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Voice transcription tools still haven’t met last-mile quality thresholds for context, relevance, and actionability for highly regulated industries like healthcare and financial services. Regulations such as MiFID II require firms to retain audio recordings for evidential reasons. However, searches on transcripts are not good enough to locate and identify all risks. And over-reliance on this technology represents a strategic risk in itself.

Instead of relying on automated transcription to efficiently identify conversations that present compliance risks, these tools should be regarded as one aspect of a multi-layered compliance supervision program. Transcription must be integrated into an overall compliance strategy which accounts not only audio content, but also for omni-channel context. Since most interactions now occur such as video and collaboration chat, compliance solutions must provide coverage for unified communication channels when providing context about risky instances.

Interested in building a better audio supervision program? Download Theta Lake’s free best practices “6 Dos And Don’ts When Using Transcription For Compliance” to get started.

Rosa Lear

Author Rosa Lear

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