Reduce Your Compliance Costs

Managing the resources needed to capture, monitor, and analyze a greater variety of interaction data while performing ongoing surveillance is becoming increasingly difficult. But there is a better way.

Compliance cost challenges in numbers

  • 1 out of 4

    1 out of 4 banking industry representatives rated securing sufficient budget to cover increasing compliance costs as a key challenge. Moody’s Analytics, 2018

  • 45%

    45% of risk and compliance professionals cited the escalating cost of compliance as the top compliance challenge faced by their organization. WBR Insights, 2019

  • 31%

    31% of risk and compliance professionals expected the size of their compliance team to grow in the next twelve months. Thomson Reuters, 2019

Customers

Verint helps financial services organizations transform their compliance operations and confidently navigate through increasingly complex trading regulations.

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More complex regulations mean more resources

Increased regulatory demands require more compliance and IT resources. You need to monitor compliance procedures, sample relevant interactions, and meet the sophisticated demands of regulators. Discovering intent or reconstructing events can quickly become a pain point if you’re short on staff.

Throwing additional resources at the problem may keep your head above the water, but you might continue to struggle in the long run.

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Manual monitoring and testing are expensive and inefficient

Manual testing is time-consuming, inefficient, and it prevents your compliance team from investigating and analyzing potential violations and other suspicious behaviors.

In addition, siloed recording environments and disconnected data points need more involvement from IT teams, which further increases compliance costs. And to make things worse, if your systems aren’t integrated or they require different vendor platforms, troubleshooting issues might become extremely complicated and lead to potential failure points.

Data storage and retrieval are costly and complicated

Verifying that your recording solutions are performing as expected is vital but monitoring and testing all the applications supporting your communications and recording infrastructure can be costly and complicated.

During an audit, you may have to identify, locate, and retrieve a complete transaction history captured across multiple channels and solutions, in as little as 72 hours. What’s more, you might also have to demonstrate how you ensure and maintain compliance. But carrying out manual checks is resource-intensive and inefficient.

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How we can help

Verint can help your business put automation to work and take control of your compliance costs. Prove that you have effective measures in place to ensure compliance and reduce the cost associated with regulatory adherence.

Automate your operational checks and ensure adherence

Stop carrying out manual tests and check your communication systems and recording infrastructure for issues automatically. Proactively simulate user transactions to validate the operation, configuration, and performance of applications, communication flows and interaction recording. Ensure that you comply with internal policies and external regulations.

Verint can help you reduce compliance costs by providing a deeper understanding of the status of your critical communications environment across multiple vendors and services, including PBX, trader turrets, UC, mobile, and recording solutions.

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Reduce data storage and retrieval issues and effectively manage data points

Regulations demand that you can reliably locate and retrieve interaction records, even after long periods, but data extraction, trade reconstruction, and interaction retrieval can be difficult and resource hungry.

Verint can help you reduce the costs of managing and analyzing data for compliance purposes. Extract interactions from a wide variety of platforms and store them in a single, secure, and accessible format so they can be rapidly located and easily extracted in a readable, compliant format for evidence or investigation.

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Increase efficiency – with a unified regulatory compliance platform

Simplify your operations and cut costs with robotic process automation (RPA), AI, an open architecture, and a range of integrations and APIs. Verint’s holistic compliance suite provides you with a unified platform to capture data, manage communication records, and easily retrieve data from a variety of sources.

And its enhanced scalability and interoperability will smoothly adapt to your future growth.

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Browse Verint Financial Compliance products

  • Capture In financial services it is imperative that you capture, secure, analyze, and understand all regulated interactions — across all channels and communication modes. Verint Financial Compliance makes all of your interaction data available for analysis in a unified and cohesive way.
  • Automated Verification Perform Quality of User Experience (QoE) service tests and end-to-end system tests across multiple vendor platforms, applications, and communication paths to help ensure the optimum operation of your critical communications and recording infrastructure.
  • Microsoft Teams Recording Unified, risk-based compliance recording for Microsoft Teams. Capture, archive, analyze, and retrieve interactions across all modes of communication from Teams voice calling, meetings, and collaboration streams.
  • Zoom Recording Benefit from unified, risk-based compliance recording for Zoom Phone and Zoom Meetings. Capture, archive, analyze, and retrieve interactions across voice, video, and screen sharing.

Explore a real customer success story

Read the full case study
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"Automating the process and testing with Verint's automation framework, the bank saved more than 10,000 hours of time, while also increasing the consistency and accuracy of reporting and alerting."

Read the full case study

Insights & Resources

Monitoring the Silence – Illuminating Black Holes in Communications Surveillance

Communications surveillance had been a constant challenge for businesses for years, but the pandemic-induced advance of digitalization and the...

Data Capture, Automation and Surveillance in the Digital Age

A paradigm shift is underway in financial risk and compliance — driven by a changing regulatory landscape, the use...

Verint Financial Compliance Capture

In today’s financial landscape, the number of communications channels involved in a trade has increased dramatically, expanding from just voice to include text, video, screen activities, and other forms of collaboration.

Industry Recognition

  • Best Compliance Product at UC Today’s UC Awards 2022

  • Best Trading Infrastructure Monitoring Platform, TradingTech Insight Awards

  • Microsoft Certified Microsoft Teams Recording Solution

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