NICE Enhances NICE COMPASS with Automated Compliance Assurance Reporting to Help Financial Services Organizations Comply with MiFID II

HOBOKEN, N.J.–()–With MiFID II regulations “going live” in a few short weeks, Financial
Services Organizations (FSOs) around the globe are making final
preparations to address its mandates. As regulators place increasing
demands on FSOs to record and monitor more employees, asset classes and
communications, MiFID II will raise the bar on compliance assurance.
When the new regulation goes into effect on January, 3, 2018, simply
recording communications for all regulated users will no longer be
sufficient; firms will need to provide evidence of compliance to
regulators at a moment’s notice. To help FSOs meet these stricter
reporting requirements, NICE (Nasdaq: NICE), a leading provider
of financial communication compliance and trade reconstruction
solutions, is adding enhanced Automated Compliance Assurance Reporting
to its NICE
solution suite.

While Dodd-Frank, FX Global Code of Conduct and MiFID II regulations all
require FSOs to record communications related to financial trades, MiFID
II is the first regulation of its kind to impose an additional
requirement around evidence of recording. The new mandate doesn’t only
apply to FSOs in the United Kingdom and Europe; it also applies to firms
in the U.S. and Asia that conduct transactions with United Kingdom and
European FSOs.

“The old ‘record it and forget it’ mode of business will no longer be
acceptable under MiFID II,” said Chris Wooten, Executive Vice President,
NICE. “MiFID II exerts a requirement on FSOs to provide evidence that
their recording estate is not only operational, but that it is
configured correctly and is capturing and retaining all intended
communications, for each and every regulated user, on a continuous
basis. This new prescriptive requirement is a huge quagmire for FSOs
because today, the only way to produce this evidence is to run queries
in different systems to manually extract and piece this data together.
FSOs that do not comply with the new regulations risk drawing negative
attention and remediation from regulators, or worse, substantial fines,
potentially in the millions of dollars.”

NICE COMPASS’ Automated Compliance Assurance Reporting capabilities were
created to address this very problem. With the NICE COMPASS
auto-generated reports, FSOs can confidently audit and document
communications recording compliance and on a moment’s notice, provide
evidence to regulators that all regulated users’ communications are
being properly recorded, archived and retained.

Additionally, NICE COMPASS’s open API (Application Programming
Interface) allows it to be easily integrated with bank CRM systems,
enabling the reporting engine to automatically match up regulated users
in both systems (recording and CRM), to ensure complete compliance and
identify any exceptions. FSOs can also use the reporting capability to
track and manage legal holds. All of this information is available
through NICE COMPASS’s browser-based dashboard, further ensuring
compliance managers complete compliance assurance insight across the
global enterprise.

NICE COMPASS Automated Compliance Assurance Reporting also offers
unprecedented flexibility with an expanded API that enables banks to
seamlessly extract data from NICE COMPASS and pull it into other bank
systems to create customized reports.

“When MiFID II goes live on January 3rd, FSOs will need to be
ready,” added Wooten. “NICE can help make the transition to MiFID II
seamless. By simply layering NICE COMPASS on top of their existing NICE
Trading Recording (NTR) system, FSOs can automate compliance processes,
save time, and reduce the risk of fines and reputational damage.”

FSO Compliance and Information Technology executives and managers
interested in learning more and seeing a live demonstration are invited
to attend the complimentary Compliance Assurance Evidencing with
Automated Reporting and Alerting
webinar on January 25 at 10 am EST
/ 15:00 GMT. Register online at

NICE COMPASS, together with NICE Trading Recording (NTR), provides a
comprehensive solution for recording all communications (front office
and back office, fixed and mobile), and for assuring complete compliance
with financial regulations. Most of the world’s leading banks rely on
the NTR solution for reliable communications recording for turrets, desk
phones, mobile phones, and Unified Communications platforms. NICE
COMPASS and NTR are part of NICE’s comprehensive suite of compliance
solutions for the financial services industry.

About NICE
NICE (Nasdaq:NICE) is the worldwide leading
provider of both cloud and on-premises enterprise software solutions
that empower organizations to make smarter decisions based on advanced
analytics of structured and unstructured data. NICE helps organizations
of all sizes deliver better customer service, ensure compliance, combat
fraud and safeguard citizens. Over 25,000 organizations in more than 150
countries, including over 85 of the Fortune 100 companies, are using
NICE solutions.

Trademark Note: NICE and the NICE logo are trademarks or registered
trademarks of NICE Ltd. All other marks are trademarks of their
respective owners. For a full list of NICE’s marks, please see:

Forward-Looking Statements
This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Wooten, are based on the
current beliefs, expectations and assumptions of the management of NICE
Ltd. (the Company). In some cases, such forward-looking statements can
be identified by terms such as believe, expect, may, will, intend,
project, plan, estimate or similar words. Forward-looking statements are
subject to a number of risks and uncertainties that could cause the
actual results or performance of the Company to differ materially from
those described herein, including but not limited to the impact of the
global economic environment on the Company’s customer base (particularly
financial services firms) potentially impacting our business and
financial condition; competition; changes in technology and market
requirements; decline in demand for the Company’s products; inability to
timely develop and introduce new technologies, products and
applications; difficulties or delays in absorbing and integrating
acquired operations, products, technologies and personnel; loss of
market share; an inability to maintain certain marketing and
distribution arrangements; and the effect of newly enacted or modified
laws, regulation or standards on the Company and our products. For a
more detailed description of the risk factors and uncertainties
affecting the company, refer to the Company’s reports filed from time to
time with the Securities and Exchange Commission, including the
Company’s Annual Report on Form 20-F. The forward-looking statements
contained in this press release are made as of the date of this press
release, and the Company undertakes no obligation to update or revise
them, except as required by law.

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