In this second installment of our 5-part series all about Compliance in Finance, Tom Fox is going to be talking with Philip Fry of Verint about the importance of capturing the information necessary to manage risk and compliance in a fast changing world.

Listen to the episode:

The current breed of regulations governing financial services and trading are much more comprehensive and stringent than their predecessors. In their drive to control how businesses and individuals behave, they typically require that extremely detailed information is captured and stored about every transaction. In fact, in the case of MiFID II, it is necessary to capture data about interaction that was intended to lead to a transaction – even if the final transaction did not take place. What these regulations have done is catch-up with the plethora of communication channels now available to bankers, traders, and customers when they communicate with one another.

Although things move on regularly, with new capabilities and channels becoming available, so both compliance officers and their suppliers need to be agile to keep pace, it is possible to capture all of the many available channels in a useful, and compliant way. Phil and Tom talk about how this works, and what some of the potential challenges are with enforcing it. Using proactive compliance, as you learned about in yesterday’s installment of the series, addresses many of the weaknesses and pitfalls that can be found.

Tom wonders if there are other tools and systems in play, apart from UC that need to remain a part of integrated compliance programs, and Phil explains that there is always going to be a period of overlap with legacy systems, and that nothing really exists in isolation. Embracing this diversity is the only practical, strategic and economic way of implementing a new system.

Make sure to join Phil and Tom for tomorrow’s episode of the Compliance in Podcast series, where they’ll be talking about what it means, and what is required to control this massive flow of information, and if you missed yesterday’s Overview episode, click here to listen now!.


Philip Fry