This week, I have a special five-part podcast series sponsored by Verint on the Future of Communication in Financial Compliance. My guest in this series is Phil Fry, VP and GTM of Financial Compliance Strategy at Verint. Over this series, we will take a deep dive into the current status of communications in financial institutions, how to be or not be compliant, analysis and insight into the area, and how to avoid accentuating the negative and the human element in compliance. In this fourth podcast, we ask if you must accentuate the negative.

Phil Fry, the VP and General Manager of Financial Compliance Strategies at Verint, brings over forty years of experience in the financial compliance industry and a deep understanding of the challenges financial firms face in adhering to regulations amidst evolving communication modes. He specializes in the voice regulatory compliance capture world, particularly emphasizing the financial industry. He firmly believes in the importance of data quality in financial industry compliance, stressing the need to capture and record all trade-related communications, regardless of the time, place, or platform they occur on.

Fry argues that incomplete or missing data can hinder compliance efforts and investigations and that it is crucial to identify and categorize any gaps in the data to reduce false positives and improve trade surveillance. He also discusses the importance of linking conversations to gain insights into communication patterns and improve investigations. His extensive experience in the field shapes Fry’s perspective, and he is dedicated to solving legacy issues related to third-party identification and linking conversations together for improved investigations. Join Tom Fox and Phil Fry on this episode of the Future of Communications podcast as they delve deeper into the importance of data quality in financial industry compliance.

Key Highlights:

Resources:

Phil Fry on LinkedIn

For More Information check out Verint.

This week, I have a special five-part podcast series sponsored by Verint on the Future of Communication in Financial Compliance. My guest in this series is Phil Fry, VP and GTM of Financial Compliance Strategy at Verint. Over this series, we will take a deep dive into the current status of communications in financial institutions, how to be or not be compliant, analysis and insight into the area, and how to avoid accentuating the negative and the human element in compliance. In this third podcast, we take a deep dive into data analysis and insights.

Phil Fry, the VP and General Manager of Financial Compliance Strategies at Verint, brings over forty years of experience in the financial compliance industry and a deep understanding of the challenges financial firms face in adhering to regulations amidst evolving communication modes. He specializes in enhancing surveillance systems through data analysis and risk management. His perspective on this topic is shaped by his commitment to bridging the gap between what is captured and what is perceived to be captured, with a focus on proactive compliance.

Fry believes that surveillance teams can make proactive and smarter decisions by utilizing early analytics and risk analysis on captured data, focusing on high-risk conversations. He also emphasizes incorporating additional metadata points, such as time, geography, and communication patterns, to enhance surveillance capabilities. Fry’s initiatives, which include plans to add emotion detection and real-time call translation capabilities, aim to provide valuable data and insights to various corporate disciplines. Join Tom Fox and Phil Fry on this episode of the Future of Communications podcast to learn more about his innovative approach to improving surveillance systems.

Key Highlights:

Resources:

Phil Fry on LinkedIn

For More Information check out Verint.

This week, I have a special five-part podcast series sponsored by Verint on the Future of Communication in Financial Compliance. My guest in this series is Phil Fry, VP and GTM of Financial Compliance Strategy at Verint. Over this series, we will take a deep dive into the current status of communications in financial institutions, how to be or not be compliant, analysis and insight into the area, and how to avoid accentuating the negative and the human element in compliance. In this second podcast, we consider how to be compliant.

Phil Fry, the VP and General Manager of Financial Compliance Strategies at Verint, brings over forty years of experience in the financial compliance industry and a deep understanding of the challenges financial firms face in adhering to regulations amidst evolving communication modes. He believes the shift towards these models has increased the need for digital compliance solutions, as communication and collaboration have become predominantly digital.

Fry emphasizes the importance of capturing data from Unified Communications (UC) tools and enhancing them with AI-based features to support businesses in maintaining compliance. He introduces the concept of “human compliance,” which involves monitoring a regulated user’s interactions across channels and locations to prevent misconduct. Fry’s perspective is shaped by his experience at Verint, where he saw the company’s investment in AI technology to enhance compliance features. Join Tom Fox and Phil Fry on this episode of the Future of Communications podcast to learn more about the need for comprehensive and proactive digital compliance solutions in the context of hybrid work models.

Key Highlights:

Resources:

Phil Fry on LinkedIn

For More Information check out Verint.

