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Next Generation Technology Service Providers Deliver World Class Compliance & Risk Management

Posted 15/01/18

As business more readily adopts cloud based applications, more companies are realising the value of partnering with a strategic managed service provider to optimise performance and contain resource related costs.  This model is particularly applicable in large scale trader voice communication environments, where running heterogeneous technologies can be complex and regulatory compliance is essential.

Previously, companies relied on each communications vendor to provide tools and services to manage their solution, which was adequate for operational teams to troubleshoot and remedy important but not critical error conditions.  With the recent implementation of regulatory compliance such as MIFID II, any error condition could be important and critical, leading to financial penalties that put both the business and the operational team at risk.  Add to the mix the technology evolution underway throughout the financial services industry and you have a tangled web of multiple vendors performing similar functions across different platforms, resulting in a complex and problematic management dilemma.

Firms are challenged to achieve both operational performance and compliance oversight without substantial increases in resources and cost.

There is hope!  Next generation service providers are forming strategic partnerships to help financial services firms navigate through the regulatory regimes and eradicate operational and business risk, reducing associated chaos and financial burden.  These specialised service providers bring broad technical certifications and industry experience that can’t be matched by vendor specific management solutions.  With expertise across multiple communications and recording platforms, service providers can offer a secure, cloud based solution to manage a heterogeneous trader voice estate and add automated compliance testing and monitoring to improve transparency and oversight required to satisfy regulatory requirements. They can support a long-term upgrade strategy and execute a migration project to introduce new technology offerings to fit into your budget cycle, allowing you to maximise your current investment without facing end-of-life support concerns.

What’s in it for you? Firstly, you can reduce or reassign your current operational team by removing the tactical routine management of the infrastructure.  Secondly, you can reduce your data room footprint by using secure cloud based delivery.  Thirdly and most importantly, you can vastly improve your compliance and legal programs by assuring both communications service performance and regulatory policy management at the same time thereby reducing business risk associated with compliance breaches or behavioural anomalies. This strategic combination of smart hands and expert automation to manage critical communications services satisfies regulatory bodies and protects your people and business…cost effectively.

As a leader in automated compliance management and governance for trader voice communications, Nxtera is a trusted partner to customers and strategic service providers.  Nxteras compliance solutions help firms cut down on the costs to manage compliance programs and reduce internal and external risk related to non-compliance or operational failures.

The product portfolio supports the entire compliance life cycle for trade professionals and the call journey from inception to retention with automated extraction to provide evidence when required. And importantly, it is cloud ready today with the flexibility to be deployed independently or bundled into a managed service solution.

Read more on Nxtera Automated Compliance Solutions

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