This week I have a special five-part podcast series, sponsored by Verint on the Future of Communication in Financial Compliance on the Innovation in Compliance podcast series on the Compliance Podcast Network. My guest in this series is Phil Fry, VP and GTM of Financial Compliance Strategy at Verint. Over this series, we will take a deep dive into the current status of communications in financial institutions; how to be or not be compliant; an analysis and insight into the area; and how to avoid accentuating the negative and the human element in compliance. In this second post, we consider how to be or not be compliant.
The rise of hybrid work models, driven by digital communications and workplace flexibility, has significantly impacted businesses and financial markets. With the shift towards remote and flexible work arrangements, essential platforms like Microsoft Teams and Zoom have become crucial for business operations. However, this shift has also created a need for compliance capture solutions to ensure regulatory compliance and prevent misconduct in digital communications.
One of the leading compliance vendors in this space is Verint, which has been investing in artificial intelligence (AI) and developing solutions for platforms like Microsoft Teams and Zoom. Their approach, known as human compliance, focuses on monitoring regulated users’ communications across various channels. By shifting the focus from capturing tools or communications to capturing an individual’s interactions holistically, Verint believes they can effectively prevent misconduct within organizations.
The traditional approach to compliance capture involved recording and analyzing messages and calls. However, Verint’s human compliance approach recognizes that focusing on the individual is crucial to ensuring compliance. By monitoring an individual’s communications across channels and locations, both during regular working hours and outside of them, organizations can more easily identify conditions in which acts of noncompliance are more likely to occur. This proactive approach allows for the implementation of automated tools to respond to incidents, rather than passively waiting for problems to be identified.
Verint’s Microsoft Teams compliance recording solution offers features like Conditional Recording and Start Recording, which allow organizations to control recording behavior based on the participation of the interaction. This level of control enables organizations to proactively decide how they monitor and analyze an individual’s interactions, further enhancing their compliance efforts.
The shift towards hybrid work models and the increasing reliance on digital communications platforms have also led to the emergence of new and more complex regulations. Organizations must navigate these regulations while considering the impact on employee needs and behavior. The challenges associated with capturing and analyzing communications in a hybrid work environment, where conversations may involve multiple languages, transfer across different channels, and occur in noisy environments, require sophisticated compliance solutions.
Verint has been heavily investing in AI to enhance its compliance solutions. Their generative AI features, such as multilanguage transcription and summarization, help financial firms speed up audio review processes and make them more efficient. These AI-powered features provide valuable data insights and analysis, enabling organizations to meet their compliance requirements effectively.
In conclusion, the rise of hybrid work models driven by digital communications has created a significant need for digital compliance solutions. Verint’s human compliance approach, focusing on monitoring an individual’s interactions across channels and locations, offers a proactive way to prevent misconduct within organizations. By investing in AI and developing market-leading features, Verint aims to support businesses in their efforts to maintain compliance in the digital age. As organizations navigate the complexities of hybrid work models and evolving regulations, it is crucial to consider the impact on employee needs and behavior when making decisions about digital compliance solutions.
For More Information check out Verint.
