NICE Adds Real-Time Recording Reconciliation to NICE COMPASS
NICE has enhanced its NICE COMPASS compliance assurance solution with real-time recording reconciliation capabilities to help financial services firms capture virtually every type of trader voice communication.
"Today, most firms rely on random, manual recording checks to ensure that calls are being recorded," said Chris Wooten, executive vice president of NICE, in a statement. "By the time a problem is detected, either during a random check or routine audit, the damage is already done, and the ramifications are often far worse."
NICE COMPASS' real-time recording reconciliation adds another real-time protection layer to NICE COMPASS' automated, pre-scheduled recording checks. Now, a firm can instantly know if a call was not recorded, immediately troubleshoot and fix underlying problems, and provide timely notification to regulators.
Real-time reconciliation applies sophisticated algorithms to reconcile trade-related calls of regulated employees to actual voice recordings. Call detail records in the phone system are systematically matched up to call records in the recording system to detect missing or partially recorded calls. When NICE COMPASS detects a mismatch between the phone system and recorder data, it automatically sends an alert to designated stakeholders.
NICE COMPASS also now features dashboards and reports so compliance officers can keep tabs on the health of their entire global recording estate.
"NICE COMPASS' new real-time reconciliation capability is a vital tool for FSOs in terms of providing real-time visibility so that small problems don't turn into bigger problems and so that timely corrective action can be taken," Wooten said. "By leveraging NICE COMPASS for compliance assurance, FSOs can demonstrate a proactive mindset, reduce their compliance costs through automation, avoid fines, penalties and drawn-out audits, and improve their responsiveness to regulators."
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