3 minute read
By Reka Sarudi
Posted in Customer Engagement
What do financial compliance and skydiving for the first time have in common? Well, both can cause the same symptoms: sweaty palms, trembling limbs, and an unsettled feeling around the stomach area. Yet, when done right, both can make you feel proud, relieved and satisfied.
New, stringent regulations, the growing number of communication channels and the expanded scope and amount of data which needs to be captured and stored have been putting serious pressure on financial organizations. But, have you ever wondered what it would be like if compliance wasn't like an extreme sport and a source of stress anymore? The speakers at Verint's series of Financial Compliance Innovation Workshops definitely have.
At the Zurich event the audience was given the opportunity to engage in discussions about the most burning topics in the industry. As an inspiration, four expert speakers were invited to share their own experiences and views, leaving the participants with four key takeaways.
Compliance can protect you
While reading through the regulations and the respective sanctions for non-compliance, we tend to forget that robust trade and communications surveillance are--in most cases--in place to protect those who play fair. Although tight rules may seem to be challenging, a thorough and well organized compliance team can save an organization from the risk of prosecution, heavy fines, penalties (including imprisonment) and reputational damage.
Proactivity is key
Proactivity in both enforcing policies and managing ongoing organizational changes is essential. After-the-fact compliance is not enough, as it still means that a breach has happened. The good news is that there are now solutions for proactive compliance that can help you prevent issues from occurring. It is now possible to put in place communications boundaries--so called "ethical walls"--that proactively control the use of unified communications tools such as Microsoft Skype for Business or Cisco Jabber.
It's all about the data
Do you remember the days when your PC's internal storage was 10 GBs? I do, and I know that those days are gone. In today's information-heavy world the amount of data which needs to be monitored, recorded and stored is greater than ever. An average user now generates 5 GBs of data every day! No wonder that we have reached the point where AI and automation must come into the picture to help index, label, structure, store and retrieve such huge amounts of information in an efficient and timely manner.
Mobile devices are strategic assets
Since the 1990s, alongside the acceleration in technological advances, a brand-new generation of financial traders--and customers--has grown up. They are online almost 24/7, using all channels of communication from mobile phones, through instant messaging to file sharing. Providing them with the freedom to use any of these channels at work can be a tremendous help in speeding up their communication, and boosting their productivity. Besides, recorded data would then not be limited to voice only, giving you better insights to your business, your customers' need and the daily work of your employees.
Listening to the experts at the Zurich workshop made it clear that since the financial crisis in 2008, there has been a great shift in financial trading compliance due to two major factors:
At the same time, the tools supporting this new compliance niche have hardly advanced, making adherence a really extreme sport. It's no wonder that the time has come to "tame the game" and reinvent financial compliance by using solutions that proactively enforce communication and content policies, and provide actionable insights. To learn more about how Verint can be your partner in compliance innovation, contact our experts.
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