Why Machine Learning Will Make Compliance Teams Far More Effective?

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Fonetic Team
Wednesday, 13 December 2017 / Published in compliance, machine learning, regulatory compliance
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Discussion of artificial intelligence (AI) , NLP and machine learning, in general, but also specifically in compliance, often revolves around how either or both technological developments will take over jobs carried out by humans. But it doesn’t have to be this way. In fact, AI and machine learning in compliance could actually go the other way by enabling compliance personnel to become even more important in combating fraud on the trading floor.

In this article we discuss how technology can give compliance professionals superpowers and look at the enormous benefits for financial organisations.

Regulatory interest in using AI and machine learning in compliance

The Financial Conduct Authority (FCA) has said that implementation of AI and machine learning technology will lead to “far more efficient regulatory compliance”. The UK regulatory body want to see a widespread implementation of machine learning and AI in compliance and are leading the way in their implementation.

How Integrated Communications Surveillance Improves Trading Floor Fraud Detection

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In this article we discuss the common, pressing concerns for all financial trading floor surveillance teams. We then look at integrated communications surveillance and how it solves these problems for financial organisations, leading to lower fraud instances and greater process efficiency.

Financial organisations face increasing trading floor surveillance challenges. One, the responsibility of complying with regulatory demands and petitions obligates financial organisations to invest considerable resources in surveillance. Two, they must meet the needs of analysing and holding massive amounts of data, to minimize fraudulent activity and to optimise the process of escalating potential fraud cases. Three, they must suffer the consequences of failing to successfully stop instances of fraud, usually involving fines and/or possible damage to their own assets.

Additionally, organisations must comply with two flagship regulations: Market Abuse Regulation (MAR) and Markets in Financial Instruments Directive II (MiFID II). MAR came into effect in 2016 and the MiFID II deadline is January 2018. Both regulatory protocols require extensive resources on the part of financial organisations. Regulators can inflict punitive measures on banks and financial institutions that fail to comply

Proactive Compliance Officers: Avoiding the Mistakes of the Past

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Fonetic Team
Wednesday, 07 June 2017 / Published in compliance
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Choose your preferred analogy - whether it’s fighting fires, or shutting the stable door after the horse has bolted, Compliance functions are becoming increasingly effective at reacting to and remedying known issues.

But what about the effectiveness of Compliance in identifying new risks, questioning longstanding assumptions and ‘accepted practices’, and driving improvements in the management of known risks?

Have the underlying lessons of recent conduct scandals such as LIBOR, FX, and PPI been learned, and are Compliance functions becoming more proactive and better placed to prevent conduct issues on the same scale from reoccurring?

As the Compliance curve continues to steepen, both for the business and for Compliance officers, what are some of the key factors impacting the ability of the Compliance function to sustain a sufficiently proactive approach?

Fonetic and Actiance Deliver Trade Reconstruction and Analytics with Next-Gen Archiving and Compliance for Financial Service Companies

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Fonetic Team
Friday, 12 May 2017 / Published in press, fonetic, Press release
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A Single Platform for Capturing, Archiving and Analyzing Historical and Current Trading

Madrid and New York – May 24, 2017 – Fonetic S.L. (www.fonetic.com) a global leader in voice processing, compliance and surveillance technology, and Actiance (www.actiance.com), the leader in communications compliance, archiving, and analytics, today announced that they’ll collaborate to combine their platforms for a comprehensive trade reconstruction, analytics, compliance and archiving solution.

Fonetic focuses on humanizing human-machine interaction in customer care systems

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Fonetic Team
Monday, 09 January 2017 / Published in HUMAN-IVR
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In the last years, customer care systems have undergone important changes: human agents have been gradually replaced by machines able to perform some tasks efficiently. In spite of the great advances in artificial intelligence, human-machine interaction is still far from being human.