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Keeping on Top of Regulatory Compliance with Legacy Recording Systems - Business Systems UK Ltd - Blog

Keeping on Top of Regulatory Compliance with Legacy Recording Systems

Record keeping is a critical part of the compliance agenda for any financial services firm. Across banking, investment, trading and insurance, whether you operate in business or consumer markets.  All companies are under ever closer scrutiny and face the huge burden of having to demonstrate immutable records of all their dealings including what they have to store, how they store it and how accessible that data must be.

To say that the web of different laws and statutory regulations that financial services providers must navigate is complex is to put it mildly.

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Whether you are selling or advising on insurance products, investment vehicles, loans or credit cards, bodies like the Financial Conduct Authority (FCA) demand a clearly auditable trail of evidence for every transaction and recommendation to ensure you have stuck by the rules and they must be produced at short notice (Dodd Frank specifies within 72 hours).

On top of that, with the recent introduction of the GDPR, you also have to guarantee all record keeping meets stringent data protection and privacy rules.

All of this puts compliance officers under enormous strain. Their job hasn’t been made any easier by the number of channels through which companies do business has multiplied rapidly in recent years. Maintaining up-to-date, centrally managed, ordered and transparent records across branch offices, multiple call centres and numerous different branded websites presents huge logistical challenges.

When there is little integration between channels and only manual processes to fall back on, the compliance burden can become close to unmanageable.

Call recording compliance

In recent times, a lot of attention has been paid in the industry to the so-called MiFID II EU directive which requires anyone involved in financial instruments and commodity derivatives trading, from independent advisers to multinational investment banks, to record and keep all telephone conversations relating to the market. But in truth, compliance officers have long faced dilemmas over call recording.

For example, call recording platforms were traditionally installed on premise at each individual call centre, with no integration with systems elsewhere. If a company had different contact centres for distinct sales and service departments in different locations, these would all record conversations with customers and clients on completely separate systems.

Throw into the mix that some of these banks and contact centres could be on their 2nd, 3rd, 4th and even 5th generation systems most of which have reached end-of-life, the challenge to manage this data becomes even more complex.

If the Compliance Officer comes knocking perhaps investigating an alleged incident of miss-selling, this would cause your compliance team a huge headache. Trying to create a call audit trail to trace who said what and when would become a time consuming, laborious task - hardly in the spirit of transparency regulatory authorities now expect.

Call Recording infrastructure challenges:

  • Systems becoming end-of-life voice (software & OS) but the data still needs to be accessed
  • Legacy systems from multiple vendors causing technical challenges when a recording needs to be quickly pinpointed
  • Bulk extracts need to be performed from legacy and live voice systems
  • A growing infrastructure equates to growing costs
  • New channels are evolving that need to be recorded and captured and managing those interactions has become more complex
  • Core data needs to be kept in its original format to ensure the integrity is not diminished
  • Even though some systems may still be supported they don’t have the up to date technology required to use the data to meet changing regulatory and business needs
  • There is a lack of global view of live and legacy voice data
  • Organisations need to access voice data through open APIs
  • Requests from compliance teams who want to be able to self-serve are increasing but it’s impossible to grant access with separate silos of data

You might well ask, if my company still runs legacy call recording applications on premises in various locations, what options are there for improving archive management and auditing other than upgrading to a new, centralised system?

It goes without saying, the unification of both live and legacy call recordings is essential in achieving compliance and operational efficiency and, despite the disparate technology that has proliferated, help is available through the use of sophisticated federating software providing uniformity of control and access across the estate or enterprise.

Full visibility with Wordwatch

The pull of a technology portal that services the world of investment banking and financial institutions is enticing. Nestling in the Gartner Magic Quadrant ‘Enterprise Information Archiving’ (EIA) and Enterprise Information Management (EIM) technology space, Wordwatch is just that portal.

Wordwatch brings together this mixed bag of call recording platforms and siloed data that these organisations produce. The federation process provides:

  • Access to data from any system – regardless of manufacturer be it live or legacy
  • Uniformity of data extracted from the disparate call recording platforms
  • Full control over access to the data
  • Compliance-hold
  • Deletion criteria and total audit activity i.e. the ‘Gold Standard’

Already used by some of the world’s largest banks, Wordwatch is attracting attention because of its ability to manage any call content, whatever the format or original recording system.  This is attesting to be a substantial aid to productivity while contributing directly to regulatory compliance – the siloed data is now a thing of the past and no longer the bane of the Chief Compliance Officers life.

If you are looking for a way to streamline your call recording processes, reduce TCOs for your recording solutions and improve compliance, get in touch with Business Systems UK and book a Wordwatch demo today.


