NICE Announces Its Compliance Center
NICE today announced NICE Compliance Center, a compliance recording solution for the contact center industry. The solution combines NICE’s Engage omnichannel recording platform with analytics and end-to-end encryption capabilities, with the goal of reducing the risk of regulatory breaches and providing a hub for all compliance management activities.
“Compliance and regulations are in a constant mode of change. New requirements appear in their respective markets, and existing regulatory standards are continuously being modified and updated,” says Aviad Abiri, VP of Portfolio Sales Enablement at NICE. “Some examples of this are the most recent Payment Card Industry (PCI) DSS 3.2 regulation for enhancing the security of handling customer credit card information and the updated Markets in Financial Instruments Directive (MiFID) II, which affects companies engaged in the dealing and processing of financial instruments. Organizations are looking for a compliance solution that will not only fit their current regulatory needs, but one that will also provide them with the flexibility to handle future and upcoming legislation.”
According to NICE’s website, while interactions records can be used as evidence during disputes and to guarantee that agents and traders are adhering to compliance procedures, the records themselves are subject to regulations to ensure that customers’ privacy is respected. NICE Compliance Center addresses the latter challenge.
“NICE’s Compliance Center centralizes all the functions required to track, audit, and manage compliance activities across all customer channels and touch points. It provides a wide range of compliance functions, covering the entire life cycle of the customer interaction,” Abiri says. He highlights three of them: (1) it ensures all customer interactions are recorded according to the latest regulations (including masking/elimination of sensitive data such as security codes), retained, and easily accessed in case of an investigation or audit; (2) it identifies and automatically sends alerts on suspicious interactions or employee activity that may not adhere to regulatory practices; and (3) it manages interactions at risk by providing a comprehensive workflow environment in which compliance challenges can be investigated and sent to the right place in an organization for further action.
He adds that the solution uses “an advanced combination of speech, text, and desktop analytics to automatically identify interactions at risk and ensure proper regulatory handling.” Nexidia Analytics enables organizations to search for specific words or phrases mentioned or not mentioned in certain interactions, as well as identify interactions that might become a liability. Additionally, NICE Desktop Analytics provides organizations with visibility into employee desktop activities to identify activities that may not adhere to their policies.
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