How to Strengthen Regulatory Compliance
Financial services and trading regulations have been long governing the capital markets. But more stringent legislation around the world - to address insider trading, market abuse, money laundering, data breaches, and management accountability - have tightened the rules and increased their scope.
Keeping on top of it all is tough, but it can be done. Let's get regulatory compliance right.
Manage the avalanche of increasingly complex and constantly evolving financial services regulations
regulatory alerts from over 980 global regulatory bodies in 2018 – averaging 220 alerts a day.
“I can’t keep up with all the regulations that affect our business, let alone be sure we are complying with them.”
The Dodd-Frank Act, MiFID II, MAR, and other financial regulations have tightened the rules for conducting trades. They’ve also increased penalties for compliance failures. Keeping up with government policies, industry standards and codes of conduct requires a really disciplined approach. A further challenge is in applying those rules to your business—particularly if you operate in multiple regions with different regulations.
How will your employees be sure they are applying the correct procedures in the right place? What tools can you use to help them get it right every time or to step in when mistakes are made?
“There’s a real danger we’ll be fined or penalized because we innocently miss something small that’s gone wrong. I don’t want that to happen!”
The consequences of non-compliance go beyond hefty fines, settlements and the resulting reputational damage. Some regulatory compliance penalties can be even against individuals, including prosecution, million-dollar fines and imprisonment. It’s no surprise that personal liability and accountability for executives and compliance officers for corporate misconduct is a persistent concern.
The only sure-fire way to be confident you’re 100% compliant is to check 100% of relevant interactions, 100% of the time. Who has the resources to do that? And even if you could, would you ever get anything else done – like investigating insider trading and front running, spotting conflicts of interest and looking for signs of financial crime?
“How can I ensure compliance with increasingly complex regulations without enormous increases in the cost of compliance?”
Compliance teams not only have to navigate uncertainty and increased scrutiny but carrying out routine checks and perform monitoring and reporting tasks related to data, processes, employee conduct and the underlying infrastructure. Without proactive checks and ongoing surveillance, chances are something remains unnoticed.
How can you:
- prevent employees from acting “out-of-compliance” in the first place?
- quickly identify and deal with exceptions?
- minimize the number of false positives while monitoring adherence?
- avoid being caught out if your compliance infrastructure malfunctions?
- provide regulators with what they request in the timescales allowed?
How We Can Help
Simplify and automate your financial compliance measures with proactive and automated tools that capture, store, index and verify every interaction to remove the burden of manual checks and the risk of non-compliance.
Be proactive – Reduce Regulatory Compliance Issues
While you keep your finger on the pulse of regulatory changes, Verint’s innovative solutions are working to provide dynamic, in-the-moment issue prevention. They automatically reduce the risk of financial regulatory compliance rules being broken by controlling who can communicate with who, blocking or redacting inappropriate messages and protecting sensitive data.
Their ability to capture, index, store and retrieve all types of interaction data, manage operational and conduct risk while controlling your communications infrastructure helps you comply with regulations, no matter how detailed or complex they are.
Facilitate Compliance With The Right Tools
On top of compliance assurance, you also need to take account of varying regulatory benchmarks. Failure to do so can lead to severe penalties.
Verint’s automated verification capabilities can help reduce those risks – with comprehensive, real-time tracking, alerting, and policy matching across 100% of interactions in trading, enterprise voice, collaboration and mobile environments. And they help you prove that you have full control over infrastructure and processes, and adequate procedures in place.
Increase Efficiency – With a Unified Regulatory Compliance Platform
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 holistic 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 holistic 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.
RECORDS RETENTION & DATA MANAGEMENT
Archive supports all your record-keeping and data management requirements. It offers a sophisticated data governance policy framework for data archival, validation, import, access and security. Its features enable rapid search and playback, data encryption, data export, collaborative case management, and other capabilities for streamlined compliance management.
Capture brings you the platform to record a wide set of communications via leading unified communications platforms, voice trading environments and collaboration solutions. It offers scalable and robust recording for voice, IM, video, desktop screen activities and content sharing across IP phone, UC, mobile, trader turret, or video conference endpoints.
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.
COMMUNICATION POLICY ENFORCEMENT
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.
OFI Asset Management
“Verint Financial Compliance takes the complexity out of our compliance. We are faced with new regulations and an expanded scope of data and channels to capture and monitor. Using Verint, we can fulfil our regulatory requirements, make our Skype for Business communications fully compliant and streamline processes for our team.”
Infrastructure and Operations Manager
OFI Asset Management