This week, I have a special five-part podcast series sponsored by Verint on the Future of Communication in Financial Compliance. My guest in this series is Phil Fry, VP and GTM of Financial Compliance Strategy at Verint. Over this series, we will take a deep dive into the current status of communications in financial institutions, how to be or not be compliant, analysis and insight into the area, and how to avoid accentuating the negative and the human element in compliance. This first podcast considers the current communications status in financial institutions.

Phil Fry, the VP and General Manager of Financial Compliance Strategies at Verint, brings over forty years of experience in the financial compliance industry and a deep understanding of the challenges financial firms face in adhering to regulations amidst evolving communication modes. Fry’s perspective on “adapting financial compliance solutions to evolving communication modes” is shaped by the significant transformations in the financial compliance environment due to factors such as COVID, hybrid working, and the adoption of Generative AI.

Fry acknowledges the complexities of using different communication modes and the increasing challenges for compliance solutions to keep pace. Phil emphasizes the need for a holistic compliance solution to capture the entire communications environment and highlights Verint’s pioneering efforts in utilizing generative AI-driven transcription, communications, pre-surveillance, and speech analytics capabilities. Join Tom Fox and Phil Fry on this episode of the Future of Communication podcast as they delve deeper into this topic.

Key Highlights:

Resources:

Phil Fry on LinkedIn

For More Information check out Verint.

Innovation comes in many forms, and compliance professionals need to not only be ready for it but also embrace it. One of those areas is financial services communications compliance. My guest in this episode is Jamie Hoyle, VP of Product at MirrorWeb Jamie Hoyle is a seasoned software engineer and technology executive with a strong background in compliance and communication surveillance. He currently serves as the VP of Product at MirrorWeb, where he leverages his expertise in capturing and utilizing metadata from native APIs and platforms to provide valuable business intelligence in communication surveillance.

Jamie’s perspective on the topic of “MirrorWeb: a surveillance platform for digital communication compliance” is that communications compliance is a crucial aspect of regulatory enforcement actions, which are only increasing. He emphasizes the importance of capturing insights from emerging platforms and technologies and scaling these surveillance platforms to meet the requirements of both regulated and non-regulated businesses. Join Tom Fox and Jamie Hoyle on this episode of the Innovation in Compliance podcast to learn more about Jamie’s insights and experiences.

Key Highlights:

Resources:

Jamie Hoyle on LinkedIn

MirrorWeb

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Innovation comes in many areas, and compliance professionals need to not only be ready for it but embrace it. One of those areas is telehealth and telemedicine. My guest in this episode is David CM Carter, founder of the Entelechy Academy.

David Carter is a seasoned entrepreneur and business expert with a diverse background in corporate finance and investment banking. He has worked in seven different countries over ten years, owned and operated golf and country clubs, and authored a book published in 138 countries. Carter's perspective on Entelechy Academy's approach to personalized professional development is that it democratizes the mentoring and coaching services previously only available to a select few.

He sees the academy as his legacy project, combining all his career experiences into one final endeavor focusing on character development to help individuals achieve their full potential. Carter emphasizes the importance of return on investment and offers a transformative phase that includes ongoing data analytics, expert facilitation, and personalized learning journeys. Join Tom Fox and David Carter on this episode of the Innovation in Compliance podcast to learn more about his unique perspective.

Key Highlights:

Resources:

David CM Carter on LinkedIn

Entelechy Academy

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Innovation comes in many areas, and compliance professionals must be ready for and embrace it. One of those areas is telehealth and telemedicine. My guest in this episode is Tyler Barron, Chief Revenue Officer at Encapture, who visits with me about innovation in banking compliance.

Encapture is a machine learning platform streamlining back-office processes for banks and lenders, particularly compliance and data reporting. Using document automation and machine learning, Encapture improves efficiency and reduces risk in the document lifecycle. The platform ensures accurate data submission to regulatory authorities and provides audit trails for regulatory purposes. Internal referrals are a powerful marketing tool that allows for an easier transition into becoming an approved supplier. The future of banking compliance lies in bringing intentional insight and value to financial institutions. Encapture aims to deliver year-over-year value and be seen as mission-critical to its client’s businesses. With increasing regulatory pressure, the need for efficient technologies like Encapture’s will continue to grow.

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Tyler Barron on LinkedIn

EnCapture

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The Global Business Ethics Survey (GBES) conducted by the Ethics & Compliance Initiative (ECI) provides valuable insights into workplace ethics and compliance from the perspective of employees. Tom Fox recently had the opportunity to visit with ECI CEO Pat Harned on the 2023 GBES. This survey has become a reliable benchmark for organizations to compare their workplace culture with third-party research, allowing them to identify areas for improvement and address potential risks.

