It’s not really hard to understand why, even after so many years, the idea of compliance remains somewhat unpopular amongst the organizations. The complicated way in which it is constructed does more damage than good; hence companies are always looking to skirt around it with whatever trick they have got up their sleeve. Honestly, despite this brazen show of non-compliance, you cannot blame them, at least not on logical grounds. Every business is driven more by the interests of the company rather than the interests of the industry itself, so when there is a sheer lack of consideration from the imposed regulations, businesses have no option but to find inroads. This, however, creates a scenario where the competitive scales in a particular sector become lopsided, falling, more often than not, in favor of the rich. To deal with such a delicate issue, the regulatory bodies needed an all-encompassing solution that had the capabilities to cater every type of need. The insurgence of technology proved to be just the right answer here. With both the parties switching the backdrop of their interaction to a tech-dominant sphere, it created the basis for a more emphatic relationship. The regulatory bodies were able to better understand what the companies expected in these situations, while the companies were able to better comply with all the obligations through advanced compliance tools. So, it came on a little late, but tech related innovation was finally up and running in the regulatory sphere, and now it’s looking towards its next chapter.
NICE, a leading provider of cloud compliance solutions has officially announced its partnership with Cloud9 and its voice trading platform. The partnership is based on the idea of creating a system that harnesses the potential of voice trading and also stays compliant with the local and national regulations throughout the process. After being forced to use virtual trading platforms during Covid 19 pandemic, the traders have found their silver lining in the overall cost-efficiency and convenience of this technology. Hence, the growing interest in VR opens up all kind of possibilities for voice trading, which already boasts a reputation of being hugely influential in enhancing traders’ communications on a global scale.
NICE’s role in this partnership is also of equal importance, if not more. The company’s comprehensive cloud compliance suite is currently the only solution that can work with a platform like Cloud9 and perform important tasks such as capturing and observing all the interactions for the purpose of compliance. The solution achieves that by turning to tools like advanced analytics, AI, and natural language understanding.
“The Cloud9 – NICE partnership uniquely enables digital transformation of trader interactions and associated regulatory compliance functions through agile, scalable cloud-to-cloud solutions that revolutionize trader communications, while also supporting compliance with relevant global regulations,” said Chris Wooten, Executive Vice President at NICE.
