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Introducing Verify

Posted 07/06/17

Automated Certainty

 

Benjamin Franklin is attributed with the statement that “in this world nothing can be said to be certain except death and taxes”, in a letter written in 1789.  If Mr. Franklin were writing that letter in 2017 he might alter his statement to include “change” as a certainty.  In the financial services market, changes in the financial structure have stimulated numerous changes in regulations.  These regulatory changes in turn require more change in how financial firms operate and the oversight required to ensure adherence to the mandates.  At the same time, the trading floor communications ecosystem is in constant change to support technology upgrades, personnel movement and market expansion.

 

As the pace of change accelerates in today’s trading environment, compliance officers are increasingly faced with the challenge to balance the certainty of change with the uncertainty of future regulatory mandates to manage business risk without forfeiting the entrepreneurial spirit of the global trading business.

 

This regulatory dilemma has translated into additional overhead to validate compliance policies are correctly implemented, user behavior is screened in real time and reports and audits are available for authorities.  This overhead is typically in the form of more compliance resources reviewing policies and even listening to individual calls to make sure conversations with customers and counterparties do not place the business in jeopardy. Additional resources are costly and neither provide certainty of risk mitigation and related liabilities nor help stimulate business growth.

 

Verify is the latest automation solution from Nxtera that can help lift the regulatory burden from financial firms and minimize personal liabilities for compliance individuals responsible for management and governance cost effectively.

 

From initial commissioning throughout the lifecycle of critical voice communications, Verify provides Automated Certainty that policies, processes and technologies are working in harmony, are policed in real time and are fully documented to enable greater collaboration and transparency between internal stakeholders, counterparties and the regulators.

Automated Certainty regulatory rules are correctly implemented

Automated Certainty operational procedures are effectively working

Automated Certainty recordings are accurately captured and retained to policy

Automated Certainty complete audit data economically supports Compliance’s fiduciary duties

Verify is delivered via Nxtera’s exclusive nTelligence software platform, making it secure, scalable, auditable and adaptable.  It works with the firm’s existing infrastructure to understand the relationships between users, groups, accounts and services and build a complete holistic approach to compliance without the need to replace the current platforms but also enables a smooth transition to future technologies.

As the regulatory environment will continue to evolve, financial firms will have to be ready to adapt to changes.  Nxtera solutions provide the Automated Certainty to enable voice trading to thrive in today’s complex regulatory environment and adapt to any upcoming changes, which are as certain as death and taxes.

 

To learn more about Verify and the entire Nxtera automation suite visit http://www.nxtera.com.

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