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How speech analytics can help you meet your compliance needs

No company can afford to ignore their compliance regulations that are in place to ensure markets and financial systems remain sound, stable and resilient - inhibiting market abuse and promoting confidence in the Financial Services sector.

Luckily for you, voice technology has come a long way and, if applied correctly, can be extremely helpful in meeting your compliance obligations, saving your company’s reputation as well as large sums of money. We’re talking millions here.

How do you ensure you are able to find the right calls when compliance comes knocking at your door?

Speech Analytics technology has been around for a while, but its uptake in the Financial Industry has substantially increased since compliance regulations have tightened - You might have heard of the new Markets in Financial Instruments Directives II (MiFID II) which is fast approaching.

In a nutshell, Speech Analytics technology searches through calls and quickly highlights those that fit the established criteria. It is close to impossible for a bank facing investigation to gather all evidence from its call recording archives in a timely manner without the aid of analytical search facilities. With institutional fines and criminal prosecution becoming a real threat, Speech Analytics technology means compliance officers can ensure all calls are confirmed as compliant, by assessing the precise language used in each call.

Being able to find calls easily is extremely important as the FCA can request calls from individual traders as well as all calls that refer to and relate back to a specific trade, phrase or even a single word. In these scenarios, finding the requested information can become a nightmare if there isn’t a system in place to help companies deal with it quickly and efficiently.

• Time saving
• Accurate search
• Reduce risk of exposure
• Avoid fines
• Avoid loss of reputation

These are just a few of the benefits of using Speech technology to help you meet compliance.

So, why should you care?

According to new laws and regulations, financial organisations are duty bound to keep an accurate, up-to-date record of all trades and transactions. All calls must be recorded and stored securely so that they may not be tampered with (this is also required to comply with EU law). Currently, calls must also be made ‘easily accessible’ for a minimum of six months, a timeframe which will increase to 5 years or more with the passing of MiFID II.

With thousands of calls being recorded daily across multiple platforms, meeting compliance regulations in time can become a difficult task for Financial Institutions that simply do not have the right systems in place.

It’s not worth the risk - Now is the time to take a look at your current infrastructure and the processes you have in place. Establish the best course of action to deal with your compliance obligations and avoid the negative turmoil that comes with it.


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