NICE (Nasdaq:NICE), a 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, the company said.
Financial Services Organizations (FSOs), under MiFID II regulations going into effect on January 3, 2018, will have to ensure that the systems used to conduct and record trading communications 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.
For more than a decade, FSOs have relied on manual methods to perform voice trade communication and recording system checks. 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.
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.
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.
NICE is a 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.