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News : NICE COMPASS Automated Call Extraction Capability Speeds Response to Financial Regulatory Requests
Hoboken, NJ, USA, Jan, 2018 -- As regulations become more prescriptive around the need to answer regulator requests for information, financial services organizations (FSOs) are increasingly required to provide investigation data within mandated time periods, or risk fines. MiFID II, Dodd-Frank and FX Global Code of Conduct are not only placing greater demands on FSOs to accurately record large volumes of trade conversations, they also mandate that FSOs provide this information in a more timely manner, in some cases within a mandated 72-hour period.
To help FSOs adhere to this strict requirement, NICE (Nasdaq: NICE), a provider of financial communication compliance and trade reconstruction solutions, has added an Automated Call Extraction capability to its NICE COMPASS solution suite.
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Investigation requests from regulators are becoming broader, more frequent, and increasingly far reaching. New regulations, such as MiFID II, will only add to the workload for FSO compliance managers in the United Kingdom, Europe, and the U.S. Compounding this, regulators can demand that FSOs turn over tens or even hundreds of thousands of calls, spanning many months or years, on a moment's notice. FSOs must respond to these requests within mandated time periods, or risk punitive fines and reputational damage.
"Regulations are placing tremendous demands on FSOs to do more, faster, with existing resources, and these demands will only compound with new regulations like MiFID II," said Chris Wooten, Executive Vice President, NICE. "NICE COMPASS' Automated Call Extraction helps FSOs automate extraction of high volumes of recorded voice trading communications, so they can respond to regulatory requests within mandated time periods."
Posted by Veronica Silva Cusi, news correspondent
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About NICE Systems:
NICE (NASDAQ: NICE), is a worldwide provider of intent-based solutions that capture and analyze interactions and transactions, realize intent, and extract and leverage insights to deliver impact in real time. Driven by cross-channel and multi-sensor analytics, NICE solutions enable organizations to improve business performance, increase operational efficiency, prevent financial crime, ensure compliance, and enhance safety and security. NICE serves over 25,000 organizations in the enterprise and security sectors, representing a variety of sizes and industries in more than 150 countries, and including over 80 of the Fortune 100 companies.
Published: Tuesday, January 23, 2018
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