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Investment Bank Turns to NICE COMPASS

January 09, 2018

A global investment bank has tapped NICE to provide its COMPASS Communication Compliance Assurance solution. That is expected to help the organization automate and streamline its financial communication compliance. And that should lower its compliance-related costs and risk.


Compliance is becoming an even more important issue for financial organizations as new regulations such as MiFID II go into effect.

MiFID stands for Markets in Financial Instruments Directive. The initial version of this went into effect in the European Union in November of 2007. MiFID is a broad initiative that aims to create authorization requirements for regulated markets; business and organizational requirements for investment firms; regulatory reporting to avoid market abuse; rules on the admission of financial instruments to trading; and trade transparency obligation for shares. MiFID also talks about the need to capture phone conversations.

MiFiD II went into effect this month. This new regulation make recording of mobile conversations related to financial transactions mandatory on both personal- and company-owned devices. MiFiD II requires organizations to store these interactions for five years. It also covers conversations between both wealth managers and independent financial advisors, and their clients.

“New financial communication compliance regulations are exacerbating the burden on [financial services organizations], especially those that still predominantly rely on manual, labor-intensive compliance assurance processes,” said Chris Wooten, Executive Vice President of NICE. “This significant purchase of NICE COMPASS by a large global tier one investment bank highlights the challenges of complying with ever-expanding regulations and the essential role that NICE COMPASS can play in alleviating these challenges through automation.”

NICE COMPASS automatically checks to make sure that the systems and technology that allow for the recording are working. It delivers automated compliance assurance reporting. It allows organizations to quickly and easily retrieve recordings when needed. And it centrally manages moves, adds, and changes to ensure compliant recording and retention.




Edited by Mandi Nowitz

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