NICE Actimize, a NICE Systems business and the largest and broadest provider of financial crime, risk and compliance software for the financial services industry, announces the launch of its new Actimize Notifications & Attestations compliance and policy management solution. The solution allows compliance professionals to monitor regulatory compliance, to gain better oversight of compliance teams, and to enhance the quality and resolution time of investigations.
NICE Actimize's Notifications & Attestations Solution manages a critical communications problem that compliance officers often face with regulators. Driven by a perceived lack of oversight within compliance teams, regulators around the world are focused on ensuring that compliance professionals are up-to-date on every regulation, internal policy and procedure. Many organizations are unprepared for this close scrutiny and lack a transparent and automated approach for notifying teams beyond keeping email, spreadsheets or paper files.
In order to help compliance officers protect themselves and their organizations from possible fines, compliance lapses and reputational risks, the NICE Actimize solution's robust feature set allows compliance managers to assemble new policies and operational updates, and to compile new or amended regulations. In addition, the solution works to distribute these updates to specific teams to ensure they will be reviewed. The solution also captures attestations, as well as tracks, monitors, and reports on status.
"Keeping the organization up to date on current and developing regulations is one of the top three, most time-consuming tasks for compliance officers," said Danielle Tierney, senior analyst at Aite Group LLC, author of an upcoming report on operational challenges for compliance officers and trade surveillance specialists.
"The headlines are clear - personal and organizational accountability within compliance departments is here to stay," said Chad Hetherington, Global Vice President & General Manager, Case Management, NICE Actimize. "In the United States, FinCEN is levying personal fines against non-compliant individuals, and in the UK, the Financial Conduct Authority (FCA) is increasingly asking for attestations from compliance and risk officers. We see this pattern around the world, and we think this solution will bring new tools that compliance officers can leverage to protect themselves, their departments, and their organizations in this environment."
NICE Actimize's Enterprise Risk Management solutions also include its Enterprise Risk Case Manager, which enhances operational efficiencies by automating and streamlining processes and facilitating a unified view of risk across lines of business, channels, products and customers.