Financial crime organizations may now capture
every type of trader voice communication to comply with Dodd Frank,
MiFID II, and FX Code of Conduct
Recording of trade-related conversations is a central tenet of
Dodd Frank, MiFID II, and FX Code of Conduct regulations. To
address this need, NICE (NASDAQ: NICE), the leading provider
of financial communication compliance solutions, today announced
that it has further enhanced its NICE COMPASS compliance assurance
solution with real-time recording reconciliation capabilities so
that financial services organizations can have complete confidence
in their ability to capture virtually every type of trader voice
communication.
In recent years, regulators have issued tens of millions of
dollars in penalties for record-keeping violations. FSOs are
required to report recording lapses to regulators, including the
nature and extent of problems, and remedial actions taken. The
ability to immediately detect and notify regulatory authorities of
such occurrences can lessen the sting of penalties and fines,
insulate firms from drawn-out investigations and reputational
damage, and alleviate speculation over what missing trade
conversations might be hiding.
“Today, most firms rely on random, manual recording checks to
ensure that calls are being recorded,” explained Chris Wooten,
Executive Vice President, NICE. “By the time a problem is
detected, either during a random check or routine audit, the damage
is already done, and the ramifications are often far worse.”
NICE COMPASS’ real-time recording reconciliation solves this
problem by adding another real-time protection layer to NICE
COMPASS’ automated, pre-scheduled recording checks. Now, a firm can
instantly know if a call was not recorded, immediately troubleshoot
and fix underlying problems, and provide timely notification to
regulators.
How Real-time Recording Reconciliation WorksReal-time
reconciliation applies sophisticated algorithms to reconcile
trade-related calls of regulated employees to actual voice
recordings. Call detail records in the phone system are
systematically matched up to call records in the recording system,
to detect missing or partially recorded calls. When NICE COMPASS
detects a mismatch between the phone system and recorder data, it
automatically sends an alert to designated stakeholders who can
identify and fix problems, and provide proper notification to
regulators.
Unique to NICE COMPASS, its integrated real-time reconciliation
capability features dashboards and reports so compliance officers
can keep tabs on the health of the firm’s entire global recording
estate.
Wooten added, “NICE COMPASS’ new real-time reconciliation
capability is a vital tool for FSOs in terms of providing real-time
visibility so that small problems don’t turn into bigger problems,
and so that timely corrective action can be taken. By leveraging
NICE COMPASS for compliance assurance, FSOs can demonstrate a
proactive mindset, reduce their compliance costs through
automation, avoid fines, penalties and drawn-out audits, and
improve their responsiveness to regulators.”
For firms currently using the NICE Trading Recording
System (NTR), NICE COMPASS may be added to the system to take
advantage of real-time recording reconciliation and NICE COMPASS’
other robust compliance assurance capabilities.
For further information on NICE Compass, please click
hereFor further information on the NICE Trading Recording
System, please click here.
About NICE Financial ComplianceNICE is the world’s
leading financial compliance solution provider, serving more than
90 percent of the largest investment banks globally. NICE’s
compliance solutions assist customers in the capture of trade
conversations and trades, analyzing them for potential risk, and
correlating trade conversations with trades for trade
reconstruction. The company's compliance solutions make automated
and intelligent holistic trade compliance programs possible and
enable FSOs to more efficiently comply with regulatory
requirements, including MiFID II, MAR, FX Code of Conduct,
Dodd-Frank and future directives. More info at
www.nice.com/compliance.
About NICENICE (Nasdaq: NICE) is the world's 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190305005433/en/
Corporate MediaCindy Morgan-Olson, 201-551-5202,
cindy.morgan-olson@niceactimize.com
InvestorsMarty Cohen, +1 551 256 5354, ET,
ir@nice.comYisca Erez +972 9 775 3798, CET, ir@nice.com
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