A Global Financial Services Group’s Compliance Recording and Data Management Evolution
July 25th, 2024
Written by John Joyce, Global Head of Communications Compliance
Wilmac Technologies has supported this global financial services organization since 2005, providing robust compliance recording and data management solutions to enhance their trading floor and back office recording capabilities while ensuring compliance with regulatory standards. This long-term partnership has evolved from initial NICE Perform upgrades to more advanced solutions like NICE Trading Recording (NTR) and Wilmac’s Continuity Replay.
The Opportunity
Over the 20-year partnership, this global financial services group has faced several challenges that necessitated a new recording solution for their trading floor and data management solution for their legacy call recordings.
Legacy System Issues
In 2005, the financial services group’s 10-year-old recording system was reaching End of Life (EOL) support, storing 250 million recordings in proprietary formats with encryption. They faced the challenge of deciding whether to maintain that legacy system, risking the loss of these recordings if something were to go wrong, or seeking out an alternative solution.
Limited Data Accessibility
The proprietary format of their call recordings limited data accessibility and required maintaining an outdated, costly server infrastructure. If they were ever asked to produce recordings for investigation from that timeframe, they would have to pay an exorbitant fee to extract those recordings.
Compliance Concerns
Given the stringent regulations within the financial services industry, this organization needed a comprehensive solution to streamline compliance and guarantee adherence to regulatory mandates.
250 Million
Call recordings
1000+ licenses
supported by Wilmac
3 Upgrades
this organization utilized Wilmac for
The Solution
With the situation the global financial services group was facing, Wilmac Technologies had the opportunity to initially present NICE Perform Compliance as a recording solution for their back office and trading floor.
In 2013, when NICE Perform was discontinued, Wilmac facilitated a seamless transition to NICE Trading Recording (NTR), enabling the organization to maintain compliance and improve efficiency in recording trader interactions.
Recognizing inefficiencies in managing separate back office and trading floor recorders, Wilmac implemented NICE Compass in 2020, streamlining their infrastructure and improving operational integration.
Wilmac also helped address the organization’s complex data retention requirements—spanning 1 to 99 years—and the overwhelming volume of files in outdated systems. These insights guided the development of Continuity Replay, a solution tailored to the organization’s needs, reinforcing Wilmac’s role as a proactive partner focused on adding long-term value.
With Continuity Replay, this organization was able to store and manage their legacy recordings from previous Red Box and NICE Perform systems by extracting all the audio and associated metadata, converting it into accessible formats for search and replay.
Outcomes from Wilmac’s Partnership with a Global Financial Services Group
Guaranteed Compliance
Ensured compliance with regulatory standards, avoiding potential fines for breaches.
Cost Savings
Eliminated the need for their End of Life, outdated on-prem infrastructure, reducing costs and enhancing security.
Improved Data Access
Seamlessly managed call recording data and associated retention periods, enhancing their ability to search and replay recordings.
Future Growth
Streamlined data governance for future growth and efficiency, retiring outdated systems and preparing for future upgrades.
Continued Partnership
Wilmac Technologies remains a trusted advisor for this global financial services group, providing ongoing support and consulting on third-party applications and future upgrades:
Long-Term Relationship
A history of trusted consultancy on various solutions, including trading turrets and compliance recording.
Future Upgrades
Wilmac is heavily involved in the road-mapping of this organization’s future compliance recording solutions to ensure continued compliance and functionality as NTR reaches its sunset policy.
Consulting Services
This organization’s Unified Communications team works closely with Wilmac’s service team to garner support in maintaining a compliant environment and advising on third-party applications.
This global financial services group values Wilmac for their expertise, reliable solutions, and long-term commitment to ensuring their compliance and operational efficiency.
Our team = compliance experts. Let’s talk! >>
“Wilmac has been an invaluable partner for us over the years. Their expertise and commitment to our success have been evident from our initial engagement back in 2005 through today has been evident. Their support has not only helped us maintain compliance with regulatory standards but also significantly reduced our operational costs. We look forward to continuing our partnership with Wilmac as we roadmap future upgrades and enhance of unified communications infrastructure.”
Vice President of Unified Communications
Global Financial Service Organization
