Compliance has probably caused more sleepless nights than almost any other business issue. If an employee skips a legally required disclosure during a client call, or a quarterly form isn’t filed by the deadline, regulators start combing through records and asking questions.
The regulations are strict, and the penalties can be severe, including fines and loss of reputation.
Mitel users in finance, healthcare, and other heavily regulated industries now have a new tool to spot potential issues early: artificial intelligence. By adding Mitel Interaction and Recording Insights AI to Mitel technology, organizations can ensure compliance with regulations and enhance the quality of internal processes.
How AI Can Ensure Compliance
Monitoring and using AI to analyze communications and other processes can spot potential compliance issues before they become compliance nightmares.
Here are four ways that Mitel Interaction and Recording Insights AI can boost compliance.
- Use Real-Time Automated Analysis to Detect Fraud. AI sends alerts when it identifies suspicious activities and patterns.
- Identify Compliance Phrases. The system monitors voice and written communications to ensure mandatory statements are made and violations are flagged.
- Provide Real-Time Documentation. AI tracks communications seamlessly to ensure maximum transparency.
- Send Alerts for Suspicious Communication Patterns. AI gives early warnings to enable targeted countermeasures and helps ensure compliance through tailored prompts based on specific regulations or internal guidelines.
The system keeps records of all incidents and alerts for managers, compliance officers, and (if needed) government inspectors.
How AI Protects Compliance in Highly Regulated Industries
With its ability to monitor and analyze millions of data points in real time, Mitel’s AI-powered tools are effective in multiple industries.
The system has helped financial institutions remain in compliance with regulations such as MiFID II and Dodd-Frank by finding early evidence of insider training. The software can monitor written and verbal exchanges to detect suspicious communications and avoid severe penalties.
The system can also analyze transactions and customer communications to detect unusual patterns that could mean suspicious transactions and money laundering. This includes monitoring unusual large transactions, frequent international transfers, or transactions below reporting thresholds for potential regulatory breaches.
Insurance companies can also use Mitel’s AI to detect inconsistencies among speech patterns, tone, wording, and written communications to alert insurers against potential fraud.
In healthcare, AI-powered tools monitor recorded interactions between healthcare professionals, staff, and patients to detect unauthorized sharing of sensitive information that violate HIPAA rules.
Finally, for many highly regulated industries, Mitel’s tools ensure that agents provide required legal disclaimers and disclosures. Real-time monitoring makes it possible for managers to immediately spot and mitigate potential compliance issues.
How VOIP Networks Optimizes AI Integrations
Mitel Interaction and Recording Insights AI is just one of the Mitel Workforce Optimization solutions that VOIP Networks can install and manage for organizations of all types to improve compliance, efficiency, and productivity.
Similar to the extensive focus groups conducted at the start of each client engagement, VOIP Networks experts and Mitel AI specialists will meet with key stakeholders to design AI integrations that will support the organization’s specific needs, now and in the future.
All VOIP Networks clients receive U.S.-based, white-glove support 24/7/365. Technical staff can provide programming and other services to extend the capabilities of in-house staff and integrate the new system with existing software and hardware. Design, set-up, and training are part of the package as well.
Most importantly, VOIP Networks clients enjoy all the benefits of a managed private cloud with multi-instance architecture and geo-redundant data centers. Customers share their servers with no other users, unlike multi-tenant architecture (UCaaS), and each user’s dedicated hardware has numerous redundant sites in geographically diverse areas.
The result is a reliable, scalable system that can grow and change with any organization.
For more information, or to discuss your communication needs, please contact us at 800.494.0000 or sales@voipnetworks.com.