With more employees working from home or remote sites, financial services organizations (FSOs) are facing new compliance and regulatory challenges. To reduce the growing risks associated with employee misconduct and market abuse in this current environment, NICE Actimize, a NICE business, announced the launch of SURVEIL-X Conduct, a package of advanced machine learning-based applications to be offered through its SURVEIL-X Holistic Surveillance suite which combines both trade and communications surveillance capabilities. SURVEIL-X Conduct helps FSOs assess, manage, and mitigate a broad range of conduct risks across the enterprise, even when employees are working remotely.
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One common roadblock FSOs face in detecting misconduct is the inability to analyze and link data across surveillance and analytics silos. NICE Actimize’s SURVEIL-X Conduct solution solves these problems through machine learning and behavioral analytics which analyze and link data across NICE Actimize’s best-of-breed solutions, including Communication Recording and Archiving, Employee Conflicts of Interest (ECOI), Deal Management, Trade Surveillance, Communications Surveillance, Suitability Surveillance, and Employee Fraud. SURVEIL-X Conduct also interfaces with third-party data and surveillance applications, such as HR systems and physical access logs.
“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,” said Chris Wooten, Executive Vice President, NICE. “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 unrivaled range of advanced capabilities to help firms manage conduct risk and enforce cultures of accountability.”
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NICE Actimize’s SURVEIL-X Conduct solution provides 360-degree visibility into misconduct and where it’s occurring – across teams, departments, and/or divisions within the financial services organization. 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.
NICE Actimize’s SURVEIL-X offers unparalleled risk coverage for buy-side and sell-side firms, insurance companies, crypto exchanges, regulators and more by enabling accurate detection and rapid, thorough investigation of market abuse, inappropriate sales practices, conduct risk and otherwise undetectable compliance risks to insulate firms from fines and reputational damage.
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