Call Monitoring Program – Essential Elements for Effective Compliance

Call monitoring compliance is a critical regulating system in many financial institutions around the world. A call monitoring compliance program early in the company’s life and core strategy could save a firm from enforcement action from a higher regulatory body. In the UK, for instance, Financial Conduct Authority (FCA) gave directives for financial institutions to internal controls to ensure fair customer treatment through call monitoring solutions. This is because of the growing preference of customers for mobile communications.

In the US,local and global industry groups promote higher transparency in government legislation and news coverage. This revealed the people’s need for accessibility of public information to preserve the country’s take on democracy. Aside from recording calls, AT&T archiving is also highly encouraged. So, here are some critical elements for better compliance to better grasp the essential components that financial service companies should include when implementing programs.

Monitoring of High-Risk Traders Over Time

High-risk traders can be identified by taking strict measures to obtain customer information. The company will have more insight into a trader if it has vital data that include trade-related communication like:

  • text messages,
  • What’s App chats,
  • Emails, etc.

Companies can also use holistic surveillance like call archivers and AT&T message archivingto gain insight into their clients’ trading activities and what they record.

Lexicons for high-volume voice call-based trades

Many companies have a list of keywords and phrases that could create illegal or suspicious conversations when placed in public record archiving. Compliance officers often flag these phrases to alert employees and get their attention immediately. Inspection should be done on flagged phrases or words such as “call me home” or “just between us” and others.

Implementation of Real-Time Speech Analytics for Proactive Monitoring

Financial firms must be aware of the growing need for speech analysis, voice recognition, and text mining as part of their compliance strategy. Voice communication can be translated into text format better to understand the context and language of the call.

You can learn more about practical compliance elements through this infographic made available by TeleMessage.

<a href=”https://ibb.co/zS8MVNh”><img src=”https://i.ibb.co/Jzx1jCR/Call-Monitoring-Program-Essential-Elements-For-Effective-Compliance.png” alt=”Call-Monitoring-Program-Essential-Elements-For-Effective-Compliance” border=”0″ /></a>