A global investment bank is set to deploy the NICE COMPASS Communication Compliance Assurance solution in a bid to meet MiFID II and other regulatory requirements.
The solution will streamline and automate the bank’s financial communication compliance processes to help it meet regulatory requirements and reduce compliance-related workloads, costs and risks.
NICE said the investment bank will be able to ensure accurate records of trading communications, reduce workload and save money by using automated system health checks for voice trade communications and recording. The solution will also enable the bank to save time, ensure compliance and reduce the risk of fines by providing evidence of compliance to regulators with automated compliance assurance reporting.
The unnamed bank will also leverage NICE COMPASS’ automated call extraction capability, allowing compliance managers to find, retrieve and export large volumes of recordings for compliance investigations. It will also use automated provisioning to centrally manage moves, adds and changes, and ensure compliant recording and retention.
Chris Wooten, executive vice president, NICE, said: “New financial communication compliance regulations are exacerbating the burden on FSOs, especially those that still predominantly rely on manual, labour-intensive compliance assurance processes.
“This significant purchase of NICE COMPASS by a large global tier one investment bank highlights the challenges of complying with ever-expanding regulations and the essential role that NICE COMPASS can play in alleviating these challenges through automation.”
With new and emerging regulations exerting stress on Financial Services Organisations (FSOs), Nice Compass, together with NICE Trading Recording (NTR), provides a solution for recording all trade communications (front office and back office, fixed and mobile, and unified communications), and for assuring complete compliance with financial regulation.
Nice Compass and NTR are part of NICE’s suite of compliance solutions for the financial services industry. Currently over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
