Compliance Project of the Year was another closely fought category at this year’s event, with the judges opting to award the win to Business Systems for its Vocal Wordwatch solution.
Financial institutions today are facing tightening national and international regulatory requirements, as government authorities collaborate to uncover suspicious trading activities. One of the most important requirements for financial institutions is the archiving, storage and replay of telephony, radio and turret recordings for set amounts of time, which can be up to seven years. Archiving consists of not only storing past recordings for a set retention period, but also the ability to quickly identify and retrieve recordings when required.
In response to these challenges, Business Systems developed Vocal Wordwatch – a solution which helps manage the recordings financial institutions maintain from a single point of access, regardless of location, manufacturer, age and file format. Through use of the system, organisations can amalgamate all of their disparate legacy recording platforms under a single portal, which standardises all of the data into the Wordwatch data model.
Past calls can also continue to be stored within existing NAS/SAN locations and replayed from there, removing the potential risk of the validity of recordings being called into question. This means that financial institutions can access any recording with the appropriate queries, and replay or export them at any time a request is placed internally or by a national or international regulatory authority.
Wordwatch also provides a visualisation of the data contained within all voice recording platforms and acts as a stepping stone to full interaction analytics adoption. The ability to assess different combinations of recent and historical data can reveal unusual patterns and allow organisations to identify compliance risks or failures that must be acted upon.
Wordwatch has already been implemented successfully by a number of major financial institutions.
“We are honoured to receive the ‘Compliance Project of the Year’ award, which recognises our capability in the compliance space along with our commitment for continuous innovation and partnership with our clients. At a time of increasing regulatory focus around compliance frameworks, Business Systems compliance solutions help financial institutions overcome challenges around the recording of telephone and electronic communications and reduce their regulatory and reputational risks,” said Stephen Thurston, Founding Director, Business Systems.
Click here for a roundup of all the category winners and highlights of the winning entries.
If you want to find out more about the multi-award winning Vocal Wordwatch, feel free to contact us: 0800 458 2988, [email protected].