[January 08, 2018] |
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Leading Global Investment Bank to Automate Compliance Assurance Reporting Using NICE COMPASS
NICE (Nasdaq:NICE) announced today that one of the world's
leading global investment banks will be deploying the NICE
COMPASS Communication Compliance Assurance solution. By streamlining
and automating its financial communication compliance processes, the
NICE COMPASS solution will enable the bank to meet regulatory
requirements while also reducing compliance-related workloads, costs and
risks.
Through its deployment of NICE COMPASS, the leading global investment
bank will be able to:
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Ensure accurate records of trading communications, reduce workload and
save money using automated
system health checks for voice trade communications and
recording. Instead of requiring 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, the bank will now be able to centrally automate system
health checks through NICE COMPASS to ensure that all systems are
operational and all regulated users are being recorded.
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Save time, ensure compliance and reduce the risk of fines by providing
evidence of compliance to regulators with automated
compliance assurance reporting. With NICE COMPASS'
auto-generated reports, the bank can confidently audit and document
trade communications recording compliance and provide evidence to
regulators that all regulated users' trade communications are being
properly recorded, archived and retained, as well as track and manage
legal holds. All information is available through a browser-based
dashboard, giving compliance managers complete insight across the
global enterprise.
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Leverage NICE COMPASS' automated call extraction capability to
adhere to strict turnaround times for addressing regulator requests,
as they become broader, more frequent, and more far reaching.
Compliance managers can quickly and easily find, retrieve and export
large volumes of recordings for a compliance investigations. Voice
recordings can be extracted in a fraction of the time, giving
compliance managers ample time to review and verify data before
responding to te regulator.
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Use automated provisioning to centrally manage moves, adds and
changes, and ensure compliant recording and retention for all
regulated users across the enterprise. An expanded API (Application
Programming Interface) enables NICE COMPASS to automatically
synchronize with the bank's golden-source systems for up-to-date
information, eliminating errors typically associated with manual data
entry.
"New financial communication compliance regulations are exacerbating the
burden on FSOs, especially those that still predominantly rely on
manual, labor-intensive compliance assurance processes," said Chris
Wooten, Executive Vice President, NICE. "This significant purchase of
NICE COMPASS by a large global tier one investment bank highlights the
challenges of complying with ever-expanding regulations and the
essential role that NICE COMPASS can play in alleviating these
challenges through automation."
New and emerging regulations are exerting tremendous stress on Financial
Services Organizations (FSOs) by expanding the scope of employees, asset
classes, communication channels, and devices that need to be recorded
and monitored, requiring evidence of compliance, and imposing new
benchmarks for timely response to regulators. Specifically, FSOs that
wish to conduct business in the European market need to ensure they have
a form of substituted compliance that follows similar guidelines and
processes as detailed in the MiFID II requirements. MiFID II is the
first regulation of its kind to impose an additional requirement around
evidence of recording. Global FSOs are also subject to the FX Global
Code of Conduct, which states that as a matter of good practice, firms
must ensure that all records of financial trading communications are
complete and accurate in order for surveillance to be effective. Against
this regulatory backdrop, NICE COMPASS is helping FSOs reduce risk and
save time by automating processes around financial communication
compliance, reporting and regulatory response.
NICE COMPASS, together with NICE Trading Recording (NTR), provide a
comprehensive solution for recording all trade communications (front
office and back office, fixed and mobile, and unified communications),
and for assuring complete compliance with financial regulations. Most of
the world's leading banks rely on the NTR solution for reliable trade
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 compliance solutions for the financial
services industry.
NICE is the world's leading financial trading communication compliance
solution provider, serving a majority of the largest financial services
organizations globally. NICE's communication compliance assurance and
holistic surveillance solutions help banks reliably capture and analyze
omnichannel communications to ensure compliance with increasing
regulatory requirements including MiFID II, MAR, FX Code of Conduct,
Dodd-Frank and future directives.
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/20180108005934/en/
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