Financial Services Organizations, otherwise known as FSOs, must capture every type of trader voice communication to comply with regulations like Dodd-Frank, MiFID II, and FX Code of Conduct. These FSOs need real-time recording check and reconciliation capabilities so they can be confident that their recording systems are capturing virtually every type of trader voice communication. With regulators issuing tens of millions of dollars in penalties for record-keeping violations in recent years, FSOs are required to report recording lapses to regulators, including the nature and extent of the problems and reparative actions taken.
Recording check and reconciliation is about confirming the capture of all types of trader voice communication, whether it be SMS, Microsoft Teams, email, or phone communications. Here are 5 features of Recording Check and Reconciliation within our NICE solutions that provide significant benefit to your FSO:
- Instantly know if a call was not recorded. Time is money in this line of work. The quicker you’re able to detect and notify regulatory authorities of recording lapses, the lesser the penalties and fines you’ll face.
- Immediately troubleshoot and fix underlying problems. The quicker your system is back online, the fewer repercussions you’ll have to face.
- Provide timely notifications to regulators. Recording check and reconciliation gives your FSO the ability to insulate itself from drawn-out investigations and reputational damage along with alleviating speculation over what missing trade conversations might be hiding.
- Reconcile trade-related calls to actual voice recordings. Call details in the phone system are systematically matched up to call records in the recording system to detect missing or partially recorded calls. When there’s a mismatch, stakeholders are automatically notified.
- Provide real-time visibility for addressing problems. These features include dashboards and reports so compliance officers can keep tabs on the health of the firm’s entire global recording estate.
As Financial Services Organizations work to mitigate the possibility of non-compliance, recording check and reconciliation facilitates a proactive strategy. Immediacy, efficiency, and durability are all necessary features of an FSO’s communication recording system. In such a high-stakes industry, knowing that your call recording system will do its job and notify you if recording isn’t happening the way it should is critical. With NICE products, its recording check and reconciliation functionalities will give you and your FSO complete confidence when it comes to capturing all trader voice communications.
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