Case StudiesLync

Case Study – Sparinvest

By April 7, 2016 No Comments

The Verba collaboration compliance platform offers a secure, robust recording solution, scalable for small to global organizations. Within the financial services industry, it is essential for institutions to record, store and audit communications in order to stay compliant. The following case study discusses how we helped Sparinvest with a centrally managed recording solution while significantly reducing call retrieval time for traders.

The Background

Founded in 1968 in Denmark, and with pan-European operations in Luxembourg since 2001, Sparinvest is an international asset manager, owned by a broad range of Danish institutional shareholders who support the group’s independence and prudent investment strategy. Their customers range from private and institutional investors within Europe. At a global level, Sparinvest has approximately 175,000 investors.

Sparinvest was established as Denmark’s first listed investment fund and has grown into an asset manager with operations in several European countries. The group is known as a specialist in value investment – both for equity and bond funds but also offers a wide range of other strategies based entirely on academic evidence of long-term success. These proven outperformance strategies include: strategic asset allocation, Danish bonds, small-cap investment and momentum.

Why Sparinvest needed a new recording solution

Sparinvest used to have a call recording system from another supplier, but that solution did not possess the capability to record calls on the Microsoft Lync/Skype for Business platform.  Therefore, when a trade took place between two individuals using Lync/Skype for Business, it was impossible to record the conversation. At first, this was a showstopper for their Skype for Business introduction.

Due to local legislation, Sparinvest had to record those employees who conducted particular trades over the phone, and possess the ability to document, store and retrieve those calls, just in case there was any doubt over what was agreed during a telephone conversation.

Claus Mose, FX and Equity Trader at Sparinvest stated “If there’s a dispute, it can represent a great deal of money. For instance, whenever we conduct a transaction with a client we agree on a certain amount. So whenever there is a dispute, we need to verify if we have traded $1,000 or $1,000,000? We want to know as soon as possible what the risk is. Therefore clarifying the value of these transactions is extremely important.”

Clarifying the values of these trades was extremely important. With the existing call recording system, the IT team were responsible for locating the recorded calls.  Claus Mose, FX and Equity Trader recalls this was not a swift process: “We used to wait for the IT team to respond, it could take ten minutes or more, especially if they were away from their desk.  For me, it’s all about the availability to locate the call.  We have very few disputes, but when we need a recording, a fast turnaround is essential.”

Trader Voice Recording for Financial and Trade Compliance

“It is very easy to locate calls, I just log in via the web interface and locate the recording. This is extremely positive – a vast improvement to what we had previously. Every minute counts, so in that sense it decreases our risk.”

Claus Mose
FX and Equity Trader, Sparinvest

Why Sparinvest chose Verba

Sparinvest finally selected Verba due to the following factors: the platform’s Lync/Skype for Business compatibility, easy call retrieval, compliance readiness, ease of installation and enhanced flexibility.

  • Microsoft Lync/Skype for Business compatibility: Verba has the capability to record interactions on a Microsoft Lync platform, whereas their existing recording supplier had problems recording this communications environment
  • Compliance recording with auditing and tamper protection – Verba has assisted Sparinvest to stay compliant with financial regulations (such as MiFID II) when using Microsoft Lync/Skype for Business across the organization
  • Instant retrieval of recorded transactions: determining the content of various trades on the Verba system was essential. Claus highlighted “It is very easy to locate calls, I just log in via the web interface and locate the recording. This is extremely positive – a vast improvement to what we had previously. Every minute counts, so in that sense it decreases our risk.”
  • Ease of installation: the deployment and configuration of the Verba system was very swift – setting up the solution only took one day
  • Flexible solution: being software-based, the Verba call recording system is much more flexible, especially in terms of scaling and adapting to changes in the existing communications architecture.
  • The Verba web interface is intuitive for traders and has reduced the call retrieval time by 80 percent. Previously call waiting times had been ten minutes or greater, but using Verba, traders can access call recording and clarify details of essential trades almost instantly.

As a result, the Verba Recording System has had an extremely positive impact within Sparinvest.

For further information, contact one of our experts.