European Asset Management
Company Enables MiFID II
Compliance with Verint
Opportunity

Solutions

A prestigious European wealth management firm, specialising in discretionary asset
management and with multiple subsidiaries across the region, had to comply with a strict
regulatory framework imposed by both European and local legislation aimed at protecting
investors and preventing market abuse in the capital markets.

Verint® Financial
Compliance™

Among these regulations is the second Markets In Financial Instruments Directive (MiFID II). In
effect across Europe since January 2018, MiFID II makes it a compulsory requirement forfinancial institutions to record, retain, and monitor all transaction-related communications intheir front, middle, and back offices while requiring comprehensive monitoring procedures forvoice and electronic communication capture.
The bank’s legacy recording system only recorded traffic derived from the internal session
initiation protocol (SIP) trunk. As a result, it took longer to retrieve calls because IT needed toreach out to the compliance team to detect particular calls in question. Faced with a lengthy
and cumbersome process, the bank required a solution that captured all of its call interactions
quickly and efficiently.

Industry
Financial Services“We were seeking recording software for both Cisco and Microsoft Skype for Business,”comments the bank’s head of IT infrastructure. “As a financial institution subject to stringent
financial regulations, we needed to record everything for every dialog – including internal andexternal voice calls, video, and IM. Finding a solution that had this capability was not easy, as
and there were not many solutions available.’’RegionSolution

EMEA

The bank deployed Verint® Financial Compliance™ (formerly Verba) for compliance callrecording, long-term archiving, and data governance, on one recording server and one
mediation server. As the head of IT explains, “The flexible Verint Verba software is easy tomanage and it’s a very robust platform. Our audit and compliance teams can easily lookthrough calls via the web interface without the need to disturb IT. Moreover, the solution also
supports both Cisco and Skype for Business.”
Using Verint, the bank is able to securely record and retain conversations while having
communications records readily available for audit and compliance purposes. This helps ensurecompliance with the MiFID II regulatory requirements governing communications capture,
records retention, interaction screening, recording assurance, and data analysis.
The recording solution enables the bank to steadily capture and securely store morethan 27,000 voice calls and 1,800 instant messages on a monthly basis, with adequate
capacity to accommodate future growth. Using Verint, the bank is now able to:• Accelerate records management and call retrieval: Streamlines the processof managing recording data and retrieving calls to support internal audits andcompliance requests.
• Capture multiple modalities and platforms: Records and archives
communications and collaboration from Cisco UC and Skype for Business,with one integrated solution spanning voice, IM, and video-based
interactions.

Results• Records voice, IM, and video
across 500+ endpoints.
• Captures and securely stores
more than 27,000 voice calls
and 1,800 instant messages
per month.
• Facilitated MiFID II compliance.
• Accelerated call record retrieval
and reduced back-office/IT workload.

“The flexible Verint solution is easy to manage and it’s a very robust
platform. Our audit and compliance teams can easily look through calls via
the web interface without the need to disturb IT. Moreover, the solution
also supports both Cisco and Skype for Business.”– Head of IT Infrastructure, European Asset Management Company• Facilitate MiFID II compliance: Meets strict capture,
record-keeping, and monitoring requirements under
MiFID II to maintain legal conformance and ethicalintegrity across the organisation.
• Record every call: Call recording extended from the SIP
trunk to every regulated user within the organisation,
capturing more than 500 endpoints to date.
• Leverage excellent support: According to the bank,“The response and help we receive is very good.
The technical knowledge in comparison to othercompanies is great.”• Apply virtualisation: The bank maintains a continuous
back-up of the solution, which is synchronized acrossdata centres to support resiliency.

Benefits

The head of IT infrastructure also highlights the usability
and efficiency of the solution, adding, “If an asset manager
requests a recorded call, the compliance and audit teams canretrieve it fast and easily.” Verint helps the bank to reduceback-office and IT workload by automating procedures andspeeding up manual processes such as monitoring, match-up,
and data retrieval from interactions.
Overall, the bank is now better able to cope with regulatory
pressures and can leverage reliable recording andcollaboration compliance technology to minimize disruption
for its clients. By leveraging Verint’s solutions and capabilities,
the bank can confidently realise its vision to foster responsible,
prudent asset management while enabling long-term financial
piece of mind for its customers.
“The deployment of Verint compliance platform has been asuccess,” concludes the head of IT. “We have been very
pleased with the results.”

Following the deployment of the Verint communications
recording and collaboration compliance solution, the bank’s
IT, compliance, and risk management teams have been able
to retrieve interactions, fulfill audit requests, and reconstruct
the chain of events of transactions more efficiently.
Moreover, the bank records and securely stores calls forcompliance purposes. This ensures that interactions between
the bank and its customers, as well as other external parties,
can’t be disputed, helping to prevent money laundering andother unethical practices.

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