NICE working to certify compliance solution for Microsoft Teams
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Financial compliance solutions provider NICE is looking to the Microsoft Teams unified communications platform for its latest integration.
NICE is working to certify the NICE Trading Recording System (NTR) under Microsoft’s Certified for Microsoft Teams certification program for compliance recording solutions.
Teams is known as a unified communications (UC) platform that provides chat, online meetings, file sharing, and other collaboration tools. Financial services organisations that roll out teams must be acutely aware of how they record, archive, and retain all employee communications.
NICE states that its NTR ensures compliance with key regulations, including MiFID II, MAR, FX Code of Conduct, Dodd-Frank and Regulation Best Interest, even with employees working remotely.
NICE executive vice president Chris Wooten says the company designed NTR to help financial services organisations speed up UC and digital transformation adoption.
Microsoft’s director of Office 365 ecosystem marketing Mike Ammerlaan says, “Microsoft Teams empowers financial services firms and accelerates digital transformation through every business-critical area of the enterprise that benefits from streamlined collaboration and meeting experiences. With the integration between NICE and Teams, FSOs can extend the benefits of our Microsoft Teams platform to regulated employees with confidence they can continuously meet their regulatory obligations around recordkeeping and retention.”
According to NICE, the NTR can provide:
- All-in-one compliance recording solution: NTR enables unified capture of a variety of communication modalities in a single platform. This includes all modalities of Teams’ unified communications (voice, screen sharing, video, chat) and other communication systems (turrets, mobile phones, PBX desk phones, etc.).
- FSOs can now add Microsoft Teams recording into their existing NTR infrastructure and easily adhere to regulatory requirements. At the same time, NICE says that NTR can support remote employees, allow for a seamless’ user experience, lower TCO, improve economies of scale and can potentially improve administration and the compliance work process.
- Complete compliance assurance: NTR’s NICE COMPASS application helps FSOs streamline mandated compliance assurance processes through automated provisioning, system health checks, bulk call extraction, transcription, compliance assurance reporting and monitoring dashboards, real-time recording reconciliation and daily recording checks.
- Automated trade reconstruction: Rapid trade reconstruction is mandated by a host of regulations. In some cases, firms must adhere to a demanding 72-hour turnaround time to respond to regulators. NTR is a communication capture backbone behind NICE’s automated trade reconstruction which uses AI and advanced analytics to help FSOs reconstruct trade conversations and complete investigations.
NICE states that more than 25,000 organisations in more than 150 countries are using its solutions.