NICE COMPASS Real-Time Recording Reconciliation Now Supports IPC Unigy Environments

Financial Services Organizations That Use IPC Unigy Can Now Ensure They Are Capturing Every Trader Voice Communication in Compliance with Dodd Frank, MiFID II and FX Code of Conduct

NICE , the leading provider of financial communication compliance solutions, announced that its NICE COMPASS compliance assurance solution with real-time recording reconciliation now supports the IPC Unigy trading and communications platform. Financial services organizations (FSOs) that rely on the IPC Unigy platform can now have complete confidence that all regulated employee communications are always being recorded in compliance with major regulations. The NICE COMPASS real-time recording reconciliation feature is also available for Cisco Unified Communications Manager environments.

NICE COMPASS Real-Time Recording Reconciliation Now Supports IPC Unigy Environments

Dodd Frank, MiFID II, and FX Code of Conduct all mandate that trade-related conversations must be recorded. Recording lapses can expose firms to costly remediation and penalties. FSOs are also required to report lapses to regulators, including the nature and extent of problems and actions taken. Today, FSOs predominantly rely on random, manual recording checks to detect when calls go unrecorded. The problem with this ‘hit or miss’ approach is that recording lapses often go undetected until a regulator requests the recordings and the FSO discovers that they are missing,

Read More: AI for Humanity: French Industry Engages on Artificial Intelligence

NICE COMPASS real-time reconciliation helps insulate firms from regulatory scrutiny, fines and reputational damage by using sophisticated algorithms to systematically reconcile metadata from communications platforms (like the IPC Unigy system) with actual conversations recorded in the NICE Trading Recording (NTR) system, to check for missing or partially recorded calls. If discrepancies are found, stakeholders are automatically notified so they can immediately troubleshoot underlying issues, and proactively notify regulators. NICE COMPASS also features dashboards and reports so that firms can keep tabs on the health of their entire global recording estate.

Read More: Cube System Announces New Blockchain Ecommerce Platform

“We’re excited to now offer this essential compliance capability to IPC Unigy customers through our NICE COMPASS solution,” said Chris Wooten, Executive Vice President, NICE. “By leveraging NICE COMPASS for compliance assurance, FSOs can ensure compliance with record-keeping regulations, avoid fines and drawn-out audits, reduce compliance costs through automation, and improve their responsiveness to regulators.”

Read More: Decentralized AI Alliance Reaches 50 Members Worldwide