One of the biggest challenges we hear about is that it is difficult and time-consuming to develop an organisational compliance culture.
In this video, we will show how you can use some of the features in the GuardREC solution to incorporate a solid compliance culture in your organisation.
In GuardREC, you can use Smart Tags.
A typical scenario can be when first line wants to make third line aware of a call or a specific part of a call with a client.
Let us say that first line was unclear about the risk of the investment opportunity, or there was doubt if the client actually understood the risk, or that the broker was biased towards their own funds.
In this scenario, you could use GuardREC to tag this conversation, also called a “notice to compliance”.
In this way, third line can easily search, find and audit this conversation specifically to give feedback.
Another scenario can be when first line receives a complaint from an unhappy client.
Complaints must be reported, and first line can tag the recording as a complaint, which will automatically be reported in the monthly compliance reports.
This report can be sent to the CEO and the board, helping you in creating a very transparent organisation.
Smart Tags works both ways, from third line towards first line, also called a “notice to broker”.
Third line could in this scenario, when auditing a call, point out good or bad compliance in a specific call.
An example of this could be that compliance makes the broker aware of call where a client feels pressured into a purchase.
Overall, Smart Tags helps you point out the most vital customer dialog as an effective way to segment data, which in turns makes it easier to handle compliance issues.
Next, let us take a look at the feature called Compliance Comments.
In our experience, many compliance officers, when that listening and reading to customer dialog, make notes and comments outside the system, for example in an spreadsheet.
The issue with that is these comments now is stored outside of the system where there is a risk for unauthorized people to gain access to classified information.
With Compliance Comments, you can document compliance and add comments within the system when listening to a conversation. These comments will only be available for the controlling function, not the user.
This is also a good way to work together with other compliance officers.
They will easily be able to see that a conversation already have been audited, and you avoid listening to the same conversations.
Documenting compliance in the system itself is an important part of building a solid compliance culture.
Another feature is Risk Detection. This is a powerful feature to incorporate a solid compliance culture, and manage errors and events before they happen.
You can use manual risk detection for escalation.
Let us say you are listening to a conversation you are unsure of, you can escalate the conversation so that others in your organisation can listen in and verify the conversation.
If you have escalated a conversation, it is flagged so that f ex Chief Compliance Officer can easily approve or decline that specific conversation.
You also have the opportunity to blacklist specific clients you want warnings about.
Let us say a broker is talking with a celebrity investor or an investor that have a record of misconduct, you will be notified by the system so you can check that conversation.
You can also set up a warning for a specific client purchases a specific product that you want to be notified of.
You can also set up automatic risk detections.
An example could be when a specific phone number that previously has not been whitelisted becomes whitelisted, which results in you being notified.
You can also set up warnings when calls go over or under a specific amount of time so that you can check if a broker hasn’t told the client to call them on another line to avoid recording.
To end the video, I want to show you the Case feature.
Cases can first of all be used towards first line. You can gather a set of customer dialogue and share with a single broker or the Broker Manager.
You could share examples of conversations that showcase good or bad compliance.
This is a very efficient approach to educate new hires where you gather the 10 best examples of great compliance and how-to-do calls.
Cases can also be used towards third line where first line can collect good and bad examples of compliance, to assist third line.
Lastly, Case can also be used for supervision, where you can easily gather all customer dialogue, recordings of a specific broker-client relationship, or all customer dialogue in a specific period of time, and present this as a Case that easily can be presented and shared with the Financial Supervisory Authorities.
That’s it for this video. In this video we have covered Smart Tags, Compliance Comments, Risk Detection, and Case, all of which are effective tools to build a solid compliance culture in your organisation.
If you’re interested in getting a personal demo of GuardREC, feel free to to submit a demo request and we will contact you shortly.