NICE Systems, announced that it has established a practice dedicated to the Dodd-Frank Act and is partnering with a number of U.S. financial institutions as they prepare to become compliant with the law's new record-keeping and risk management requirements.
The focus of these efforts is on leveraging NICE's experience and solutions for trading floors, contact centers, back offices and branches that are relevant to two critical elements of Dodd-Frank: transparency in financial transactions and strengthening consumer protections.
Dodd-Frank requirements for financial institutions and trading firms are complex and technologically demanding, requiring a wide spectrum of solutions across the enterprise. New levels of self-directed monitoring and surveillance are necessary for companies to achieve regulator transparency and trading controls. In addition, institutions must improve record-keeping and real-time reporting of all written and oral communications relating to a transaction, while maintaining them securely in a manner which is readily retrievable via electronic access.
NICE is actively engaged in the design and implementation of solutions to help financial firms achieve compliance, including:
NICE Actimize Hedge Funds Trading Compliance: Includes a broad range of analytical models designed to detect illicit or non-compliant behavior by combining proven, out-of-the-box detection and investigation capabilities to ensure timely identification of potential compliance issues, such as insider trading, market manipulation, securities fraud, and deceptive practices. The solution includes comprehensive audit, query and reporting tools.
NICE Actimize trading compliance solutions are addressing Dodd-Frank's new requirements for commodities trading with upcoming versions of its Energy Trading Compliance solution enabling commodities traders (in this case, Energy) to monitor and report on their global trade positions and related trading activity.
NICE Trading Floor Compliance: Provides customers with the ability to reconstruct trade communications as they happen, tie them to SWAP transactions and enable a search through every type of related interaction including voice, instant messaging and email. The solution can scan all communications for compliance risks based on predefined risk categories resulting in automatic alerts to provide compliance departments with greater insight into all communication which is relevant to the transaction.
NICE Contact Center Compliance Enforcement: Provides capabilities for disclosure enforcement, script adherence, policy guidance and lending/credit criteria validation. This comprehensive set of functionalities together with NICE's vast contact center expertise and key technological offerings, including compliance recording, real-time automation, decisioning and guidance, and interaction analytics, enables contact centers to comply with the new regulations.
NICE is a provider of intent-based solutions that capture and analyze interactions and transactions, realize intent, and extract and leverage insights to deliver impact in real time. More information can be found here.