NICE Actimize, a NICE Systems (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, announced today that Chartis has recognized NICE Actimize as the category leader for financial crime risk management technology in its recently released 2014 RiskTech100® rankings. The category encompasses anti-fraud, anti-money laundering and trade surveillance, technology solutions. Chartis provides research and analysis on the global market for risk management technology.
According to Chartis, financial crime has become a growing area of concern for financial institutions, due to a confluence of factors. First, the economic climate has proved more conducive to fraudsters and less conducive to financial institutions writing off fraud as the cost of doing business. Second, increases in mobile and Internet banking have tipped the balance in favor of the fraudsters. Last, regulators have begun to incorporate fraud into risk management measures, particularly operational risk, and require banks to protect their customers.
Among other observations included in the report, Chartis notes that firms need to take advantage of innovative tools for fraud detection and prevention, including link analysis, predictive modeling, artificial intelligence capabilities and enterprise solutions that can leverage cross-channel data.
“As the focus on the diverse elements of financial crime continues to expand, banks are more focused than ever on addressing requirements for financial crime risk management and acquiring innovative solutions to both detect and prevent fraud and manage risk,” said Peyman Mestchian, Managing Partner at Chartis. “Chartis considers NICE Actimize a category leader in providing innovative financial crime risk management solutions.”
"The financial crime landscape evolves continuously, and staying current with the ever-changing nature of anti-money laundering, fraud, and trade surveillance requirements takes focus, commitment, and experience,” said Amir Orad, president and CEO of NICE Actimize. "Once again, the industry recognizes NICE Actimize's ongoing investment and leadership to enabling the financial services industry to stay ahead of the increased threats associated with financial crime and the demands of global regulatory agencies.”