Publish Date: December 11, 2019 5:00 AM

2021 Buyers Guide Inbound Call Handling Services


2Ring Gadgets for Cisco Finesse
2Ring Gadgets for Cisco Finesse, offered in three bundles (standard, enhanced, premium), empowers supervisors and enables agents to become more efficient.

Supervisors are able to handle everyday tasks on their own from within Cisco Finesse: reskill agents, view detailed information about agents and customer interactions in real-time, receive alerts about important call center events (RONA, Calls in Queue, ..), send messages to agents, or even change wallboards on the fly. Be flexible to provide help when needed.

Agents gain all the features that they need to serve customers faster - repetitive tasks are automated, alerts about important call center events pop-up on top of all the appli...
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Calls are received by the right person or department. The right corresponding information is shown to the agent which makes that appointments are handled quicker and more secure.


Agara is an autonomous virtual voice agent powered by Real-time Voice AI. It is designed to have intelligent conversations with your customers, vendors, and partners without any assistance from human agents. It can handle a wide variety of calls including inbound customer care calls, outbound lead generation calls, appointment scheduling calls, and overdue payment recovery calls.

Agara is available for several industries including banking, insurance, retail, e-commerce, airlines, and telecom. Powered by advanced Real-time Voice AI that understands speech in real-time, automatically determines the right process to follow and guides the caller along in the process with natural conversation.

Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.

Connect Assist

Contact Centre Services
We’re a specialist Contact Centre business and market leaders helping socially focused organisations deliver quality support to their clients and service users. We do this by providing 24/7 helplines, software solutions and consultancy services.

Since launching in 2006, we’ve operated at the sharp end of customer service, supporting some of society’s most vulnerable people. We’ve pioneered in our space to become a specialist in helplines, whilst using the most advanced communication and database technologies available.

Our social mission has remained a constant throughout, providing many meaningful career prospects and growth opportunities to people within our local communities and fur...
(read more)

Jointly International Inc.

Front Office Solutions
Front office is your Company’s first line of customer interaction and serves as the mirror of your business. Focus on your core business and let our competent staff handle your various front office needs such as:

* Customer Service via chat, email or phone
* Technical Support via chat, email or phone
* Helpdesk
* Virtual Assistant/Receptionist
* Answering Service
* Lead Generation
* Appointment Setting
* Verification
* Surveys
* Debt Recover, Collections

MattsenKumar LLC

Contact Center Outsourcing
By catering valuable, usable and enjoyable customer service, businesses can increase their CSAT Score and Customer Retention Rate. We help organizations to provide quality customer service through varied channels like email, phone and live chat. Ensuring quality after-sales support is our USP and we rely on proven approaches to ensure quality customer service.

OpsTel Services

The SPEED solution solves for service level issues while cost optimizing the environment with automation.

Provides an enhanced way to speed up & optimize invoking temporary agent skills configuration changes into the contact center environment.

Speed allows you to schedule both future changes & temporary changes that auto-revert back to the original state when scheduled time expires.

Speed features:

*Automated / Scheduled Temporary Agent Skills Configuration Management
*Immediate Temporary or Reoccurring Schedule Skills Configuration Changes
*Easy to Use/Operations Administration Focused
*Descriptive Monitoring Activity Dashboard
*Detailed “End to End’ Audit Trail and Performance Monitoring


VADS Inbound Contact Center
VADS Inbound Contact Center Services provide live operators who answer incoming calls as you would yourself. A team of professional script writers is available to help you script a greeting and experience programmers will set up a time and money saving program. Our unique approach to call center services is client-focused, and takes each project’s unique needs into account to our client’s satisfaction. We offer solution as part of our service to keep you in touch with your client and drive sales.

- Customer Service
- Walk In Center
- Service Desk

Technosys IT Management

Customer Support
Technosys IT Management Bpo, the business process Outsourcing, gives end-to-end transformative administrations for its customers over the globe. The organization's coordinated IT and BPO arrangements approach empowers it to open business esteem crosswise over ventures and administration lines, and address business challenges for its customers. Using inventive business perfection structures, progressing profitability changes, process reengineering, mechanization, and front line innovation stages, Technosys IT Management empowers its customers to accomplish their cost diminishment goals, enhance process efficiencies, upgrade viability, and convey unrivaled client encounter

Tru29 Outsource Solutions Inc.

Front Office Solutions
Any part of your business operations that requires constant end-customer facing task is an essential part of your business.

This task requires a good customer experience results for every customer interaction. Our extensive experience in handling Front Office related tasks can help you focus on your core business while being cost-efficient at the same time.

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