Theta Lake – 6 Dos and Don’ts When Using Transcription for Compliance

The communication compliance technology provider Theta Lake has created a six-step guide for how to get the most out of your voice-reviewing tools.

Theta Lake starts the guide by acknowledging that recording conversations and then reviewing them with transcription technology has become an important method for financial institutions to ensure their compliance with the very strict rules of the sector.

However, this is not always easy, which is why Theta Lake has created its guide.

The first step for any organization considering using audio-recording programs is to ensure their vendor’s transcription layer is using modern transcription tools that provide quick and high-quality services.

For instance, that includes checking if the tool provides flexibility for audio types, call centre, video calls and multi-party-video conferences.

The second step is a warning to not rely on transcriptions alone as going through the transcription can be a time-consuming endeavour fraught with challengers.

The third don’t is to avoid vendors who just attach new tools on old legacy systems as it increases both the manual effort needed and the risks attached.

Looking at the dos, Theta Lake starts by looking at layered approaches, as in tools using natural language processing tools. That could cut down the time used to analyse the recording as it could look at the context of the phrases to find out what people are actually saying instead of what the program might think it hears.

The second do is to use integrated and automated workflows that enable the user to comment, act and report on the recording.

Finally, Theta Lake encourages the reader to don’t settle on tools that only look at transcripts, but that also includes visuals and video.

You can find the full dos and don’ts guide here.

To find out more about Theta Lake visit their website.

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.