NICE has established a practice dedicated to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), and is working with a number of leading financial institutions in the United States as part of their preparation to be compliant with the new record-keeping and risk management requirements. The focus of these efforts is on leveraging NICE's experience and solutions for trading floors, contact centers, back offices, and branches that are relevant to two critical elements of Dodd-Frank, which are increased transparency in financial transactions and strengthening consumer protections.
NICE has a dedicated team of experts who assist institutions of all sizes in understanding and assessing the anticipated requirements of the act, as well as leveraging NICE's solutions and technologies to be in compliance.
"Financial institutions must already take action to be compliant with the evolving requirements of Dodd-Frank," said Benny Einhorn, chief marketing officer at NICE, in a statement. "In partnership with top U.S. institutions, we are leveraging our industry domain expertise and our unique position of offering a broad range of compliance technologies and solutions across channels to help shape the approach organizations will need to take to comply with this act."
Dodd-Frank requirements for financial institutions and trading firms are complex and technologically demanding, requiring a wide spectrum of solutions across the enterprise. New levels of self-directed monitoring and surveillance are necessary for companies to achieve regulator transparency and trading controls. In addition, institutions must improve record-keeping and real-time reporting of all written and oral communications relating to a transaction, while maintaining them securely in a manner which is readily retrievable via electronic access. Contact centers must also follow a new level of financial transparency and enforcement.
NICE is actively engaged in the design and implementation of solutions to help these organizations achieve compliance. Examples include the following:
- The NICE Actimize Hedge Funds Trading Compliance solution includes a broad range of analytical models to detect illicit or non-compliant behavior by combining proven, out-of-the-box detection and investigation capabilities to ensure timely identification of potential compliance issues, such as insider trading, market manipulation, securities fraud, and deceptive practices. The solution includes comprehensive audit, query, and reporting tools. NICE Actimize trading compliance solutions are addressing Dodd-Frank's new requirements for commodities trading with upcoming versions of its Energy Trading Compliance solution, enabling commodities traders (in this case, energy) to monitor and report on their global trade positions and related trading activity.
- The NICE Trading Floor Compliance solution lets customers reconstruct trade communications as they happen, tie them to SWAP transaction, and enable a search through every type of related interaction, including voice, instant messaging, and email. The solution can scan all communications for compliance risks based on predefined risk categories, resulting in automatic alerts to provide compliance departments with greater insight into all communication that is relevant to the transaction.
- The NICE Contact Center Compliance Enforcement solution provides capabilities for disclosure enforcement, script adherence, policy guidance, and lending credit criteria validation. This comprehensive set of functionalities, together with NICE's vast contact center expertise and key technological offerings, including compliance recording, real-time automation, decisioning and guidance, and interaction analytics, enables contact centers to comply with the new regulations.