NICE Actimize Releases Benchmark Monitoring Solution
NICE Actimize, a NICE Systems business, has launched Actimize Benchmark Monitoring, a solution designed to assist in detecting and identifying rate-setting activities, processes, and procedures within a single offering combining communications channel insight and incorporating alert, case management, and reporting.
The solution enables firms to have a better understanding of what is being discussed and traded within its trading floors from a single interface. Additionally, this allows internal compliance divisions to respond rapidly to suspicious rate-rigging issues, thereby increasing chances of lowering potential regulatory risk by speeding resolutions.
The benchmarking solution monitors the rate-setting process simultaneously with an internal communications monitoring process that uses NICE's speech analytics technology. The solution includes analytics modules designed to capture and analyze rate submissions and also detects keywords and phrases that would imply an attempt to influence key interest rates across rate submissions by monitoring voice and messaging channels.
Working with a leading financial institution in Europe, the Middle East and Africa (EMEA), NICE Actimize demonstrated the solution's potential effectiveness by taking an existing benchmark investigation process used at the institution and comparing its results against those obtained by using the Actimize Benchmark Monitoring solution. The Actimize Benchmark Monitoring solution identified the relevant voice recordings in minutes, highlighting the most relevant conversations first.
In this specific trial instance, the Actimize Benchmark Monitoring Solution was able to discover connected conversations in about 30 minutes and complete the necessary evaluation in three days, where before, using other technology and manual methods utilized at the bank, this same process had taken more than four months and 480 man hours to achieve.
"Financial institutions are under focused scrutiny by regulators due to recent rate setting scandals, which has created immediate need for an integrated oversight approach to ensure compliance," said Amir Orad, president and CEO, NICE Actimize, in a statement. "Proactive monitoring of both rate-setting transactions and related communications, coupled with dedicated analytics to detect suspicious trader behaviors, is an important step towards enabling financial services firms to demonstrate integrity and to regain public confidence."