NEW YORK, June 17, 2014 /PRNewswire/ --
NICE Actimize, a NICE Systems (NASDAQ:NICE) business and the
largest and broadest provider of a single financial crime, risk and
compliance software platform for the financial services industry,
has found that only 48 percent of poll participants believe that
the financial institutions they work for have a strong culture of
compliance, with 29 percent expecting change in their firm's
approach to AML compliance this year.
The findings are a strong parallel for a market environment
seeing increasing regulatory enforcement activity, more sanctions,
and larger penalties and fines targeting individual accountability
than ever before. Despite these issues, according to the Anti-Money
Laundering "Culture of Compliance" Poll conducted by the company,
only 22 percent say their compliance culture could use improvement
- an indication that much work remains to be done at financial
institutions in establishing compliance-related priorities.
NICE Actimize, with more than a decade of experience in
providing global compliance and regulatory software solutions to
leading financial institutions, conducted its Anti-Money Laundering
"Culture of Compliance" Poll among 422 compliance professionals
representing more than 300 financial services firms participating
in a recent webinar. Nearly half the poll's respondents came from
large global institutions from among 17 countries, with
the United States, the
United Kingdom and Canada representing the largest share of the
group's respondents.
Aligned to the issues faced in building a strong compliance
culture, approximately 47 percent of the responding financial
institutions rated identifying gaps in their overall
anti-moneylaundering strategy as their most pressing AML concern
for the next 6 to 12 months. Additionally, about 23 percent of the
respondents cited model risk governance and model risk management
requirements as another area for continued attention, followed by
the desire of about 18 percent to avoid regulator-imposed
sanctions. About 12 percent of the survey's respondents cited that
being held personally responsible for non-compliant activities was
something they'd be thinking about over the coming year.
Additional analysis of the poll results indicated that a strong
75 percent expect that significant, or at least some, operational
changes have or will be implemented to improve the quality of data
and information gathering at their organizations - an important
indicator for the balance of the year. Understandably, these
changes reflect financial institutions' positioning that they must
act to respond to regulators in a timely manner to ensure minimal
risk of sanctions and remediation.
"Increasingly, regulators are looking for accountability at both
institutional and compliance officer levels," said Joe Friscia, President of NICE Actimize. "The
current enforcement environment is demanding more of AML risk
management efforts pushing compliance higher on the business
agenda. Integrating processes such as customer risk assessment and
sanctions screening efforts with transaction monitoring delivers a
broader view of AML risk to a firm and enables greater ability to
action against it. We believe that an enterprise-wide approach to
integrating AML functions is key to establishing a thriving culture
of compliance."
Qualified media outlets may obtain the full research results
by
contacting cindy.morgan-olson@niceactimize.com or
by clicking
on http://www.niceactimize.com/cultureofcompliance.
About NICE Actimize
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.
Consistently ranked as number one in the space, NICE Actimize
experts apply innovative technology to protect institutions and
safeguard consumers and investors assets by identifying financial
crime, preventing fraud and providing regulatory compliance. The
company provides real-time, cross-channel fraud prevention,
anti-money laundering detection, and trading surveillance solutions
that address such concerns as payment fraud, cybercrime, sanctions
monitoring, market abuse, customer due diligence and insider
trading. Find us at http://www.nice.com/actimize.
About NICE Systems
NICE Systems (NASDAQ: NICE) is the worldwide leading provider of
software solutions that enable organizations to take the next best
action in order to improve customer experience and business
results, ensure compliance, fight financial crime, and
safeguard people and assets. NICE's solutions empower organizations
to capture, analyze, and apply, in real time, insights from both
structured and unstructured Big Data. This data comes from multiple
sources, including phone calls, mobile apps, emails, chat, social
media, video, and transactions. NICE solutions are used by
over 25,000 organizations in more than 150 countries, including
over 80 of the Fortune 100 companies. http://www.nice.com
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Systems. All other marks are
trademarks of their respective owners. For a full list of NICE
Systems' marks, please see:
http://www.nice.com/nice-trademarks.
Forward-Looking Statements
This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Messer Friscia, are based on the current
expectations of the management of NICE-Systems Ltd. (the Company)
only, and are subject to a number of risks and uncertainties that
could cause the actual results or performance of the Company to
differ materially from those described herein, including but not
limited to the impact of the global economic environment on the
Company's customer base (particularly financial services firms) and
the resulting uncertainties; changes in technology and market
requirements; decline in demand for the Company's products;
inability to timely develop and introduce new technologies,
products and applications; difficulties or delays in absorbing and
integrating acquired operations, products, technologies and
personnel; loss of market share; pressure on pricing resulting from
competition; and inability to maintain certain marketing and
distribution arrangements. For a more detailed description of the
risk factors and uncertainties affecting the company, refer to the
Company's reports filed from time to time with the Securities and
Exchange Commission, including the Company's Annual Report on Form
20-F. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except
as required by law.
Press Contacts:
Cindy Morgan-Olson
NICE Actimize
+1-212-851-8842
cindy.morgan-olson@actimize.com
Investors:
Marty Cohen
+1-212-574-3635 (ET)
ir@nice.com
SOURCE NICE Systems