With MiFID II deadline approaching fast, FSOs
need new automated tools to perform health checks to ensure systems
are operational
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 leading 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.
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.
MiFID II greatly expands the scope of regulated users, asset
classes and communications that need to be recorded, by implication
also expanding the number of systems and devices that need to
undergo testing as well. Under MiFID II, all communications that
could potentially to lead to a transaction must be recorded,
instead of the previous, narrower mandate of client orders and
transactions. Additionally since manual checks are typically only
performed on a small sample of devices, this leaves FSOs vulnerable
to additional regulatory scrutiny and possibly extensive fines
under new MiFID II regulations, if recordings of employees covered
under MiFID II are not available.
MiFID II’s stricter compliance assurance requirements (which
accept no excuses for lost recordings) also imply that FSOs should
institute proactive alerting systems to notify if a voice trade
communication system is not working, or if conversations are not
being properly recorded and retained.
“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.”
The NICE COMPASS Automated System Health Check capability
addresses this problem by replacing error-prone, inefficient manual
testing with automated health checks that test all aspects of an
FSO’s communication and recording processes (and associated
systems) to ensure flawless performance and call recording quality.
Scheduled, automated system tests can be centrally managed and
remotely performed across the entire FSO enterprise.
Checking every step in the voice communication and recording
process to verify that all systems are operational, the NICE
COMPASS Automated System Health Check capability also ensures that
trading communications for all regulated users are being recorded
with good quality audio and properly retained. The new NICE COMPASS
capability even simulates calls to ensure all related components
(network, gateway, PBX, recording, audio quality, archiving and
retention) are fully functional and working together, automatically
triggering alerts when problems arise. All health check results are
viewable on a browser-based dashboard which enables real-time
proactive compliance monitoring across the enterprise.
“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.”
FSO Compliance and Information Technology executives and
managers interested in learning more can attend a complimentary
webinar on Achieving Recording and Voice Trading Communication
System Assurance with Automated Health Checks on January 11, at
10 am EST (15:00 GMT). Register online at
www.HolisticSurveillance.com/Webinars.
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. Most of the world's
leading banks rely on the NTR solution for reliable communications
recording for turrets, desk phones, mobile phones, and Unified
Communications platforms. NICE COMPASS and NTR are part of NICE's
comprehensive suite of holistic surveillance solutions for the
financial services industry.
About NICE
NICE (Nasdaq:NICE) is the worldwide leading provider of both
cloud and on-premises enterprise software solutions that empower
organizations to make smarter decisions based on advanced analytics
of structured and unstructured data. NICE helps organizations of
all sizes deliver better customer service, ensure compliance,
combat fraud and safeguard citizens. Over 25,000 organizations in
more than 150 countries, including over 85 of the Fortune 100
companies, are using NICE solutions. www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE's marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking Statements
This press release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. Such forward-looking statements, including the statements by
Mr. Wooten, are based on the current beliefs, expectations and
assumptions of the management of NICE Ltd. (the Company). In some
cases, such forward-looking statements can be identified by terms
such as believe, expect, may, will, intend, project, plan, estimate
or similar words. Forward-looking statements are subject to a
number of risks and uncertainties that could cause the actual
results or performance of the Company to differ materially from
those described herein, including but not limited to the impact of
the global economic environment on the Company's customer base
(particularly financial services firms) potentially impacting our
business and financial condition; competition; changes in
technology and market requirements; decline in demand for the
Company's products; inability to timely develop and introduce new
technologies, products and applications; difficulties or delays in
absorbing and integrating acquired operations, products,
technologies and personnel; loss of market share; an inability to
maintain certain marketing and distribution arrangements; and the
effect of newly enacted or modified laws, regulation or standards
on the Company and our products. For a more detailed description of
the risk factors and uncertainties affecting the company, refer to
the Company's reports filed from time to time with the Securities
and Exchange Commission, including the Company's Annual Report on
Form 20-F. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except
as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171213005210/en/
NICECorporate MediaCindy Morgan-Olson,
+1-551-256-5202cindy.morgan-olson@niuceactimize.comorInvestorsMarty
Cohen, +1 551 256 5354ir@nice.com, ETorYisca Erez, +972 9 775
3798ir@nice.com, CET
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