NICE Actimize powers compliance investigations

NICE Actimize, a NICE (Nasdaq: NICE) business and the provider of autonomous financial crime management, has expanded ActimizeWatch, its secure cloud-based managed analytics service, to its Financial Markets Compliance solutions to help Financial Services Organizations (FSOs) improve agility, detection accuracy, efficiency, and overall compliance program effectiveness, the company said.

Leveraging X-Sight, the cloud-based Financial Crime Risk Management Platform-as-a-Service, ActimizeWatch offers compliance teams scalable analytics automation and a two-prong approach that includes Model Optimization and Development Services and Anomaly Detection. This approach helps FSOs continuously fine-tune their detection capabilities and uncover unknown risks in an ever-changing landscape of threats.

Both services offer the ability to anonymously pool and leverage lessons learned across the collective intelligence of NICE Actimize customers, so FSOs can see larger threats at play in the marketplace and take steps to proactively avoid them.

The ActimizeWatch Model Optimization Services and Anomaly Detection functions are both offered as overlays to NICE Actimize´s market-leading Communications Surveillance, Markets Surveillance, and Sales Practices & Suitability solutions, so FSOs can better identify interconnected risks across all surveillance modalities.

NICE Actimize´s ActimizeWatch for Compliance places the responsibility of analytics optimization in the hands of Actimize experts, providing a hands-off experience for firms. This assures FSOs have access to the most up-to-date and accurate detection models, without the added work. Model optimizations that previously took months or years to develop in-house can now be implemented in days or weeks. Optimized models enable FSOs to improve detection of market abuse and significantly reduce false positives, saving analysts time.

Today´s prescriptive models can be effective for detecting known risks, but in financial services risk is a moving target. ActimizeWatch for Compliance´s Anomaly Detection takes machine learning to the next level, enabling suspicious behaviors to bubble to the surface, so FSOs always stay a step ahead of risk. It does this by using unsupervised machine learning models to detect anomalies in monitored employee transactions and communications. These anomalies are then presented in dashboards to compliance analysts for further investigation. Confirmed risks are fed back into the detection models for further refinement, enhancement and retraining.

NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators.

NICE is the world´s provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens.