Compliance Recording for Regulatory Requirements
Compliance with industry-specific regulations such as MiFID II, Dodd-Frank, FDCPA or GDPR
Optimize your compliance processes and effectively manage your risks with AI.
In highly regulated industries such as finance, adhering to regulations like MiFID II, Dodd-Frank, and GDPR is crucial. Practical compliance solutions enable financial service providers to legally record, monitor, and analyze their communication.
By utilizing AI, these processes become more efficient and secure. AI data analytics help process large amounts of data, detect suspicious patterns, and manage risks early.
Discover how today’s regulatory compliance software can optimize your compliance processes and foster a trustworthy customer relationship.
Compliance Recording: Typical Requirements for Regulatory Compliance Software
To meet the strict regulations and requirements of various regulatory authorities, a compliance recording software must meet specific criteria.
Secure recording
All relevant parts of a conversation or meeting must be recorded and tracked.
Flexible recording rules
Flexible recording rules to ensure accuracy and efficiency in data management.
High availability
Fully parallel, tamper-proof, georedundant recording and storage must ensure compliance recording at all times.
Highest security standards
Dual encryption of data and fully integrated user rights management to prevent unauthorized access to sensitive information.
Search, replay, monitoring & alerting
To meet regulatory requirements, a complete audit trail, powerful search, and easy replay of interactions are critical.
Retention periods
Data must be securely stored in accordance with legal retention periods and automatically deleted upon expiration.
Compliance Recording: Legal Requirements for Regulated Industries
Relevant regulations and authorities at a glance
The Directive 2014/65/EU on markets in financial instruments (MiFID II) is an EU directive aimed at harmonizing financial markets within the European internal market. MiFID II requires the recording of advisory conversations in securities trading. These recordings must be complete and credible, and all conversations must be archived on every recording medium.
The EU General Data Protection Regulation (GDPR) aims to unify rules for the processing of personal data. It ensures the protection of personal data within the EU and guarantees the free movement of data. Violations can result in fines of up to 4% of global revenue or 20 million euros.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of regulations for handling credit card transactions, supported by all major credit card organizations. All companies processing cardholder data must comply with PCI DSS by protecting the data from cyber-theft and fraudulent use.
This US legislation requires the recording of phone calls and other communications related to the trading of securities and derivatives. The regulations aim to increase transparency and accountability in the financial sector.
Though primarily concerning the healthcare sector, all companies handling sensitve health information must comply with HIPAA. It mandates strict privacy and security measures to protect health data, including secure recording, storage, and access.
Optimizing Compliance Processes with AI
How automated processes with compliance tools reduce risks
Financial institutions must review their communications for compliance reasons. Manual monitoring and analysis of communication data are limited, as only a small percentage of conversations can be reviewed. This increases the risk of undetected violations.
150 employees
in customer conversations for an average of 4 hours per day
138.000 h
of conversation time
per year
1.33%
Only 1.33% of calls can be reviewed
Solution
Automate AI processes with regulatory tracking software to minimize risks
Practical Compliance Solutions for the Financial Industry
Automated and AI-based software to comply with regulations
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