The revised Markets in Financial Instruments Directive (MiFID II), which has been in effect since January 3 2018, introduced major changes for financial institutions regarding the data they store, collect and disclose. It forces financial institutions to invest in defining their governance processes for recording systems, and to adapt their recording approach to ensure specific details are recorded as per the directive. Organizations that largely focused their compliance efforts on voice recording, will now have to accept a more complex compliance reality, and expand and apply their voice recording practices across all digital channels.
With NICE's Compliance Center, MIFID II is easy!
The Compliance Center is a unique end-to-end compliance solution for the contact center that assures interactions can be used as evidence. It enables all contact center users with dedicated mechanisms to power better compliance processes: agents can receive real-time notifications on audio degradations; the IT team can promptly monitor their system's behavior focusing on compliance dedicated KPIs and thresholds; and compliance officers are enabled with mission critical mechanisms for policy definition, management and approval.
Based on Engage, the leading recording platform, and the only omnichannel solution available on the market, the solution can store and capture data from ANY channel, including: voice, video, chat, email, and text on a single server for maximal scalability. The Compliance Center helps organizations monitor their record keeping practices, and extract data from any channel.
Be ready for your next audit!
With the Compliance Center, organizations benefit from a single platform and dedicated workflows to promptly operate the required actions or changes they need: whether to extract a bulk of interactions, find specific interactions per end-customer request, or change the retention of specific interactions for the purpose of an audit. All these actions can be supported with a few clicks. There is no need to fear auditor requests any longer!
A flexible solution to ensure compliance across a breadth of regulations
The challenge with evidence keeping management and MiFID II is the coexistence of stringent regulations, which require limiting the data stored – I.e.: PCI DSS, GDPR. For this reason, the Compliance Center is fully flexible and can be tailored to accommodate the requirements of simultaneous adherence to multiple regulations. To support these regulations, the Compliance Center offers dedicated approval workflows, advanced search across bulk interactions, and advanced search across all channels.
Besides focusing on evidence keeping and MiFID II, the Compliance Center offers specific packages for each regulation domain: PCI DSS, GDPR, Sales Consent and Consumer Protection. Whether organizations need to verify that the interactions they store are adequately encrypted, recorded and are discoverable, or track the quantity and the quality of the data stored, the Compliance Center offers a single answer to the multi-faceted regulatory challenges in place in the contact center.