CognitiveView

Voice analytics for compliance Top 5 considerations

Key considerations when adopting a voice analytic system for compliance Selecting voice analytic systems for compliance requires a better understanding of compliance and risk, future risk management trends, and how technologies like AI & Automation that can support a successful risk transformation program. Many voice analytical systems are limited to topics

How to automate the manual supervision process

A step-by-step guide for automating the supervision process for monitoring compliance and customer experience. * Are you ready to automate your manual compliance monitoring? * Does your current supervision involves manual listening of hours of calls and reviewing communication logs? * Have you received a regulatory investigation request for a significant compliance breach

Cognitive View Joins IBM Cloud for Financial Services

Melbourne, Australia –01 February 2022 – Cognitive View, a communication monitoring platform, today announced it has joined IBM’s (NYSE: IBM) growing ecosystem of more than 125 Global Systems Integrators (GSIs), Independent Software Vendors (ISVs), SaaS providers, and FinTechs supporting the IBM Cloud for Financial Services. The IBM Cloud Framework for

A Guide To Effectively Supervise Your remote Workforce Without Micromanaging.

Remote work is gaining momentum across the world. It’s difficult to say how many companies have adopted remote work since the pandemic crisis began, but Gartner researchers provide some insight in one of their recent surveys. There are several advantages to adopting remote working, but the process has its

FCA Offers Guidelines For Working Remotely Or In A Hybrid Environment

With the onset of the Covid-19 pandemic, businesses were forced to embrace remote working almost instantly without any scope to prior preparations. Now, as the economy recovers, more people are sticking to flexible work schedules. The Financial Conduct Authority (FCA) of the United Kingdom has now issued guidelines to firms

ASIC Publishes Updated Guidance On Hawking Reforms

The ASIC (Australian Securities and Investments Commission) has updated its regulatory guidance on the prohibition of hawking financial products in the country. The regulatory guide (RG 38) portrays the changes in the anti-hawking system under the Financial Sector Reform 2020, commencing on the 5th of October, 2021. It also clarifies

Continuous control monitoring with AI

Continuous control monitoring (CCM) is a technology-based solution for constantly monitoring processes and leveraging sample-based testing methods for more cost-effective monitoring. CCM lowers audit costs by continuously monitoring transactional systems. A simple Control Monitoring isn’t enough to keep things under control. In a digital world, the control environments can

Sources of Conduct Risk

There are three inherent factors which are: * Information asymmetries: The situation occurs when one of the two, i.e., sellers and customers, have more or less knowledge regarding the product. Mostly the sellers try to hide information in front of the customers, which results in a lack of symmetry. * Biases,

Supervision in a hybrid work environment

It is by now evident that the protracted effects of the Covid-19 pandemic on the workforce lifestyles and patterns across the world aren’t in a crisis management stage anymore — they are here to stay. Ever since the virus gained its ‘pandemic’ status, organizations worldwide forced to shift their workforces

Key challenges in the front-office control function

The front office or first line of defense has been increasingly assuming overwhelming importance in the organizational structure. It is, therefore, not a surprise that a dedicated front-office control function is now standard practice for firms to enhance the ability to manage non-financial risks. In this regard, firms have been

What can we learn from AFCA statistics

Below is AFCA's datacube for the period (1 July – 31 December 2019), which contains the number of complaints received, the service and product concerned, and how concerns were resolved.

Cost of Conduct according to the Centre for Banking Research (CBR)

Below are some of the highlights of the Conduct costs project launched by the Centre for Banking Research. You can find the full report here https://www.city.ac.uk/news/2020/september/centre-for-banking-research-launches-conduct-costs-project The CBR Conduct Costs Project aims to foster transparency in financial activity and to deliver a

OECD Global Blockchain Policy Centre invited Cognitive view to showcase it's distributed ledger technology addressing public policy issues

The OECD Global Blockchain Policy Centre has recently invited Cognitive view to showcase its distributed ledger technology addressing public policy issues. Cognitive view analyzes customer communication data to automate compliance, customer experience and conduct risk monitoring. It’s Regtech essentially helps firms improve consumer fairness, public trust in our financial

Market conduct regulation in USA

Regulators have historically sought to enhance a customer’s understanding of the products they purchase, imposing prescriptive requirements for disclosure, as well as setting professional standards for sales advisers. The goal is to rebalance the ‘information asymmetry’ – however, issues have continued to arise. An essential component of insurance regulation is

Customer vulnerability requirements for GI Code of practise

One of the great things about GI Code of practice (GICOP) is that the code, which is written in plain English, sets out the standards that general insurers must meet when providing services to their customers, such as being open, fair and honest. On 7 May 2020, the Insurance Council

Findings of Banking code compliance committe

Australian Banking code of practice released in July 2019 and many Banks have committed significant time and resources to the code transition projects. Based on the Banking Code Compliance Committee (BCCC), 2019–20 has been a year of two distinct halves. Although it started with lots of optimism, the bush

Embedding the banking code of practice : Balanced scorecard

The Australian Bankers’ Association (ABA) undertook an independent Review called “Sedgwick report” for product sales commissions and product-based payments in retail banking in Australia. The review was intended to build on the Future of Financial Advice (FOFA) reforms and identify options for strengthening the alignment of retail bank incentives, commissions

Cognitive View has been selected as RegTech100 winners for 2021

New RegTech100 winners for 2021 just announced. We are glad that Cognitive View has been selected in the RegTech100 for 2021! The Regtech 100 is a recognition of the world’s most innovative technology providers that address the challenges of regulatory compliance. This recognition is a true reflection of our

Future of Work trends that will drive Risk & Compliance automation

The COVID-19 pandemic has forced organizations to operate with a physically dispersed workforce. Employees are involuntarily working from remote locations. Due to the changing dynamics and demographics of modern work, enterprises have evolved to manage labour and talent, increasingly favouring automation. This shift, also known as digital transformation, helps organizations

Customer centric approach for product design & distribution

ASIC’s RG 274 Design and Distribution Obligations (DDO) introduces a new category of obligations concerning the design and distribution of financial products. This is a profound change, making product issuers and distributors directly responsible for ensuring products are generally only sold to the intended target markets. It is a

Learn and compare complaints data with the industry

A customer complaint is an excellent barometer and provides incredible insights for introspection. Many organizations already have some mechanisms to analyze internal complaints data and use that as a feedback loop for continuous improvements. Although only a small percentage of internal complaints lands on an external dispute resolution scheme like

Embedding active risk culture: supporting a bottom-up approach

Sound risk culture is an attitude or an amalgamation of behaviors that build organizational immunity and achieves specific business goals. The key to building a “good risk culture” is first to understand and articulate the cultural outcomes that will drive the right performance and support an organization’s strategy delivery.

How AI can monitor and prevent workplace abuse

What is Abuse? Abuse of any form or nature is an act of unjustified oppression, blaming, or dehumanization using manipulative, discriminatory, or bullying behavior that may cause the recipient profound emotional distress that may have life-altering negative manifestations. Some of the common forms of abuse include Ethnicity Abuse, Community Abuse,

Video communication monitoring for compliance

Remote working & the emergence of video-based collaboration tools For well over a year now, the Covid-19 pandemic has forced organizations worldwide to shift their workforce into the remote Work-From-Home mode in an attempt to ‘flatten the curve’. The shift to digital communication and remote workplaces often became the deciding factor

What is fair for AFCA in all the circumstances?

AFCA is required to operate in a way that is accessible, independent, fair, accountable, efficient and effective. Fairness requires complaints to be considered objectively and without bias, and by staff and decision-makers with appropriate expertise. AFCA is required to decide a complaint based on what is fair in all the