Over the past 30 years of GBES research, ECI has identified and proven that certain “outcome” metrics are indicative of the well-being of workplaces from an ethics & compliance perspective. In this, the largest and latest update to the GBES body of research, employees in 42 countries around the world told us that there is reason for concern.

In Part 5 of a five-part podcast, we why companies need a strong ethical culture and high-quality compliance program.

Pat Harned, CEO of ECI (Ethics & Compliance Initiative) and a leading expert in workplace ethics and compliance programs, has extensive experience in the field and has led the 2023 Global Business Ethics Survey. Pat firmly believes that workplace ethics concerns are a significant issue and that compliance programs are necessary to address these concerns. Her perspective is shaped by alarming data showing high levels of pressure, increased observations of misconduct, and worrying rates of retaliation in the workplace. Pat advocates for the implementation of high-quality ethics and compliance programs, emphasizing the importance of manager engagement, regular reminders of reporting resources, anti-retaliation programs, and holding all employees accountable for ethical behavior. She also recommends regular assessments of these programs and their impact to ensure their effectiveness. Join Tom Fox and Pat Harned as they delve deeper into these issues in the upcoming episode of the 2023 GBES podcast.

Key Highlights:

Resources:

ECI

2023 Global Business Ethics Survey

Blog Post on the 2023 GBES, Part 5

The Global Business Ethics Survey (GBES) conducted by the Ethics & Compliance Initiative (ECI) provides valuable insights into workplace ethics and compliance from the perspective of employees. Tom Fox recently had the opportunity to visit with ECI CEO Pat Harned on the 2023 GBES. This survey has become a reliable benchmark for organizations to compare their workplace culture with third-party research, allowing them to identify areas for improvement and address potential risks.

Over the past 30 years of GBES research, ECI has identified and proven that certain “outcome” metrics are indicative of the well-being of workplaces from an ethics & compliance perspective. In this, the largest and latest update to the GBES body of research, employees in 42 countries around the world told us that there is reason for concern. In Part 4 of a five-part podcast, we explain why companies need a strong ethical culture and high-quality compliance program.

The 2023 GBES strongly advocates for the establishment of a robust ethical culture in businesses. Pat Harned’s insights reveal that many employees need to operate within a strong ethical culture, and they stress the need for businesses to not only meet minimum standards but also strive for high-quality programs that transform company culture and operations. Pat believes that leaders should model ethical behavior and actively promote program activities that positively influence conduct and minimize the risk of non-compliance. Join Tom Fox and Pat Harned as they delve deeper into this topic on the 2023 GBES podcast episode.

Key Highlights:

Join us in Part 5, where we discuss how a compliance professional can use this information in their corporate compliance program.

Resources

ECI

2023 Global Business Ethics Survey

Blog Post on the 2023 GBES, Part 4

The Global Business Ethics Survey (GBES) conducted by the Ethics & Compliance Initiative (ECI) provides valuable insights into workplace ethics and compliance from the perspective of employees. Tom Fox recently had the opportunity to visit with ECI CEO Pat Harned on the 2023 GBES. This survey has become a reliable benchmark for organizations to compare their workplace culture with third-party research, allowing them to identify areas for improvement and address potential risks.

Over the past 30 years of GBES research, ECI has identified and proven that certain “outcome” metrics are indicative of the well-being of workplaces from an ethics & compliance perspective. In this, the largest and latest update to the GBES body of research, employees in 42 countries around the world told us that there is reason for concern. In Part 3 of a five-part podcast, we consider addressing workplace misconduct.

The 2023 GBES showed that within workplace ethics, retaliation, and whistleblower protection issues, retaliation is a pervasive issue in the workplace, with a significant number of individuals who report misconduct experiencing some form of retribution. The GBES revealed that retaliation remains unacceptably high, with many victims of harassment or discrimination choosing not to report due to fear of further retaliation. Pat emphasizes the importance of educating supervisors and coworkers to recognize and address retaliation, as well as supporting and educating employees who come forward about what retaliation might look like and how to handle it. Join Tom Fox and Pat Harned as they delve deeper into these issues on the 2023 GBES podcast.

Key Highlights:

Join us in Part 4, where we ask ‘what is an ethical culture”?

Resources:

ECI

2023 Global Business Ethics Survey

Blog Post on the 2023 GBES, Part 3