they think all their traders are being recorded, but when they look for a certain recording they can’t find it – the recording channel was not working at that moment, or the device that trader was using was not connected to the recording system.
Not finding a voice recording can be a huge problem if you work for a bank. As a financial services organization, you are under the growing pressure from global regulations (like MAR, Dodd-Frank, Code of Conduct, and MiFID II) of recording ALL employees, asset classes, communication channels, and devices.
But not only that. With the new MiFID II regulation, you also need to provide comprehensive evidence of compliance with the requirement to record employees that have information associated with trades.
The current solution is to have regular manual ‘recording checks’ – manually make phone calls and check if the recording system has captured them. These processes are labor-intensive and prone to error. What if you had a scheduled, automated recording check that tests along every step of the way to prove that all regulated personnel are in the system and being recorded, the audio quality is good and all recordings are being properly secured and retained?
Also, if you have a large enterprise wide recording estate, how do you manage those multiple recording systems, and how can you quickly find a specific recording? Wouldn’t it be great to have a single portal for managing all compliance assurance and recordings across the enterprise? What if you could manage all functions of the recording systems centrally, including: searching for recordings (across all locations, modalities and regulated users); implementing adds, moves or changes; configuring retention periods for asset classes, lines of business, and regulated user groups (based on specific global and/or regional regulations for records retention); and setting up rules for legal holds.
We listened to these needs of IT managers of Voice Recording systems and developed a solution for Compliance Assurance – COMPASS. It provides comprehensive features for recording all communications (front office and back office, fixed and mobile), and for assuring complete compliance with financial regulations. Many of the world’s leading banks already rely on the NICE solutions for communications recording and we think COMPASS is a comprehensive addition to this suite of holistic surveillance solutions for the financial industry.