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NICE Actimize unveils capability to uncover employee misconduct

NICE Actimize, the financial crime, risk and compliance provider, has launched SURVEIL-X Conduct, a machine learning risk solution which can detect employee misconduct and market abuse in behavioural anomalies.

The solutions provider, which is part of the NICE business, said the risk capabilities are addressing the risks financial services are facing as FSOs and employees are working from home or remote sites.

The package of advanced machine learning applications is available through the SURVEIL-X Holistic Surveillance suite.

“With instances of misconduct rising, and added concerns around employees working remotely, especially regulated employees, managing conduct risk has never been more challenging or critical,” Chris Wooten, Executive Vice President at NICE, commented.

“Tied to this, senior executives at some FSOs now have broad accountability for their employees’ conduct, due to regulations such as the UK’s Senior Managers and Certification Regime (SM&CR). NICE Actimize’s SURVEIL-X Conduct solution offers an unrivalled range of advanced capabilities to help firms manage conduct risk and enforce cultures of accountability.”

One common roadblock FSOs face in detecting misconduct is the inability to analyse and link data across surveillance and analytics silos, which NICE Actimize’s SURVEIL-X Conduct solution solves through machine learning and behavioural analytics. It analyses link data across NICE Actimize’s solutions, including Communication Recording and Archiving, Employee Conflicts of Interest (ECOI), Deal Management, Trade Surveillance, Communications Surveillance, Suitability Surveillance, and Employee Fraud.

It also interfaces with third-party data and surveillance applications, such as HR systems and physical access logs.

Additional capabilities of SURVEIL-X Conduct include:

  • Risk dashboards: Using SURVEIL-X Conduct’s enterprise-wide dashboards, senior-level analysts and business executives instantly know where the greatest risks lie, whether or not current controls are working, and where more resources need to be allocated.
  • Auto certifications: SURVEIL-X Conduct automates and tracks processes around administering and tracking certifications, for example as required by SM&CR. Alerts are automatically generated when regulated employees and business units fall out of compliance with certification requirements.
  • Whistleblower management: SURVEIL-X Conduct automates the collection and tracking of whistleblower complaints securely, using encryption to protect anonymity.
  • Risk mitigation actions: SURVEIL-X Conduct incorporates best-in-class case management and workflow automation to streamline investigations and ensure potential misconduct is consistently investigated.

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