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The Business Case for Regulatory Compliance Technology

Posted 18/07/17

Compliance technology spend projection is estimated to be $72 billion by 2019.  It’s a hefty sum which may be a significant contributing factor for financial firms not moving quickly to embrace and implement compliance technology solutions – even though delaying could result in financial penalties to the business, if it is unable to produce accurate records of voice transactions, and to certain individuals who hold the responsibility for regulatory adherence, as well as potential reputational damage for both.  While technology teams may be scouring the market for solutions to meet a host of complex requirements, they have limited budgets and must continually balance investment priorities against cost savings initiatives, and have limited resources to implement multiple projects.  Compliance typically have a different reporting structure, which is not always aligned with the technology team, placing an additional burden on operationalizing a sound compliance program.

What’s the Answer? Cutting edge technology solutions to safeguard financial services firms AND contribute to the bottom line simultaneously. Unlike investments that only monitor the recording environment, and often are glorified SNMP collectors, intelligent testing of the voice communications environment based on user driven scenarios enables firms to define and oversee the end-to-end compliance process while at that same time deliver efficiencies that increase the bottom line.

The Nxtera automated compliance suite delivers concrete cost savings while it is managing the entire communications and recording ecosystem thereby solving the business case justification to make the compliance technology investment.  The suite incorporates testing and monitoring of the voice services, walk the floor recording and audio quality validation, real time screening of all voice transactions against recording policies and policing of retention rules underpinned by an intuitive database that produces certainty the evolving regulatory rules are correctly implemented and the operational procedures are effectively working.  The automated processes and collection of data also translates to bottom line savings that help justify the technology investment.

Here are two tangible cost benefits that address the major cost factors of infrastructure and staffing which can be achieved by implementing the Nxtera automated compliance suite:

  1. Resource utilization management – Infrastructure costs are significant. Nxtera solutions enable real time inventory and utilization of all infrastructure resources to help firms rationalize costly dedicated private lines, access trunks, recording channels, desktop devices, backend servers, data center space and associated ongoing maintenance.
  2. Reduce, relocate, reassign engineering talent – Nxtera automates engineering routines remotely via a predetermined schedule drastically reducing the time and human effort required to solve problems and complete repetitive tasks, improving accuracy and providing defensible evidence. This negates the need for teams of costly engineers sitting in costly real estate.  Even time-consuming walk the floor testing is automated, saving overtime costs.  Firms can transfer operations to lower cost locations or employ fewer and less skilled personnel and still improve the quality of testing and monitoring to achieve operational excellence and compliance certainty.

In addition to the cost savings achieved by implementing Nxtera’s compliance automation software, firms will realize cost avoidance benefits including avoidance of penalties for non-compliance and ongoing remediation efforts, streamlined audit programs, seamless conformance to regulatory changes or new technology deployments, and the intangibles associated with undetected human error or misconduct.

Lastly, the data collected and collated by Nxtera remains in the firm’s secure domain and can be a business enabler by turning information into insight to chart business decisions that stimulate new revenue growth.

Learn more about the Nxtera advantage today to gain an effective compliance program and an efficient operation that pays for itself with a solid ROI.

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