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NICE Actimize, a NICE (Nasdaq:NICE) business and the industry's largest and broadest provider of a single financial crime, risk, and compliance software platform for the financial services industry has launched two new product solutions that enhance its industry-leading alert and case management suite of solutions with end-to-end investigation process tools.
Both new solutions work to enable efficiency gains within financial crime and compliance operations. The Actimize Quality Assurance solution creates a real-time connection between risk and compliance and quality teams. By unifying investigations and quality assurance processes on one platform, the solution provides a closed-loop investigation process, leading to more accurate investigations and lower error rates. This means that financial services organizations can lower the cost of compliance and optimize their operations.
The Actimize Productivity Studio solution offers a new way to gauge and address operational risk. It measures team and individual performance, as well as metrics pertaining to business processes, so that financial services organizations can optimize their operations across jurisdictions, geographies, and teams. Utilizing this data, the solution allows users to tune workflows. Additionally, the solution includes operational analytics which have a twofold mission: they can be utilized by managers to see and address anomalies in their teams’ work, and they can be used by analysts in the form of “next-best-action” guidance, which makes automatic suggestions of what to do next based on the risk type, jurisdiction, and other criteria.
“Financial crime, risk and compliance teams benefit from solutions that enable them to identify areas for improvement in their investigations as well as bottlenecks and inefficiencies in their workflows, resulting in improved operational efficiency,” said Shirley Inscoe, Senior Analyst, Aite Group, who specializes in fraud, consumer compliance and data security. “Identifying workflow anomalies and case work inaccuracies may also lead to smoother, more productive investigations with better end results. Automated tools such as these introduced by NICE Actimize can help a financial institution address process improvements quickly while reducing operating costs.”
“These innovative solutions remove significant inefficiencies from the investigations process, while solving risk, compliance and QA pain points,” said Chad Hetherington, Vice President & General Manager, Case Management Solutions, NICE Actimize. “When combined with our robust case management solution, these two solutions work to lower the risk profile of the financial institution because analysts are able to take the fastest, most accurate and effective steps for any type of investigation, leading to more positive outcomes and a higher level of consistency across the organization.”
