NICE COMPASS Points Compliance True North

Call Recording Featured Article

NICE COMPASS Points Compliance True North

July 11, 2017

Those working in finance know regulation well; however, with the growing laundry list of regulatory legislation, it can be quite difficult to keep up. Thankfully, when it comes to call recording, there are solutions out there capable of automating compliance. This week, we saw another come to market.

NICE COMPASS is the workforce optimization firm’s newest release, which automates compliance assurance in adding new capability to the NICE Trading recording (NTR) platform.

Compliance assurance automation is but a cog in the wheel of the announcement. As in its method, COMPASS creates irrefutable evidence that a financial institution is operating in compliance with regulations. COMPASS replaces time heavy, manual tasks with scheduled, automated testing to ensure at all times operations are on the up and up.

In addition, users are provided with a real time monitoring dashboard, where statuses and trends can be analyzed. And, reporting is automated, so management need not worry about compiling data to piece together performance/compliance reporting.

COMPASS also offers a user-friendly Web-portal, which serves a centralized hub of compliance management, allowing for all system functions to be managed via a single Web portal.

Another point of note, aside from the robust recording solution, NICE COMPASS offers an expanded API for easy integration in banking systems.

“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, NICE. “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.”

Digital transformation is touching all points of industry, improving processes at every turn. Automation is your friend in the revolution taking place. From call recording and quality management, to compliance and beyond, innovation is initiating a new world. 

Edited by Alicia Young

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