Compliance Archiving and Records Management Solution for Banks

With increased regulations, heightened data scrutiny and penalties for data mismanagement, leveraging innovative technology is vital.

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Native support for recorded media types aids compliance

Wordwatch provides support for all recorded media, simplifying the archiving, management and replay of your interaction recordings.

Removes the complexity associated with managing legacy or non-compliant systems, providing a ‘single pane of glass’ view of your data.

Audio retains its original format for access and replay, a key factor for Tier 1 Banks choosing Wordwatch for global voice and digital communications data management.

Decommission legacy hardware with peace of mind that all recordings can be searched, managed and replayed with ease.

Verifies authenticity of original recordings to adhere to regulatory compliance

As voice recording systems reach end of life, banks must preserve the original format and integrity of recordings for regulatory access.

Wordwatch offers native support for all recorded media, ensuring authenticity and accessibility of all live or historic interaction recordings.

Preserve original recording formats with a verified Chain-of-Custody, mitigating data tampering or unauthorised access risks.

Automatically manages retention periods while maintaining voice data integrity.

Decommission legacy recording systems, without worry

Reduce infrastructure management and costs with a robust yet simplified solution.

Wordwatch ingests data from any recording system, regardless of vendor or location.

Simplify your infrastructure by consolidating interaction records and storage into one single point of access.

Automatically delete historic data that exceeds the mandated policy timeframe, saving on storage costs, avoiding over-retention.

Wordwatch in Numbers

We are proud to work with regulated businesses around the globe to safeguard their live and legacy interaction recording data, for today and in the future.

90%

Server reduction by aggregating 10 recording systems into a single Wordwatch server.

100 Million

It takes Wordwatch just two days to ingest 100m records, versus 200+ days for competitive solutions.

Scalable

Wordwatch is a modular and scalable system, therefore it can be configured to meet your needs.

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“The flexibility of deployment options and self-service capabilities have empowered our compliance team to efficiently retrieve specific files, making our operations more agile and compliant.”

Chief Compliance Officer

UK Life Insurance Company

FAQs

Your Questions Answered

Take a look at our Frequently Asked Questions hub to answer any questions you may have.

Communications compliance is crucial for banks to ensure they adhere to regulatory requirements, protect sensitive information, and maintain transparency in financial transactions.

Recording and monitoring communications can help to detect and prevent fraudulent activities, insider trading, and other financial crimes. By analysing recorded interactions, banks can identify suspicious patterns and take action to mitigate risks.

Maintaining a clear record of all communications also ensures transparency in dealings with customers, building trust and providing a reliable source of truth in case of disputes or misunderstandings.

Regulators may request access to these historical interaction recordings during audits or investigations. Having a robust system therefore ensures that banks can quickly and accurately retrieve authentic data, demonstrating compliance. This not only satisfies regulatory requirements but also minimises the risk of penalties and enhances the bank’s credibility.

In addition, comprehensive communication records allow banks to manage risks effectively by providing insights into employee behaviour and client interactions. This helps in enforcing internal policies and maintaining high standards of conduct within the organisation.

Effective communications compliance fosters transparency in banking operations, helping build and maintain trust with customers and regulators. By demonstrating a commitment to regulatory compliance and ethical practices, banks can enhance their reputation and ensure long-term business sustainability.

Having an efficient communication compliance system in place therefore streamlines the storage and retrieval of data, allowing for quick access to required information. This enhances operational efficiency, particularly when responding to regulatory requests or internal audits, and reduces the time and resources spent on compliance-related tasks.

Our solution automatically archives all relevant interactions according to the specific regulatory requirements that apply to banks. It provides audit trails, encryption, and secure storage, ensuring that your institution remains compliant with regulations like GDPR, MiFID II, FINRA, SEC, and more.

Non-compliance in relation to interaction recording rules in the banking sector can result in several serious penalties, including:

  • Substantial Fines: Significant financial penalties can be presented, dependent on the extent of non-compliance and jurisdiction.
  • Legal Action: Banks may face legal action from affected parties and regulatory legal proceedings, potentially leading to further penalties.
  • Operational Restrictions: Regulatory bodies may limit the bank’s ability to offer certain products or services, impacting competitiveness and service delivery.
  • Increased Scrutiny: Non-compliant banks may undergo more frequent audits and inspections, leading to higher compliance costs and potential exposure of further issues.
  • Reputational Damage: Non-compliance can impact customer trust and investor confidence.

Banks have access to a variety of tools designed to ensure and facilitate compliance with communication regulations. These tools are crucial for managing and monitoring communications to meet stringent regulatory standards. They include Call Recording software, Data Archiving solutions, Compliance Monitoring systems, Encryption Tools, Audit and Reporting software, and Unified Communications Compliance Platforms.

Wordwatch is unique, drawing voice and digital communications recordings from multiple systems and vendors, whether they are live or legacy, in the cloud or on-premise – into one central portal, ready to be delivered to an application of choice, including surveillance, analytics, transcription or reporting. It greatly aids communications compliance by ensuring authentic interaction recordings can be easily accessed and replayed, when instructed by a regulator or for monitoring purposes.

Yes, Wordwatch integrates with all recording platforms, regardless of vendor.

Organisations typically need to archive a wide range of communication types, including but not limited to:

  • Emails
  • Instant messages (e.g., Slack, Microsoft Teams)
  • Social media interactions
  • Voice communications (e.g., phone calls, VoIP)
  • Text messages (SMS)
  • Video conferencing sessions

Archiving these communications helps ensure they are accessible for audits, legal reviews, and regulatory inspections.

Yes, Wordwatch has the capabilities to bulk ingest large quantities of data quickly and is designed to scale with your organisation. Ensuring that even in high-communication environments, all records are captured, stored, and easily retrievable.

Yes, Wordwatch includes comprehensive audit trails that track access, changes, and retrievals of archived communications. Additionally, it offers customisable reporting features that help you demonstrate compliance to regulators and internal stakeholders.

Wordwatch makes it simple to respond to legal hold requests by allowing you to quickly identify, preserve, and retrieve relevant communications and individuals. You can place holds on specific individuals or on specific records to prevent them from being deleted during the retention period.

Wordwatch provides full support during the implementation phase to ensure smooth integration with your existing systems. Additionally, we offer ongoing technical support, training, and regular updates to help you manage your compliance archiving and records management effectively.

Yes, the Wordwatch solution is highly customisable. Whether you need specific retention policies, custom reporting, or integration with particular tools, we work with you to tailor the solution to fit your organisation’s unique compliance requirements.

Absolutely. Wordwatch is designed to simplify the audit process by providing easily accessible, well-organised records. The advanced search, retrieval, and reporting functions make it straightforward to demonstrate compliance during audits.

Getting started is easy. Simply book a demo via our website or reach out to our friendly team using the details on the contact us page. We will work with you to understand your compliance needs and provide a tailored solution that ensures your organisation meets all regulatory requirements when it comes to compliance archiving and records management.

Manage Risk. Maximise Value.

Contact us today to schedule a demo and discover how Wordwatch can simplify your communications compliance management and create significant efficiencies for your business.