NICE Launches COMPASS Recording Compliance Solution
NICE has launched COMPASS, a solution to help financial institutions automate the compliance assurance process around requirements to record conversations associated with a trade.
"Financial institutions are drowning under the weight of expanding regulations that require them to record more conversations, for more users, across more modalities, and also prove their compliance," said Chris Wooten, executive vice president of NICE, in a statement. "New regulations, such as MiFID II, are creating enormous headaches for financial institutions that today still very much rely on manual compliance assurance processes. NICE COMPASS reduces compliance risk and saves time by automating processes around compliance assurance and reporting and responding to regulatory requests."
"MiFID II and MAR are changing the surveillance game in terms of data capture, communications monitoring and analytics and evidencing to regulators," said Dan Simpson, head of research at JWG, a regulatory think-tank, in a statement. "Firms need to be ready to meet these requirements from go live in January 2018, and this will require firms to boost current capabilities through implementing new technology solutions. NICE understands these requirements and the challenges involved in implementing them."
NICE COMPASS adds three core capabilities on top of the NICE Trading Recording (NTR) platform: compliance assurance automation; real-time dashboards with automated reporting; and a single portal for managing compliance assurance and recording across the enterprise. NICE COMPASS also offers an expanded application programming interface for integration with other bank systems.
NICE COMPASS, together with NICE Trading Recording (NTR), provide a comprehensive solution for recording all communications (front-office and back-office, fixed and mobile), and for assuring complete compliance with financial regulations. NICE COMPASS and NTR are part of NICE's comprehensive suite of holistic surveillance solutions for the financial industry.
Companies and Suppliers Mentioned