Call Monitoring Program – Essential Elements for Effective Compliance

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Call monitoring programs have become a standard in the finance industry. With the continued prevalence of financial crime, such as market manipulation and illegal trading, the need for mobile call monitoring systems has increased. If found non-compliant to these standards, financial companies risk being liable in events of unlawful activity.

There are numerous themes that financial companies need to observe to comply with laws and standards, such as creating a lexicon for call-based trades and using real-time speech analytic software.

Creating a Lexicon for Call-Based Trades

Financial institutions typically create lexicons derived from usual terms that traders use in transactions. Companies must carefully construct a list of keywords and phrases indicative of illegal activities. Building a lexicon helps monitors quickly and efficiently identify illegal activity during transactions or after data is recorded.

However, the list must be limited to only 15 heavily researched words. Having a longer list will only make it more challenging for monitors to track and might even confuse them. This can lead to false positives, damaging the institution’s reputation, and requires reparations.

Usage of Real-Time Speech Analytics

When it comes to illegal activities, proactive monitoring is preferred over reactive monitoring. Financial companies must invest in real-time speech analytics software to become more preventative against illegal trading.

Speech analysis, text mining, and voice recognition technology have become prevalent in today’s digital space. Financial firms must use these programs to comply with industry standards and be absolved of accountability in the event of unlawful activities.

Natural Language Processing (NLP) is an example of tech that can aid financial institutions in monitoring and recording phone conversations in real-time, leading to a more proactive approach to data security.

The use of lexicons and speech analytics programs are only a few factors that financial institutions can consider in complying with lawmakers and industry standards. Learn more about the need for identifying high-risk traders and improving voice recording systems by reading this infographic by TeleMessage.

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