NICE Systems (NICE) today announced the launch of Audio Examiner, a unique and fully compliant financial services solution for converting audio cassette tapes to digital format for on-line storage and retrieval.
The solution also provides ongoing voice recording management, including fast-response reporting for compliance investigations. The solution is already deployed at several financial services organizations around the world.
NICE Audio Examiner provides a practical solution for financial industry companies with a significant library of audio tapes archived for compliance purposes. The analog technology of these recordings is no longer common and their quality is deteriorating; however, the need to access the taped calls for large-scale compliance projects is increasing. To meet regulator requests regarding these older audio recordings, bank personnel and resources must be assigned to manually sift through large amounts of unmanageable data in a very time-consuming process. Recorded calls must be screened one at a time, especially as the relevant metadata, like Trader ID, is very limited or altogether nonexistent, until the target information is obtained.
NICE Audio Examiner ensures that the process fully meets compliance requirements. The resultant digital records and online management are thus also compliant with financial industry standards.
Among other features, the tape migration service includes:
Audit trails
Retention value assignment
A global stop deletion setting
Enrichment of the metadata and user information (in the NICE Compliance Replay Server)
Comprehensive process reports
Confirmation that all calls from each tape have been converted
With Audio Examiner, the use and management of the voice recordings originating from tapes are the same as with current digital recordings, including front office, back office, and mobile voice recordings. The search for calls can then be done using the enriched metadata or via sophisticated speech analytics. The result is much faster retrieval of historical calls, satisfying the demands of any compliance investigations.
"NICE is committed to delivering innovative technology and solutions to help its customers remain ahead of the curve on regulatory compliance," said Miki Migdal, President of the NICE Enterprise Product Group. "We believe that our new Audio Examiner solution is currently the only one on the market to offer a fully compliant process for tape conversion and storage. This fully satisfies regulators, while providing in-house voice teams the added confidence that their historical recordings meet current storage standards."