Banks, trading floors and financial service institutions are constantly trying to maximize productivity and revenue for their clients while minimizing risk and meeting federal and corporate compliance policies such as Sarbanes-Oxley (SOX), Basel II, and others. To do this, businesses need solutions to help them manage and monitor the high volumes of voice interactions that occur within the enterprise. By combining robust recording with interaction analysis solutions, financial institutions can automate the storage and retrieval of vital enterprise data and effectively meet compliance regulations and analyze risk within the organization.

Secure Voice Recording and Archiving

Many financial institutions are required to record transactions and client interactions for compliance archiving and verification purposes. Because financial institutions frequently manage highly sensitive data, it is necessary that they have robust and secure recording solutions that can capture and store every critical interaction that takes place, no matter the size of the organization, technical environment, or business need. Reliable recording solutions are especially crucial on the trading floor, where mission-critical interactions must be successfully captured from beginning to end. Brokerages must implement resilient turret recording solutions that enable them to monitor voice interactions and meet growing compliance requirements.

Key features of an effective voice recording solution:

• ‑Ability to handle high traffic volumes for TDM, VoIP, and turret recording environments

• ‑Highly reliable recording with the strongest encryption available

• ‑Real-time interaction monitoring based upon permission-based access

• ‑Ensures compliance with Payment Card Industry (PCI) data security standards

• ‑Integrate voice archiving for compliance and analysis

Proactive Voice Monitoring

Although the regulations for capturing and storing interactions vary within the financial industry, proactive voice monitoring has become a standard in financial and trading floor activities as a means of identifying and preventing fraudulent transactions. In the financial services industry, time is critical for the identification and resolution of fraudulent and inconsistent communications. These organizations must leverage voice recording and analytics solutions to monitor day-to-day communications for regulatory compliance, risk analysis, and investigation. Interaction analysis further extends voice monitoring capabilities by delivering advanced functionality for identifying and analyzing trends as they occur and alerting compliance managers when inconsistencies occur.

Federal Rules of Civil Procedure (FRCP) Compliance

Financial service organizations that record customer service calls and trading floor transactions for compliance purposes must also be aware of the legal implications of capturing voice interactions. With the recent amendments to the FRCP, voice communications can be targeted for legal investigation, requiring intelligent analysis solutions that can identify and retrieve relevant information within the given time frame.

FRCP requirements have led many organizations to further prepare for electronic discovery by employing next-generation solutions such as a consolidated archive and legal hold solutions to capture and secure corporate information.

Conclusion

Financial organizations need enterprise-wide voice archiving and analysis platforms that can provide the functionality needed to proactively control risk and minimize growing litigation costs. With proactive voice monitoring and analysis solutions, organizations of all sizes can cost-effectively identify, preserve, and analyze all potentially significant information for compliance, investigation, and risk management.

For more information, please contact Roger Woolley at Autonomy etalk (www.etalk.com). He can be reached at
214-981-3100 or via email at Roger.Woolley@etalk.com.