MiFID II is Almost Here…Everything You Need to Know
November 2017
MiFID II is Almost Here…Everything You Need to Know

On January 3, 2018 (pending any delays), the Markets in Financial Instruments Directive (MiFID) II and its accompanying regulations will become a reality. These changes mark the biggest shake-up of regulations in decades and the impacts are far reaching. The purpose of the new regulations is to protect investors, prevent market abuse, heighten transparency and increase consumer protection (and confidence) regarding financial transactions.

And, pretty much any company or individual doing business in Europe will be affected. This includes investment firms, credit institutions, portfolio managers, broker-dealers, stockbrokers, corporate finance companies, market operators and more!

Now is the time for organizations to start planning for the changes ahead.

The Scoop on MiFID II Regulations

The new regulatory requirements may affect everything from client services to IT to Human Resources. And most definitely the contact center too! One of the biggest areas of impact for the contact center is recording.

What must be recorded: Any communication across any technology where the intent of the communication is a financial transaction, regardless of whether the transaction occurs.

That means whether it’s on the phone, via SMS, in a chat, over email, or any other type of communication, it must be recorded and available for immediate access should a regulatory body or the client ask for it. The regulations are intentionally vague enough to leave room for rapid changes in technology, so you’ll want to make sure your infrastructure can support tech advances.

But when it comes to compliance and risk management, you need to consider more than just recording.

First Steps in Complying with MiFID II

If you have the right workforce optimization (WFO) tool in place, such as KnoahSoft Harmony, you’ll be ready when MiFID II launches. How can a solution like KnoahSoft Harmony make adhering to the new regulations completely painless? Here’s what we offer:

  • Recording continuously for all or some inbound and outbound voice and other electronic communications based on business rules. The right WFO tool will capture, search and retrieve calls, offer encryption for secure storage and offer pause and resume capabilities.

  • Desktop Screen Capture is an undetectable back-end process that records desktop screen activity during customer interactions. Used both in the contact center and the back office, it helps organizations increase customer satisfaction, reduce costs, uncover system breakdowns, shorten cycle times and expose unauthorized personal activity of employees. Supervisors and managers can view customer interactions from beginning to end while watching and listening via synchronized screen and call recordings.

  • Live Call Monitoring capabilities help supervisors and managers remain compliant. Authorized users can listen to calls, look at the agent desktop in real time, record calls on demand if needed, add comments and flag calls for further evaluation.

  • Quality Management to identify and capture areas of non-compliance while measuring how well agents are delivering services that align with your customer experience expectations.

  • eLearning and Coaching tools can bring agents fully up to speed on regulatory changes and any new requirements, as well as correct any non-compliance behaviors.

  • Speech Analytics can help identify areas of non-compliance. Your WFO solution should capture 100% of interactions and provide an early warning system.

For a review of your current WFO solutions, connect with us at info@knoahsoft.com. We are here to help and want to ensure that you don't experience even the most minor of hiccups once MiFID II comes into play. Contact us today, January 3, 2018 will be here before we know it.

And if you want to get more in-depth details on the pending regulations, check out the European Markets and Securities Authority website.



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