NICE Enhances NICE COMPASS Compliance Assurance Solution with Real-time Recording Reconciliation

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NICE Enhances NICE COMPASS Compliance Assurance Solution with Real-time Recording Reconciliation


HOBOKEN, N.J.–(BUSINESS WIRE)–Recording of trade-related conversations is a central tenet of Dodd
Frank, MiFID II, and FX Code of Conduct regulations. To address this
need,NICE (NASDAQ: NICE),the leading provider of financial
communication compliance solutions, today announced that it has further
enhanced itsNICE
COMPASS
compliance assurance solution with real-time recording
reconciliation capabilities so that financial services organizations can
have complete confidence in their ability to capture virtually every
type of trader voice communication.

In recent years, regulators have issued tens of millions of dollars in
penalties for record-keeping violations. FSOs are required to report
recording lapses to regulators, including the nature and extent of
problems, and remedial actions taken. The ability to immediately detect
and notify regulatory authorities of such occurrences can lessen the
sting of penalties and fines, insulate firms from drawn-out
investigations and reputational damage, and alleviate speculation over
what missing trade conversations might be hiding.

“Today, most firms rely on random, manual recording checks to ensure
that calls are being recorded,” explainedChris Wooten, Executive
Vice President, NICE
. “By the time a problem is detected, either
during a random check or routine audit, the damage is already done, and
the ramifications are often far worse.”

NICE COMPASS’ real-time recording reconciliation solves this problem by
adding another real-time protection layer to NICE COMPASS’ automated,
pre-scheduled recording checks. Now, a firm can instantly know if a call
was not recorded, immediately troubleshoot and fix underlying problems,
and provide timely notification to regulators.

How Real-time Recording Reconciliation Works
Real-time
reconciliation applies sophisticated algorithms to reconcile
trade-related calls of regulated employees to actual voice recordings.
Call detail records in the phone system are systematically matched up to
call records in the recording system, to detect missing or partially
recorded calls. When NICE COMPASS detects a mismatch between the phone
system and recorder data, it automatically sends an alert to designated
stakeholders who can identify and fix problems, and provide proper
notification to regulators.

Unique to NICE COMPASS, its integrated real-time reconciliation
capability features dashboards and reports so compliance officers can
keep tabs on the health of the firm’s entire global recording estate.

Wooten added,“NICE COMPASS’ new real-time reconciliation
capability is a vital tool for FSOs in terms of providing real-time
visibility so that small problems don’t turn into bigger problems, and
so that timely corrective action can be taken. By leveraging NICE
COMPASS for compliance assurance, FSOs can demonstrate a proactive
mindset, reduce their compliance costs through automation, avoid fines,
penalties and drawn-out audits, and improve their responsiveness to
regulators.”

For firms currently using theNICE
Trading Recording System
(NTR)
, NICE COMPASS may be added to the
system to take advantage of real-time recording reconciliation and NICE
COMPASS’ other robust compliance assurance capabilities.

For further information on NICE Compass,please
click here

For further information on the NICE Trading
Recording System,
please
click here.

About NICE Financial Compliance
NICE is the world’s leading
financial compliance solution provider, serving more than 90 percent of
the largest investment banks globally. NICE’s compliance solutions
assist customers in the capture of trade conversations and trades,
analyzing them for potential risk, and correlating trade conversations
with trades for trade reconstruction. The company’s compliance solutions
make automated and intelligent holistic trade compliance programs
possible and enable FSOs to more efficiently comply with regulatory
requirements, including MiFID II, MAR, FX Code of Conduct, Dodd-Frank
and future directives. More info at www.nice.com/compliance.

About NICE
NICE (Nasdaq: NICE) is the world’s leading
provider of both cloud and on-premises enterprise software solutions
that empower organizations to make smarter decisions based on advanced
analytics of structured and unstructured data. NICE helps organizations
of all sizes deliver better customer service, ensure compliance, combat
fraud and safeguard citizens. Over 25,000 organizations in more than 150
countries, including over 85 of the Fortune 100 companies, are using
NICE solutions. www.nice.com.

Trademark Note:NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks of
their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements
This press release
contains forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Wooten, are based on the
current beliefs, expectations and assumptions of the management of NICE
Ltd. (the Company). In some cases, such forward-looking statements can
be identified by terms such as believe, expect, may, will, intend,
project, plan, estimate or similar words. Forward-looking statements are
subject to a number of risks and uncertainties that could cause the
actual results or performance of the Company to differ materially from
those described herein, including but not limited to the impact of the
global economic environment on the Company’s customer base (particularly
financial services firms) potentially impacting our business and
financial condition; competition; changes in technology and market
requirements; decline in demand for the Company’s products; inability to
timely develop and introduce new technologies, products and
applications; difficulties or delays in absorbing and integrating
acquired operations, products, technologies and personnel; loss of
market share; an inability to maintain certain marketing and
distribution arrangements; and the effect of newly enacted or modified
laws, regulation or standards on the Company and our products. For a
more detailed description of the risk factors and uncertainties
affecting the company, refer to the Company’s reports filed from time to
time with the Securities and Exchange Commission, including the
Company’s Annual Report on Form 20-F. The forward-looking statements
contained in this press release are made as of the date of this press
release, and the Company undertakes no obligation to update or revise
them, except as required by law.

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