OFI Asset Management
Fulfils its Collaboration
Compliance Mandate with
Verint Financial Compliance
SolutionOpportunity
OFI Asset Management (OFI) is a leading independent provider of asset management
services. Headquartered in Paris, France, the organisation offers European institutional
investors, distributors, and individuals a broad spectrum of investment solutions
across a range of asset classes. Founded in 1971, OFI has more than 300 employeesand €71 billion of assets under management (March 2019).

Verint® Financial Compliance™

Like many other financial services organisations, OFI must rigorously comply withregulations regarding call recording, recordkeeping, and communications monitoring.
In particular, the latest MiFID II legislation requires firms operating in the EU to record allcommunications related to activities intended to result in the conclusion of a transaction or
the provision of client order services – even if they do not result in a financial transaction.
These customer interactions span every communication channel too, from traditional voice
calls and chat, to video conferencing, and screen sharing.

Industry
Financial Services

Previously, OFI relied on a legacy call recording platform and process that was unable to keep
pace with its changing communications infrastructure and broadening data capture needs.
The company was looking to migrate its Aastra PBX system to Microsoft Skype for Business.
However, the previous call recording platform was not compatible with Skype for Business –nor was it sufficiently compliant with the sophisticated requirements posed by MiFID II.
The asset management company also used a complex, time-consuming process toverify that calls had been recorded. These regular checks should have been conductedby the company’s Audit and Control (A&C) department. However, the legacy datacapture solution was so technical that this task had to be delegated to specialists in
the IT department, in turn absorbing resources that could have been productivelyapplied elsewhere.

RegionEurope“Compliance is an overriding priority throughout OFI,” explains Julien Bianchini,
Infrastructure and Operations Manager at OFI, “Skype for Business offers us a futurefacing, reliable, and cost-effective means of communication. However, we needed tointegrate this collaboration platform with an equally modern call recording system.

Solution
OFI turned to Verint® Financial Compliance™ (formerly known as Verba) and ourEuropean partner Geomant to tackle this complex compliance challenge.
“Verint Financial Compliance meets all our needs in a single, unified platform,”says Julien. “It offers unrivalled depth of functionality, scalability across ourmulti-site operations, reliability of call capture and retention, ease of use, andsecurity. We did look at other vendors, but nothing else came close the Verintsolution.”

Results• Meets record-keeping andcommunication monitoring
requirements under MiFID II• Streamlines and simplifies
compliance processes andassurance procedures• Reduces the cost of operationand maintenance while avoiding
costly fines

“Verint Financial Compliance takes the complexity out of our compliance.
We are faced with new regulations and an expanded scope of data andchannels to capture and monitor. Using Verint, we can fulfil ourregulatory requirements, make our Skype for Business communications
fully compliant and streamline processes for our team.”– Julien Bianchini, Infrastructure and Operations Manager at OFI Asset Management

The compliance recording solution from Verint enables
OFI to easily capture, retain, and analyse a wide set ofcommunications across multiple channels, including voice,video, IM, screen sharing, and desktop. The scalable andproven platform is currently used to record Skype for Business
communications across OFI’s back office and trading floor
environment, comprising a total of 230 users across threesites in France.
This includes all communications by fund managers, sales
teams, and other staff dealing with customers, as well asother functions engaging in communications of a sensitivenature. Verint Financial Compliance is deployed in a VMware
virtualised environment.
Centralized and tamper-proof records retention and data
management features help the OFI team to meet their data
governance needs, retrieve recordings in a timely mannerand fulfil internal audit or regulatory requests by the financialregulator. Encryption and digital signatures also prevent
intentional corruption or modification of stored recordings.
At the same time, the robust, role-based access control
functionality enables OFI to make sure the integrity andsecurity of the recorded data and associated metadata isbeyond any doubt.
Another capability in Verint Financial Compliance proving
extremely useful to OFI is Call Recording Assurance, whichhelps ensure that all conversations that have to be captured
for compliance reasons have been recorded correctly andwarns if conversations have been lost. This media monitoring
and compliance testing feature enables OFI to automaticallymonitor recording procedures and verify availability of records
while reporting potential issues – as defined by the newEuropean financial services jurisdiction.

One of the defining attributes of the Verint Financial
Compliance deployment is the tight integration with Skypefor Business. Verint offers proven, certified Skype for Businesscapabilities, enabling the OFI team to rest assured allcommunications are recorded and securely stored to meetrecordkeeping, monitoring, and reporting requirements.
“The Skype for Business integration is essential because it
helps make voice and electronic communications compliant
either in the back office or at the trading desks, as well as
reducing risk for our organisation,” notes Julien.

Benefits
By standardising on Verint Financial Compliance, OFI iseffectively managing risk and ensuring financial complianceacross its critical communications environments. “Verint gives
us the reliability and flexibility to analyse any content andproactively monitor our compliance recording procedures,”
Julien continues. “Ultimately, the platform ensures that wecomply with MiFID II and other statutory regulations.”
The system is also increasing productivity. Thanks to the userfriendly web interface, OFI is able to delegate the regularrecording checks to the A&C department, freeing up IT
resources from this task and reducing the total costof ownership.
Lastly, Geomant and the Verint support organisation havebeen instrumental partners in this successful compliancedeployment. The team set up and successfully delivered theVerint proof of concept (PoC), the PoC to production phase,and the administrator training sessions.

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