Wealth management firms can automate
investment suitability, streamline householding processes and
reduce investigation time by up to 70 percent
As regulatory bodies around the world step up enforcement of
investment suitability regulations to ensure firms and advisors are
properly managing investor wealth, NICE Actimize, a NICE
(Nasdaq: NICE) business and the leader in Autonomous
Financial Crime Management, has further enhanced its Sales
Practices & Suitability solution with new flexible client
review models and investigative tools. These new models and
investigative tools enable firms to align compliance programs with
changing business models to better serve customer needs, while also
driving down costs by automating investment suitability compliance
processes.
Using the NICE Actimize Sales Practice & Suitability
solution’s new flexible client review capabilities, firms can
easily manage client risk across a household, while meeting
business needs and suitability obligations. Clients benefit from
optimized portfolio performance and better breakpoint discounts;
and firms benefit by being able to align compliance with changing
business models so they can manage risk more effectively and better
serve customer needs.
“While assessing client risk holistically at the household level
is an increasingly popular method for managing wealth, it’s not
without challenges,” said Chris Wooten, Executive Vice
President, NICE. “Today, most compliance operations struggle to
see the complete picture of a client’s holdings because their
legacy technology cannot link, aggregate and analyze accounts at
the household level. Firms also have to rely on analysts to
manually pull and correlate data from different systems, which is
costly, cumbersome, error-prone and risky. Or they resort to
expensive in-house solutions which fall short of the mark. The
newest enhancements to NICE Actimize’s Sales Practices &
Suitability solution address these challenges.”
How does the NICE Actimize Sales Practices & Suitability
solution work? First, financial services organizations determine
the ‘house holding’ structure that best meets their business needs,
and then maps those structures to the client review model. The
solution then automatically finds connected accounts and compiles
accurate investment profiles for households in seconds. Analytics
are run at the household level and alerts are generated when risk
thresholds are breached.
NICE Actimize ActOne Automates
InvestigationsAdditionally, with the native integration of
Sales Practices & Suitability used in combination with NICE
Actimize’s ActOne case management platform, investigation time
can be reduced by up to 70 percent. ActOne applies automation and
intelligence to the compliance investigation process. Robotics
automate repetitive, manual investigative tasks, while
policy-driven workflows guide analysts through each action they
need to take. Analysts can also use ActOne to collaborate with
team-members, escalate cases, upload documents and notes, and share
detailed findings, resulting in significantly streamlined
investigations.
ActOne provides a unified platform and focal point for
compliance personnel to manage a wide range of alerts and cases
related to regulatory compliance issues and financial crimes. For
example, an analyst can automatically correlate sales practices
analytics and related communications to verify that investor
protection guidelines around risk disclosure were met.
“As wealth management firms change their business models to
adapt to new customer demands, compliance is playing catch up,”
added Wooten. “NICE Actimize’s latest enhancements make this
transition easier. Firms can reduce the cost of compliance through
automation, eliminate burdensome manual processes, meet their
obligations to regulators, and better manage client risk on a more
holistic level to encourage lifelong customer relationships, all
while building a robust bullet-proof suitability compliance
program.”
For additional information on NICE Actimize’s Sales Practices
& Suitability solution, please click
here.
For more information on NICE Compliance solutions, you may
also email NICE at compliance@nice.com.
About NICE ActimizeNICE 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 www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.
About NICENICE (Nasdaq:NICE) is the world's leading
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.
Over 25,000 organizations in more than 150 countries, including
over 85 of the Fortune 100 companies, are using NICE
solutions. www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE’s marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking StatementsThis 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 Mr. Wooten, are based on
the current beliefs, expectations and assumptions of the management
of NICE Ltd. (the Company). In some cases, such forward-looking
statements can be identified by terms such as believe, expect, may,
will, intend, project, plan, estimate or similar words.
Forward-looking statements 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) potentially impacting our business and financial
condition; competition; 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; an inability to maintain certain
marketing and distribution arrangements; and the effect of newly
enacted or modified laws, regulation or standards on the Company
and our products. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190220005386/en/
Corporate MediaCindy Morgan-Olson,
201-551-5202, cindy.morgan-olson@niceactimize.com
InvestorsMarty Cohen, +1 551 256 5354, ir@nice.com,
ET
Yisca Erez +972 9 775 3798, ir@nice.com, CET
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