NICE Actimize’s use of artificial intelligence and machine learning technology helps firms remain compliant in an ever-changing regulatory landscape
Hoboken, NJ, October 18, 2021 – NICE Actimize, a NICE (Nasdaq: NICE) business, was named “Technology Vendor of the Year” in the 2021 AsiaRisk Technology Rankings. AsiaRisk is part of Risk.net, a leading financial risk management news and content provider, a sponsor of these awards, and a publication of the InfoPro Digital Group which also includes market-leading media and analyst brands WatersTechnology and Chartis Research.
This year’s “Technology Vendor of the Year” award acknowledged NICE Actimize’s leadership in both Holistic Trade Surveillance and Anti-Money Laundering (AML) capabilities noting its specific strengths and innovation in artificial intelligence and machine learning. NICE Actimize solutions, whether it is holistic surveillance or anti-money laundering, are built on a common open and extendible platform that provides functionality, stability, and robustness across the NICE Actimize portfolio.
Blake Evans-Pritchard, Bureau Chief Asia, Risk.net, stated, “NICE Actimize continues to innovate and integrate emerging technologies, such as artificial intelligence and machine learning, to better its solutions and provide financial firms with a holistic conduct surveillance and anti-money laundering offering. The judges were impressed with its use of technology to help firms remain compliant in an ever-changing regulatory landscape and strengthen firms’ effectiveness in fighting financial crime.”
A key driver of NICE Actimize’s platform is enabling the use of advanced analytics, machine learning and AI wherever they can be leveraged. NICE Actimize’s philosophy for ownership and development of advanced AI is to meet the financial institution customer at whatever stage they are in for their analytics and AI journey. NICE Actimize’s systems allow customers to either plug in their own AI models, an approach that fits with its more advanced customers, as well as use NICE Actimize or other vendors in an ad-hoc fashion to consume externally developed AI.
“With powerful AI and machine learning capabilities, our financial crime solutions portfolio in both AML and surveillance identifies and quantifies risks and helps our clients meet compliance requirements quickly,” said Craig Costigan, CEO, NICE Actimize. “We thank the AsiaRisk judging team for honoring our innovation and commitment to risk management.”
NICE Actimize’s combination of expert rules required for regulatory compliance and machine learning analytics complement its domain expertise. The combination of both lower false positives and improved predictability in anti-money laundering using AI technologies dramatically improves the efficiency of AML teams, making NICE Actimize highly sought as a solution provider.
NICE Actimize’s SURVEIL-X Holistic Surveillance solution eliminates siloed decision-making by leveraging AI-powered predictive algorithms to analyze data across a wide range of behavioral, trading and communication risk factors to identify unusual behavior. By analyzing all of these factors together and using supervised and unsupervised machine learning to co-relate these early warning signals to past known rogue trading cases, SURVEIL-X Holistic Surveillance is able to accurately assess each regulated employee’s risk and assign an associated risk score.
This year’s awards competition addressing innovation and product excellence weighed a number of factors including risk management and compliance capabilities, innovation, quality of service, and engagement with regulatory issues.
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