NICE, a provider of cloud and on-premises enterprise software solutions, is set to apply AI to financial crime.
Financial services organisations and their compliance programs are facing the hard realities of meeting regulatory requirements around detecting and reporting anti-money laundering schemes, while managing the cost of compliance.
To tackle this challenge, the company has announced its next generation Suspicious Activity Monitoring (SAM) solution, which combines machine learning analytics for laser-accurate crime detection with robotic process automation. It claims its solution virtually eliminates the manual search for third party data, increasing team productivity, and reducing investigation time for a single alert by up to 70%.
By leveraging NICE Actimize’s experience in advanced analytics and transaction monitoring solutions, SAM is looking to leverage intelligence and automation to reduce human effort and error, meeting regulators’ requirements to detect and report sophisticated crime schemes.
The company recently-announced its Autonomous Financial Crime Management approach which looks to utilise big data, advanced analytics, artificial intelligence and robotic process automation to reduce reputational risk.
Joe Friscia, president, NICE Actimize, said: “NICE Actimize’s Autonomous Financial Crime Management is transforming the anti-money laundering industry’s approach to suspicious activity monitoring by creating a paradigm shift in the way analysts approach their work. With financial services organizations hitting their breaking point, with resources devoted to 80% rote administrative work with only 20% intelligence, it was critical that we dramatically turn that unproductive scenario around.”
Key elements of the new SAM solution also include: expert-infused machine learning, analytics agility, managed analytics and information-sharing, virtual workforce and visual storytelling. The solution’s machine learning models work to enhance detection and reduce false positives, whilst also assuming the rote tasks associated with AML operations, freeing up financial crime experts to focus on the more complicated elements of an investigation.
Headquartered in Dallas, USA, SafePaaS provides risk-based controls management solutions for enterprise organisations, leveraging expertise across cyber security and data privacy. The company provides its services to a range of industries including financial services, consumer goods, education, oil and gas, manufacturing, retail and transportation, among others.
Earlier this month, NICE released an end-to-end, dedicated GDPR compliance solution for contact centers. The GDPR Compliance Center, a solution for meeting the requirements of the European Union’s new General Data Protection Regulation (GDPR) in the contact center, streamlines the implementation of mechanisms for the adequate processing of private data recorded in order to achieve greater transparency.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
