News : NICE Enhances NICE COMPASS with Automated System Health Checks
Hoboken, NJ, USA, Dec, 2017 -- Financial Services Organizations (FSOs) are under mounting pressure from financial regulators to provide accurate records of trading communications. Under MiFID II's strict regulations, which goes into effect on January 3, 2018, FSOs will have to ensure that the systems used to conduct and record trading com-munications are fully operational at all times, and that captured voice recordings are of high quality and useable, to avoid additional scrutiny from regulators and possible financial penalties.
To address these challenges, NICE (Nasdaq:NICE), a provider of financial communication compliance and trade reconstruction solutions, is introducing a new Automated Voice Trade Communication and Recording System Health Check capability as part of its NICE COMPASS solution suite.
....NOTE - content continues below this message
We invite you and your colleagues to take a couple of days out of your busy schedule to join us and the elite in the industry to listen to the NEXT GENERATION Contact Center & Customer Engagement Best Practices - WORLD'S BEST IN 2018! - ALL AWARD WINNERS!.
>>>>> FIND OUT MORE: HERE
For more than a decade, FSOs have relied on manual methods to perform voice trade communication and recording system checks. These methods typically require teams of employees to walk the trading floor, place test calls on turrets and phone sets, and then retrieve the recordings to confirm that all systems are working as intended. While this labor-intensive process has always been a headache for FSOs, come January 3rd the sheer volume of additional testing required to ensure compliance with MiFID II will make it virtually impossible to perform this work manually.
"Under MiFID II business-as-usual ways of performing this testing are no longer going to work," said Chris Wooten, Executive Vice President, NICE. "In addition to increasing the number of regulated users who need to be recorded, MiFID is raising the regulatory hurdle for FSOs by requiring complete transparency and accountability. It's no longer sufficient simply to have systems in place that enable conversations to be conducted, recorded and retained; FSOs need to ensure those systems are fully operational and all working together as planned, and provide evidence around the auditing process and results."
"Mounting regulations are creating new challenges for FSOs, but these can be easily addressed through automation, and that's where NICE COMPASS comes in," added Wooten. "With NICE COMPASS, FSOs can overcome regulatory hurdles by centralizing oversight of the communications compliance process, and automating compliance processes that were previously handled manually. By helping to eliminate manual, error-prone processes, NICE COMPASS can potentially save FSOs millions of dollars in labor costs, while avoiding fines and reputational damage."
NICE COMPASS, together with NICE Trading Recording (NTR), provides a comprehensive solution for recording all communications (front office and back office, fixed and mobile), and for assuring complete compliance with financial regulations.
Posted by Veronica Silva Cusi, news correspondent
Today's Tip of the Day - People, Site, Infrastructure
More Editorial From NICE Systems
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: Monday, December 18, 2017
Mitel is a global provider of enterprise and small business communications solutions and services. The company focuses on blending powerful infrastructure with an intuitive human interface to deliver ...
Genex, part of the IPE Group UK, is an outsourcing provider of customer experience management and trusted by world’s leading brands. We achieve results through transforming our clients' businesses and...
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 re...
8x8, Inc. (Nasdaq: EGHT) leverages its patented software technologies to deliver high quality voice solutions with integrated messaging and video to businesses of any size with employees in any locati...