Preventing Compliance Issues Proactively

Many financial institutions are subject to complex regulations that impact their communications environment. By proactively verifying adherence to policy rules and controlling information exchange, you can mitigate the risk of misconduct, unwanted disclosures, and faulty operations across your organization.

The growing imperative for preventative controls

49%

of surveyed risk and compliance officers claimed to have plans to deploy surveillance tools in 2019.

Accenture, 2018

Only 50%

of risk executives state that their institutions are effective in managing conduct risks.

Deloitte, 2019

56%

have gained better insights and root cause analysis from the use of technology for employee compliance monitoring.

pwc, 2018

“How can I make sure we stay one step ahead by avoiding conflicts of interest and ensuring that policies are applied consistently?”

The financial industry is under pressure to show that it’s actively watching for and preventing potential breaches in compliance. Transactions are an area of obvious risk, but so are personal interactions and employee conduct. Your compliance program needs technology to proactively control collaboration channels and make sure that correct policies are applied across users, services and applications.

Preventing unauthorized interactions, unwanted disclosures and other risks associated with internal and external communications can be a game-changer for compliance officers. But many organizations still focus a significant amount of time and resources on manual testing and reacting to compliance issues.

“Our legacy solutions can only monitor and capture the conversations we expect to happen. There is no easy way to identify and block interactions and content exchange that should not occur in the first place.”

It is still a challenge for many organizations to perform the sort of proactive monitoring necessary to prevent conflicts of interest and other forms of non-compliance. They also struggle to meet the increased burden of proving that their business has full control over infrastructure, processes and changes within their teams.

Establishing policy rules for users, groups and devices across teams is important. So is being able to automatically verify that the rules are implemented correctly and applied across all regulated systems and transactions. In fact, this can be a valuable strategic advantage—but you need policy enforcement capabilities that only a few automation vendors provide.

How We Can Help

Verint can help your business take a proactive approach and foster a culture of compliance. Our solutions can help ensure employees are operating within the required boundaries while saving time, resources, and costs that would otherwise be spent on corrective measures.

Go beyond after-the-fact compliance

Avoid issues before they occur and stay compliant with financial services regulations. By applying ethical walls—virtual communication and content barriers between teams and individuals—your business can easily control who can talk to whom and what kind of content can be shared across leading unified communications platforms such as Cisco Collaboration and Microsoft Skype for Business.

Mitigate the risk of conflicts of interest and data leaks across voice calls, instant messaging, video, file transfer, and screen and content sharing to avoid penalties and fines under MiFID II, Dodd-Frank, Sarbanes-Oxley, and more.

Close gaps in your regulatory adherence with comprehensive oversight

Using Verint, your business can improve compliance oversight across critical trader voice, enterprise collaboration and voice recording solutions. You can also validate that all regulated personnel are accurately recorded throughout the entire period of their employment, no matter the devices they use.

Using automation, your risk and control teams can set up information and content barriers and detect signs of non-compliance more efficiently. By stopping or avoiding most problems before they escalate, you can mitigate the risk of damaging your reputation and reduce the resources needed to take corrective measures.

Reinventing Financial Compliance for the New Market Landscape

Discover our holistic compliance framework spanning reactive, active and proactive compliance capabilities for the new regulatory environment.

Take a proactive approach to mitigating conduct risk

Benefit from a protective technology that can help your business adhere to financial services codes of conduct, legal obligations, and regional regulatory demands.

By using Verint Financial Compliance, your business can avoid the negative consequences of intended or unintended misconduct, unethical behavior, unauthorized disclosures, market manipulation and insider trading. Better still, Verint provides a holistic framework of proactive, active and reactive compliance capabilities. It can not only help you prevent certain interactions from happening while offering comprehensive solutions to capture, monitor and analyze data in trade-related communications originating from the channels used by your workforce.

Skype for Business Recording for Compliance

Relevant Solutions

COMMUNICATION POLICY ENFORCEMENT

Ethical Wall

Verint Financial Compliance Ethical Wall allows your business to take a proactive approach to compliance by blocking unwanted sessions, filtering content, hiding presence information and applying policy rule notifications among users, groups, and entities when using Cisco® Collaboration and Microsoft® Skype for Business.

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POLICY GOVERNANCE

Policy Engine

Verint Financial Compliance Policy Engine strengthens regulatory adherence and provides compliance assurance to your business by monitoring and validating that correct policies are applied across your users, supporting a variety of trader voice, enterprise collaboration and voice recording solutions.

VOICE OF THE CUSTOMER

“It’s a game changer to have an effective system in place to build and enforce virtual boundaries so that broker dealers and other employees with potential conflicts of interest cannot communicate with each other. Knowing that those calls that should not happen will be automatically blocked is a true relief for our team.”

Head of Risk and Compliance
European Wealth Management Company

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