Call Monitoring Program – Essential Elements for Effective Compliance

Here's a better way to do compliance and risk management | TechBeacon

Effective mobile call monitoring compliance is an essential element of many financial service firms. Your company could be subject to enforcement actions if it fails to record voice calls and monitor the central component of your regulatory compliance strategy. Regulators found that many financial institutions’ current methods are inadequate.

Financial Conduct Authority (FCA) requires financial institutions to establish internal controls to ensure fair and consistent treatment of all customers. This includes implementing a call monitoring system that will allow the compliance officer to assess whether advisers are strategic and follow client requests via mobile devices.

To ensure compliance, firms must include these essential elements in their call monitoring programs.

Monitoring of High-Risk Traders Over Time

Archiving relevant information is a good way to reduce the risk of manipulative trading. Financial firms can monitor the company’s ongoing business by recording phone calls. This will allow industry leaders to gain insight into employee-client trading patterns, business-related communication, and information dissemination, among other things.

Lexicons for high-volume voice call-based trades

Financial institutions often use flagged words and phrases. They also regularly employ phone monitoring equipment to monitor suspicious conversations.Staff members may find it helpful to the list of words or phrases that discourage them from making illegal phone calls. It will still be beneficial if it only contains 15 keywords that can be easily examined.

Implementation of Real-Time Speech Analytics for Proactive Monitoring

Moving from reactive to proactive phone monitoring is vital to stop financial fraud. The company should invest in speech-to-text analytics that can translate voice exchanges into understandable text. This will allow the company to prevent unethical behavior within its financial business.

Financial institutions are rapidly adopting speech analysis, voice recognition, and text mining as key compliance strategies because customers prefer to talk on the phone more than any other channel.

This infographic is by TeleMessage. It explains the key elements of monitoring calls to ensure compliance.