Reducing Compliance Costs
Regulators expect you to capture, monitor and analyze a greater variety of interaction data while performing ongoing surveillance. Finding the time, staff and budget to stay on top of it all is becoming increasingly difficult.
But there is a better way.
Why is resourcing financial compliance such a challenge?
global banking compliance, risk and technology professionals rate securing sufficient budget and resources for regulatory compliance as a key challenge.
Moody’s Analytics, 2018
of risk and compliance professionals cited the escalating cost of compliance as the top compliance challenge faced by their organization.
WBR Insights, 2019
of compliance executives cited the increased adoption of automation for compliance and operational assurance as the biggest future trend in the years ahead.
WBR Insights, 2019
“I need so many more staff now - to train, monitor and police the capture of the interaction data demanded by the regulations. Surely there’s a better way?”
Increased regulatory demands create a requirement for more compliance and IT resources – to monitor compliance procedures, sample relevant interactions and meet the sophisticated demands of regulators, such as discovering intent or reconstructing events. A growing number of financial firms are beginning to question the sustainability of the resource-intensive approach to managing compliance risks and are looking for new regulatory technology to gain efficiency.
Throwing additional resources at the problem may keep your head above the water, but will you ever be able to make any headway?
“We spend a fortune on manual monitoring and testing. It's preventing our compliance specialists from focusing on more complex, high-value tasks.”
Manual testing is time-consuming and can verify only a small percentage of captured interaction data. It ties up your compliance team with carrying out repetitive tasks, when they could be using their expertise and judgement to investigate and analyze potential violations and other suspicious behaviors.
Siloed recording environments and disconnected data points require a significant amount of administration and maintenance from IT teams. This effort and expense could be otherwise spent on more value-added activities. It’s hard enough to spend an increasing portion of your annual revenue on compliance-related tasks. In case your systems aren’t integrated or require multiple platforms from different vendors, you’ve got a recipe for extreme complexity in troubleshooting issues—and many potential points of failure.
“Storing all this additional data is only the start. How can I be sure it’s all there? And that we can find and retrieve it if needed?”
Verifying that your recording solutions are performing as expected is vital if the regulator comes knocking. However, monitoring and testing the disparate array of applications supporting your communications and recording infrastructure is often a struggle.
You may have to identify, locate and retrieve a complete transaction history, from data captured across different channels and solutions, in as little as 72 hours! And many regulations also expect you to demonstrate how you ensure and maintain compliance. But carrying out manual checks is resource-intensive and can only touch a small percentage of records. What about the rest?
How We Can Help
Verint can help your business put automation to work and take control. Stop manually testing your infrastructure. Prove that you have effective measures in place to ensure compliance and reduce the cost associated with regulatory adherence.
Manage operational risk and ensure adherence
Automatically check your communication systems and recording infrastructure for issues. Proactively simulate user transactions to validate the operation, configuration, and performance of applications, communication flows and interaction recording. Ensure that you comply with internal policies and external regulations.
Verint can help you gain a deeper understanding of the status of your critical communications environment across multiple vendors and services, including PBX, trader turrets, UC, mobile, and recording solutions. And reduce the overhead and resources needed to do so!
Reduce data storage and retrieval issues and effectively manage data points
Regulations demand that you can reliably locate and retrieve interaction records, even after long periods. But extracting data from multiple recording systems and legacy databases, reconstructing trades and revealing specific interactions can be a challenge. Being unable to do so can trigger dramatic consequences.
Verint can help you extract interactions from a wide variety of platforms and store them in a secure database, from where they can be located and extracted in a readable, compliant format for evidence or investigation.
Use a unified compliance platform for increased efficiency
Verint can help your business simplify technology operations and cut costs by leveraging robotic process automation (RPA), AI, open architecture, a myriad of integrations and APIs that drive flexibility. Our compliance suite allows you to migrate from multiple legacy point solutions to a unified platform to gain real efficiency. This way your team can leverage a consolidated way to capture data, centrally manage communication records, gain a complete view of the recording infrastructure and easily retrieve data from a variety of sources.
Additionally, the platform smoothly adapts to your future growth due to its enhanced scalability and interoperability with standard IT environments.
INFRASTRUCTURE MONITORING & TESTING
System Check is an automated solution that tests and monitors your entire communications and recording infrastructure. It helps ensure all the essential components are operating properly and alerts you to failures.
VOICE QUALITY TESTING
Operations Check automatically conducts audio quality testing and scoring across handsets, communications platforms, and voice recorders. It verifies that recording systems are recording calls with acceptable voice quality that is auditable and optimal for playback and analysis.
CALL RECORDING ASSURANCE
Policy Check offers a comprehensive, real-time tracking, alerting, and policy matching solution. It tests and monitors all events originating from critical communication systems, comparing them to the applicable recording policy. It operates across channels and different environments.
Capture is an integrated, secure solution to record a wide set of communications via leading unified communications platforms, messaging apps and collaboration environments. It offers scalable and robust recording for voice, IM, video, desktop screen activities and content sharing across IP phone, desktop, mobile, trader turret, or video conference endpoints.
Global Investment and Retail Bank
Automating the process and testing with Verint’s automation framework, the bank saved more than 10,000 hours of time, while also increasing the consistency and accuracy of reporting and alerting.