Leading Global Investment Bank to Automate Compliance Assurance Reporting Using NICE COMPASS
08 Janvier 2018 - 12:30PM
Business Wire
NICE COMPASS will enable bank to automate
compliance functions to meet MiFID II and other financial
communications regulatory requirements, while also reducing
workload, costs and risk
NICE (Nasdaq:NICE) announced today that one of the
world’s leading global investment banks will be deploying the
NICE COMPASS Communication Compliance Assurance solution. By
streamlining and automating its financial communication compliance
processes, the NICE COMPASS solution will enable the bank to meet
regulatory requirements while also reducing compliance-related
workloads, costs and risks.
Through its deployment of NICE COMPASS, the leading global
investment bank will be able to:
- Ensure accurate records of trading
communications, reduce workload and save money using automated
system health checks for voice trade communications and
recording. Instead of requiring 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, the bank will now be able to centrally automate system
health checks through NICE COMPASS to ensure that all systems are
operational and all regulated users are being recorded.
- Save time, ensure compliance and reduce
the risk of fines by providing evidence of compliance to regulators
with automated compliance assurance reporting. With NICE
COMPASS’ auto-generated reports, the bank can confidently audit and
document trade communications recording compliance and provide
evidence to regulators that all regulated users’ trade
communications are being properly recorded, archived and retained,
as well as track and manage legal holds. All information is
available through a browser-based dashboard, giving compliance
managers complete insight across the global enterprise.
- Leverage NICE COMPASS’ automated
call extraction capability to adhere to strict turnaround times
for addressing regulator requests, as they become broader, more
frequent, and more far reaching. Compliance managers can quickly
and easily find, retrieve and export large volumes of recordings
for a compliance investigations. Voice recordings can be extracted
in a fraction of the time, giving compliance managers ample time to
review and verify data before responding to the regulator.
- Use automated provisioning to
centrally manage moves, adds and changes, and ensure compliant
recording and retention for all regulated users across the
enterprise. An expanded API (Application Programming Interface)
enables NICE COMPASS to automatically synchronize with the bank’s
golden-source systems for up-to-date information, eliminating
errors typically associated with manual data entry.
“New financial communication compliance regulations are
exacerbating the burden on FSOs, especially those that still
predominantly rely on manual, labor-intensive compliance assurance
processes,” said Chris Wooten, Executive Vice President, NICE.
“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.”
New and emerging regulations are exerting tremendous stress on
Financial Services Organizations (FSOs) by expanding the scope of
employees, asset classes, communication channels, and devices that
need to be recorded and monitored, requiring evidence of
compliance, and imposing new benchmarks for timely response to
regulators. Specifically, FSOs that wish to conduct business in the
European market need to ensure they have a form of substituted
compliance that follows similar guidelines and processes as
detailed in the MiFID II requirements. MiFID II is the first
regulation of its kind to impose an additional requirement around
evidence of recording. Global FSOs are also subject to the FX
Global Code of Conduct, which states that as a matter of good
practice, firms must ensure that all records of financial trading
communications are complete and accurate in order for surveillance
to be effective. Against this regulatory backdrop, NICE COMPASS is
helping FSOs reduce risk and save time by automating processes
around financial communication compliance, reporting and regulatory
response.
NICE COMPASS, together with NICE Trading Recording (NTR),
provide a comprehensive solution for recording all trade
communications (front office and back office, fixed and mobile, and
unified communications), and for assuring complete compliance with
financial regulations. Most of the world's leading banks rely on
the NTR solution for reliable trade communications recording for
turrets, desk phones, mobile phones, and Unified Communications
platforms. NICE COMPASS and NTR are part of NICE's comprehensive
suite of compliance solutions for the financial services
industry.
NICE is the world’s leading financial trading communication
compliance solution provider, serving a majority of the largest
financial services organizations globally. NICE’s communication
compliance assurance and holistic surveillance solutions help banks
reliably capture and analyze omnichannel communications to ensure
compliance with increasing regulatory requirements including MiFID
II, MAR, FX Code of Conduct, Dodd-Frank and future directives.
About NICENICE (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 StatementsThis 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/20180108005934/en/
NICECorporate MediaCindy Morgan-Olson,
+1-551-256-5202cindy.morgan-olson@niceactimize.comorInvestorsMarty
Cohen, +1 551 256 5354, ETir@nice.comorYisca Erez +972 9 775 3798,
CETir@nice.com
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