NICE Intros Proactive Compliance Suite for Consumer Protection for Financial Sector

NICE Systems (News - Alert), a provider of customer experience management solutions, is launching a Proactive Compliance Suite for Consumer Protection designed to protect financial institutions from potential risks. The solution for contact centers helps organizations ensure compliance while managing both inbound and outbound interactions across different channels

NICE’s end-to-end Proactive Compliance suite comprises a set of tools for preventing non-compliant activities, avoiding customer complaints and penalties, reducing risk, investigating infractions, managing retention policies, and providing proof of compliance. Proactive Compliance Suite for Consumer Protection comes with investigation and operational capabilities for managing compliance across the enterprise, including in the contact center, back office, and branch. In order to adhere to regulations and respond to audits, the solution also helps financial organizations implement processes and polices and normalizes compliance within the organizations.

According to CEB TowerGroup senior research director Rodney Nelsestuen, compliance will be a top initiative throughout 2013 in financial sector. It will also grow as major regulatory initiatives such as Basel III, FATCA, and Dodd-Frank take full effect in stages throughout the rest of this decade.

Nelsestuen added, “To be sure, regulators will continue to find errors and assess penalties. But in the long-run, the normalization of compliance will lead to better compliance risk management and fewer fines and other regulatory actions.”

The implementation of Dodd-Frank Act and the advent of the Consumer Financial Protection Bureau (CFPB) have brought financial institutions under exceptional scrutiny and are burdened of providing compliance tests. Failure to comply with these regulations will lead to $500 million in penalties.

Some of the capabilities of the full lifecycle of compliance management include reduced infractions, ongoing monitoring, investigation, record keeping and auditing, reporting and continuous investment.

If an infraction is detected, the system automatically performs corrective actions. Speech and desktop analytics allow organizations to monitor calls for exceptions, such as the use of abusive language, script deviations, or the likelihood of the call to escalate to a complaint.

Additionally, automated reports present trends in overall risk of infraction and expose problem areas. Reports can also be generated for compliance officers when an investigation is underway. Cross-channel and desktop recording enables organizations to easily locate and export bulk data for discovery, investigation, and audit purposes.

Yochai Rozenblat, president of the NICE Enterprise Group, said, “Our solutions not only help companies move closer toward the normalization of compliance, they also help strengthen customer loyalty at these institutions as consumers’ perception of compliance leads to greater satisfaction and trust.”

Edited by Amanda Ciccatelli