Verint Financial Compliance: Revolutionizing Financial Compliance For Digital Era

The stringent financial regulations, consumer protection legislation, and the risks — and penalties — associated with fraud have made compliance a top priority in financial trading organizations. However, in recent years, communication has emerged as the major setback of financial compliance that threatens to bring the field to its knees. It’s hard for most financial organizations to remain compliant with regulations while extending communications beyond traditional channels. A majority of the organizations are struggling to capture all the interactions required by rules, regardless of the medium in which they occur. This may be due to the absence of recording tools capable of capturing the latest channels and traditional endpoints. As organizations evolve, the risk of siloed operation and data management also rises. Each department uses its system and communications infrastructure, making regulatory compliance efforts even more challenging without proper oversight and supervision.

To avoid compliance discrepancies, organizations often choose to play safe and restrict digital platforms, risking to fall behind the competition. But the question is, “Is it necessary for organizations to give up on the benefits of using mobile, unified communications solutions and messaging apps?”

Verint Financial Compliance (formerly Verba) has the answer. Having been in the industry for over two decades, Verint is well-positioned to offer a multichannel solution designed to help trading risk and compliance officers ensure compliance with financial regulations, adhere to internal procedures and demonstrate best practices to regulators. “Our ultimate goal is to help businesses take a holistic approach to compliance by enabling compliant communications, removing operational complexity and reducing risk for their organization,” Dan Bodner, CEO of Verint.

Designed to tackle the most pressing compliance challenges of the financial services and trading space, Its suite of solutions consists of a modular framework to best suit clients’ requirements and support their business growth. The company mainly addresses three significant challenges in the financial compliance arena: communication capture, data management and analysis, and automation.

Capturing all Communication

In today’s modern world, most businesses are looking for new ways to collaborate, interact with customers and negotiate trades. Though new digital channels offer instant messaging, mobile voice and SMS, video, and other collaboration forms, many compliance recording solutions only capture telephone voice – creating a regulatory compliance gap. Verint Financial Compliance addresses these challenges through a unified platform to record a comprehensive set of communication modes across leading UC, trader voice, IP telephony, mobile, video conference and collaboration environments.

It provides robust recording capabilities to capture and store the critical channels used at your financial services organization. Verint’s unified platform not only records voice but all types of business-critical communications sources, including IM, video, screen activities, file transfers and other forms of content sharing. Deployed at back-office, middle-office and trading floor operations, Verint’s solution suite is designed to enable communication compliance for leading platforms by Cisco, Microsoft, BT, IPC, and more.

No matter the complexity of communications infrastructure, it offers a robust, flexible recording system packed with innovative tools to meet compliance requirements, lower the total cost of ownership and simplify maintenance. Regardless of the channel or the device, this module provides the data capture foundation to help clients meet recordkeeping, monitoring and reporting obligations. Capture is cross-platform compatible with leading communication and collaboration solutions vendors, and it will add significant value to the client’s existing communications environment.

Data Management and Analysis

Another issue that the financial industry face is to turn unstructured data into real business value. Today’s financial services firms are obligated to manage communications across multiple digital channels. With more data than ever, the process of working becomes a daunting task for regulators. So how can they find the needle in the haystack to avoid compliance fines?

Verint helps businesses tap into the power of artificial intelligence to solve the data management issue. Verint provides a sophisticated data management policy framework allowing companies to define rules for data retention, verification, search, analysis, and protection, along with legal hold management functionalities, among others. With Verint Financial Compliance solution, financial companies can extract value from voice and eComms with innovative speech recognition and voice analytics technology. They can also gain actionable insights by mining, categorizing, aggregating and analyzing large communications data quantities. It offers a single search and playback interface and timeline view for all interaction types combined with instant call transcripts, intuitive labelling and case management functionalities. Using Verint, organizations can address complex trade surveillance and data analysis requirements and demonstrate compliance in response to financial regulators’ requests. The compliance officers are empowered with smart and automated tools to conduct structured investigations. They can also protect their recorded communications and perform data governance activities supported by the power of automation.

The Power of Automation

The company’s primary goal is to ward off potential failures occurring instead of dealing with the aftermath. The company’s compliance solutions can help users proactively control communications and verify if policies are applied correctly. It offers improved operational intelligence to help businesses manage risk, foster compliance assurance, and improve oversight. Its robust automation framework and scalable, resilient architecture deliver a cohesive, unified response to evolving financial regulatory demands.

As a part of their automated assurance solution, the company offers call recording assurance that helps financial services and trading organizations verify that all communications are captured appropriately within their environment in line with relevant regulatory obligations under MiFID II, FCA, Dodd-Frank, SEA, and more. It compares every live call entering and leaving a voice environment to ensure that conversations are successfully recorded on the ground and are policy-compliant while reporting anomalies in near real-time. Doing so provides a reliable way to verify the state and the quality of captured data, helping compliance and IT teams save time and resources detecting irregularities associated with the recording system. Also, to call recording assurance, Verint has a System Check solution, which allows organizations to automate the testing and monitoring of their entire communications and recording infrastructure across financial services and trading environments. Also, to ensure their recording systems and infrastructure are fully operational and abide by the regulations, Verint provides a voice quality monitoring solution. This solution can help businesses track if they have captured all regulated voice interactions with an acceptable and auditable voice quality to comply with stringent regulatory obligations.

Benefit from World-Class Consultants

Verint offers a range of Professional Services to help clients get the most from their investment, including Business Advisory Services, Implementation and Enablement Services, and Managed Services. Regardless of the services they select, they will be assured that Verint’s experienced teams offer practical knowledge and are committed to clients’ success.

Since its inception, Verint has come a long way, transforming from a small company to an enterprise that supports large rollouts. Owing to its platform’s capabilities, today, Verint helps customers around the globe directly and with an extensive network of selling and support partners. Over 10,000 organizations in more than 180 countries, including over 80 per cent of the Fortune 100, use Verint solutions to enhance customer engagement performance and make the world a safer place. All-in-all, by helping organizations meet the stringent financial, communications regulatory demands and quality management needs, Verint stands tall as the right partner in laying the ground for a digital environment.