Last week we attended the Risk & Compliance Leaders Summit 2018 in Berlin, where we met some amazing people and listened to fantastic speakers. It was very interesting to be a part of the audience polls and to be able to conclude that as vendors we are aligned with the demand for communications monitoring and surveillance, be it ecomms or voice comms.
We all agreed that voice surveillance will be a key point in 2019 not just for fraud detection but also for fraud prevention. Furthermore, there was a general consensus that the process of adopting and implementing regtech solutions could be made easier by having more communication between compliance and IT departments and vendors.
Moreover, together we could transform compliance through regulatory technology. Regtech is a magnifier and it allows compliance departments to spend 90% of their time on compliance issues instead of the other way around, where 85-90% of their time would be spent on listening to calls only 10-15% on analysing the actual communications.
See here how Fonetic, as leaders in voice, can help you take your communications surveillance to the next level, enabling your compliance department to create value for your organisation by analysing communications rather than searching for them.
Thus, regtech providers like Fonetic can collaborate to make regtech a business enabler for compliance and surveillance departments through staying on top of information and data in a manageable way. Fonetic Trade Comms Suite performs near real-time trade reconstruction and connects communications to the pertinent trades, saving time by pulling all trades in from different systems and allows compliance to be pro-active and monitor, instead of trawling through 50+ spreadsheets.
For those in the industry, it is no secret that regulators - wherever they may come from - will adopt technology that at some point to automate regulations and legal obligations. And, it is expected that they will establish a standard API to make compliance easier on players in the financial industry.
If you did not attend this year's 1LoD conference in London on November 15 or simply didn't get a chance to see a demo, feel free to book one here.