Compliance

Legacy voice data can be challenging for organisations – often difficult to keep track of, manage, and adhere to regulatory demands. Nevertheless, there are a few key steps that can be taken to simplify legacy voice data management.  1. Consolidate your View of your Legacy Voice Data For organisations with considerable legacy voice data estates, one of the biggest challenges is keeping tabs on many different storage solutions that may be in use simultaneously. Because the nature of voice recording...

Organisations are currently grappling with the FCA’s Consumer Duty regulation - a catalyst for firms to protect, empower, and act in good faith with their customers.  We caught up with our client success team - Mo Hassan and Hamish Cliff, as well as our Head of Solutions & Architecture - Neil Draycott, to gather their expert insights on how organisations should be shaping these requirements into actionable growth.  Consumer Duty Act - What do organisations need to know? The FCA...

As international hubs where individuals from different backgrounds and cultures come together, the diversity of trading floor and banking environments can introduce complexities in voice transcription due to variations in accents, dialects, and industry-specific jargon. Compliance teams must ensure that transcriptions accurately capture the intended meaning of conversations, even when language barriers or technical terminology exist. The majority of errors or inaccuracies in transcriptions often come from transcription engines which are unable to cope with trader speed and jargon. This...

Ten years ago, our working days of communication were heavily reliant on phone calls or email. Fast forward to the present day, our communication methods have been transformed by the addition of collaboration tools and instant messaging platforms such as Microsoft Teams, Zoom, Slack, and WhatsApp. These systems have dominated the way we work and communicate. However, for organisations in regulated industries, the adoption of platforms  such as these, could be the recipe for a non-compliance nightmare. For many firms,...

With markets fluctuating wildly due to the economic effects of the coronavirus outbreak, and companies closing offices and asking employees to work from home, organisations have had to adapt rather quickly in uncertain times. Financial Services Firms in particular, have had the burden of setting up traders to work remotely, recreating the carefully monitored environment of the trading floor at not just one site, but potentially thousands. According to The Financial Conduct Authority (FCA) all firms are expected to have...

In order to stay one step ahead, financial services organisations are shifting their focus to the customer experience (CX). Although operational efficiency and profitability are still top of the list, rising customer expectations and pressure from the competition has meant CX and everything that goes with it, needs to be heavily considered from a strategic perspective.The meaning of customer experience can be defined in many ways. We think Gartner’s explanation hits the nail on the head. According to Gartner, the...

Call data legacy migration consists of moving your recording data from one place to another in order to be able to access it beyond what the system allows. Under what circumstances will a company need to look at call data legacy migration? Many organisations will have call recordings spanning decades and accessibility isn’t that simple.  So under what circumstances would an organisation need to consider call data legacy migration? Call recording systems reaching end-of-life: Manufacturers announce a product is now...

With the introduction of MiFID II back in January last year and with regulations set to increase and become more burdensome, Financial organisations are faced with constant challenges around managing and accessing their call recording data. Organisations need to be able to demonstrate immutable records of all their dealings and be able to retrieve these communications with precision and speed in the event of an audit or investigation. It’s not just one or two issues that need to be managed...

Financial services organisations have never been under more pressure to maintain tight control over their data.  Regulations now require banks, insurance companies, financial advisers and many others to record every call, keeping up-to-date archives stretching back for extended periods. Driven by the agenda pressing for greater transparency in financial sectors, organisations must be able to retrieve and access information from individual calls on demand in order to remain compliant. For large companies running multiple operations, perhaps in several different locations,...

In an effort to comply with ever-tightening regulations such as MiFID II, Financial Institutions have re-focused their efforts on expanding their compliance teams as well as investigating already established technologies, such as Speech and Text Analytics. This technology has proven to be extremely useful in: Preventing issues from escalating by providing the necessary means to search proactively through recordings for ‘high risk’ keywords and phrases Supporting compliance by quickly finding and retrieving calls requested by regulatory bodies In light of...

As the New Year slowly creeps in, we thought it timely to update our article ‘Top 6 technologies that will drive recording compliance in 2017’, and look at it from a 2018 perspective. We’re excited about 2018. The FIFA football world cup is happening and, according to experts, Mars will be making its closest approach to Earth since 2003. Some exciting events to look forward to. And, let’s not forget MiFID II in January. As regulatory frameworks within the financial...

Resilient plc and Business Systems have announced a strategic partnership to enable compliance with both GDPR and MiFID ll compliance solutions.These forthcoming regulations, due to come into UK law in January 2018 and May 2018 respectively, place great demands on organisations that need to record their business telephone calls, with significant penalties for firms that are non-compliant.The challenge these regulations place on businesses is that, in many respects, they appear to make competing demands. For example:Under MiFID II, firms need to...