NICE, a provider of financial communication compliance and trade reconstruction solutions, has added an Automated Call Extraction capability to its NICE COMPASS solution suite.
As regulations become more prescriptive around the need to answer regulator requests for information, financial services organizations (FSOs) are increasingly required to provide investigation data within mandated time periods, or risk fines. MiFID II, Dodd-Frank and FX Global Code of Conduct are not only placing greater demands on FSOs to accurately record large volumes of trade conversations, they also mandate that FSOs provide this information in a more timely manner, in some cases within a mandated 72-hour period. Automated Call Extraction is designed to help FSOs adhere to this strict requirement.
Investigation requests from regulators are becoming broader, more frequent and increasingly far reaching. New regulations, such as MiFID II, will only add to the workload for FSO compliance managers in the United Kingdom, Europe and the U.S.
Compounding this, regulators can demand that FSOs turn over tens or even hundreds of thousands of calls, spanning many months or years, on a moment’s notice. FSOs must respond to these requests within mandated time periods, or risk punitive fines and reputational damage.
As regulatory investigation requests continue to rise, the manual data extraction methods commonly employed by FSOs will no longer be viable. Today, most FSOs rely on cumbersome data extraction methods that are both time-consuming and prone to error. Furthermore, if a trader works in multiple locations, recordings could be stored in different systems that aren’t easily accessible. By the time a compliance manager extracts the required recordings, there’s little time left to review and verify the records before turning them over to the regulator. This puts the FSO at risk of providing wrong information, too much information, or incomplete information.
NICE COMPASS’ Automated Call Extraction can be layered on top of the NICE Trading Recorder (NTR), and provides a secure, auditable solution for responding to complex regulator requests, especially those involving large volumes of voice trading communications. Compliance managers can find, retrieve and export all relevant conversations for a compliance investigation by submitting one query, even if the communications were captured on different recorders at different locations, over extended periods of time. 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.
“Regulations are placing tremendous demands on FSOs to do more, faster, with existing resources, and these demands will only compound with new regulations like MiFID II,” said Chris Wooten, executive vice president, NICE. “NICE COMPASS’ Automated Call Extraction helps FSOs automate extraction of high volumes of recorded voice trading communications, so they can respond to regulatory requests within mandated time periods.”
NICE COMPASS’ Automated Call Extraction capability can support highly complex and large investigations, enabling millions of recordings to be downloaded in a single day, with no impact on active recording. A compliance manager simply builds a query within the NICE COMPASS Automated Call Extraction application and is later notified when the job is done. Voice recordings are automatically decrypted and downloaded in a standard, playable format, along with associated call metadata.
