NICE Actimize, a NICE business and the industry's largest and broadest provider of a single financial crime, risk, and compliance software platform for the financial services industry has announced the NICE Actimize Investigation Management solution, which improves investigations by automating evidence gathering and discovery processes. The solution leverages automation tools and analytics to empower analysts to focus on reducing an organization’s risk rather than on time-consuming and mundane tasks of each investigation.
“Automation with the intent of empowering investigators has become the leading focus for many institutions as they work to optimize their operations and better meet complex regulatory requirements,” said Joe Friscia, President, NICE Actimize. “Analysts are currently spending too much time on manual and repetitive tasks, leading to unintentional errors along the way, thereby increasing costs and lowering productivity. These new tools also encourage and enable collaboration leading to more efficient investigations and lowered risk.”
NICE Actimize Investigation Management, designed to make investigations faster and more accurate, utilizes simple investigative data acquisition and management processes that free investigators to spend time on higher value tasks. The solution helps automate and improve investigations in three powerful ways. First, the solution automatically acquires, extracts, and stores evidentiary data and new entities, linking them with a click of a button to create actionable entity insights. Additionally, the solution provides guided visual network analysis, showing relations and patterns to help make better informed decisions. Last, the solution fully empowers investigators to collaborate through real time notifications and communications.
According to a recent NICE Actimize survey of global financial services organizations, evidence gathering is the highest-value investigative activity that respondents would like to automate. More than half of the respondents also said their analysts spend over 30% of time on manual processes, searching for evidence in an average of 5 systems for each analyst. The costs associated with this can add up quickly – a team of 10 analysts spending just 10 minutes a day simply toggling into and out of different systems will spend over 2.5 man-months a year on toggling alone.
NICE Actimize also recently introduced its Quality Assurance and Productivity Studio Solutions. When combined with NICE Actimize’s robust case management solution, these three products work to lower costs, reduce risk, and offer a higher level of consistency across the organization.
The survey is part of a joint PwC-NICE Actimize white paper “Manual transition. Transforming financial crime investigations through automation.”