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NICE Enhances NICE COMPASS with Automated System Health Checks for Voice Trade Communications and Recording
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 auditng 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 (News - Alert), 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 (News - Alert) 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171213005210/en/
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