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NICE Actimize: The First Financial Compliance Platform-as-a-Service

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Craig Costigan, CEO, NICE ActimizeCraig Costigan, CEO
Midway through the year, and months after the COVID-19 outbreak, the business ecosystem looks dramatically different from last year. With the social distancing norm, many offices are now operating under strict business continuity plans supported by employees working from their homes. However, there are always a few business operations that are ideally best-executed on-premise. For instance, anti-money laundering (AML) compliance auditing. AML compliance functions, due to strict regulatory guidelines, are done through tightly-controlled on-premise system access. Nevertheless, the ongoing pandemic has now pushed the AML compliance teams of different organisations to work remotely. While most organisations have had varying short-term success at adapting and remaining resilient, the road is to success is not without hurdles. To help such businesses mitigate those challenges with the power of automation, NICE Actimize—one of the renowned names in the financial crime, risk, and compliance solution provider realm—has developed an autonomous financial management platform: X-Sight. It’s designed for organisations, which are ready to embrace all or parts of a modern, machine-driven, cloud-based approach to avert financial crime risk and manage compliance, allowing them to effectively manage costs and scale operations.

Available as the first financial compliance platform-as-a-service, X-Sight offers a new way of financial crime prevention with backend automated provisioning of storage, computation, and analysis of boundless data. The platform creates a world of a cross-domain financial crime risk and compliance management, where key data is seamlessly collected and dynamically linked to an entity to reveal the entire customer lifecycle across accounts and events. Imbued with the power of machine learning, advanced analytics, and automation, the X-Sight platform converts raw data to actionable intelligence. This intelligence can then detect, analyse, and resolve fraud alerts and cases with limited human intervention, enabling financial services organisations to have better command over financial risk controls.


Available as the first financial compliance platform-as-a-service, X-Sight offers a new way of financial crime prevention with backend automated provisioning of storage, computation, and analysis of boundless data


The autonomous financial crime management platform can also create and automate optimised workflows, identify necessary data, and seamlessly connect to crucial end-user touchpoints. X-Sight can be further improved based on the output and oversight of the team. These teams also have the option of integrating third-party elements and services with the platform to add more functionality. As a result, teams shift from repetitive, low-value work, to mission-critical tasks. Thus, the financial analysts can focus on where they are needed most: high value, complex work that requires human judgment. They can make these critical decisions based on data-driven advice and automated processes and models.

Even though the benefits of such a holistic financial crime management solution are self-explanatory, a case in point would be NICE Actimize’s recent partnership with a regional U.S. financial institution. When a recent regulatory audit uncovered inadequate controls in detecting and reporting suspicious activities, alert triage and alert scoring, SAR filing, and ongoing monitoring of higher-risk customers, it was time to find a partner to help quickly turn its AML program around. Faced with intense regulatory scrutiny and a mandate from The Office of the Comptroller of the Currency (OCC), the project team needed the help of an experienced regtech partner. Responding to this call to help, NICE Actimize helped the client address the existing regulatory concerns and rebuild their BSA/AML program from the ground up on a single platform.

Moving ahead, NICE Actimize is poised to craft many such success stories all around the world. For this, the company has now entered into a definitive agreement to acquire Guardian Analytics, a leading AI cloud-based financial crime risk management solution provider. The unique combination of NICE Actimize and Guardian Analytics’ fraud and AML capabilities is expected to empower firms of all sizes to accelerate the adoption of the industry’s most innovative regtech solutions and best protect their assets and customers.

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NICE Actimize

Company
NICE Actimize

Headquarters
Hoboken, NJ

Management
Craig Costigan, CEO

Description
The largest and broadest financial crime, risk, and compliance solutions provider that has developed an autonomous financial crime management platform: X-Sight. Available as the first financial crime compliance platform-as-a-service, X-Sight offers a new way of financial crime prevention and compliance with backend automated provisioning of storage, computation, and analysis of boundless data. The platform creates a world of a cross-domain financial crime risk and compliance management, where key data is seamlessly collected and dynamically linked to an entity to reveal the entire customer lifecycle across accounts and events