NICE Actimize has unveiled a cloud-based communications monitoring and trade compliance platform to help firms capture and monitor data to reveal hidden conduct risk.
Its Compliancentral platform helps buy-side, sell-side, online trading platforms, as well as insurance and wealth management firms, capture and holistically analyse all types of employee communications.
Under trading regulations including PCI DSS, Dodd-Frank and MiFID II, all regulated employee communications must be recorded. This includes unified communications tools such as Microsoft Teams, Cisco Webex, Zoom and WhatsApp.
NICE, a provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators, says Compliancentral unifies communications capture, archiving and surveillance into a single, robust cloud compliance platform, thereby eliminating costly integrations and ensuring interoperability.
According to Chris Wooten, executive vice president at NICE, the new platform can help firms build a culture of good behaviour, comply with global regulations, and ensure that regulated employees are ‘playing by the rules’.
Wooten commented: “Our complete solution and unmatched capabilities in compliance recording and trade and communications surveillance empowers firms to shine the brightest light on employee misconduct, by capturing and holistically analysing every type of regulated communication, along with trades and a treasure trove of other data.
“With the introduction of Compliancentral, we’re excited to continue to drive our mission forward of helping firms know more and risk less.”
Costly mistakes
According to a NICE Actimize survey of financial institutions, 60 per cent of firms are not monitoring newer communication channels. As a result, many firms are being levied fines as large as $200million due to record keeping and surveillance lapses.
Using Compliancentral, communications can be analysed in near-real-time to detect and address conduct issues faster. Additionally, the Compliancentral platform uncovers hidden conduct risks by using AI and advanced analytics to correlate employees’ actions with their communications patterns and activities.
