NICE Actimize Introduces Innovative Reg BI Surveillance Solution to Help Organizations Comply with SEC’s New Regulation Bes...
August 12 2019 - 7:00AM
Business Wire
Reg BI Surveillance leverages NICE Actimize's
sales practices and suitability, communications surveillance and
case management capabilities to provide one solution to automate
key Reg BI compliance processes
In a watershed moment, the U.S. Securities and Exchanges
Commission voted on June 5, 2019, to pass Regulation Best Interest
(Reg BI). The regulation, which is scheduled to take full effect on
June 30, 2020, goes beyond existing suitability regulations to
raise the standard of conduct for U.S. broker-dealers, imposing new
requirements to ensure firms are transparent and act in their
clients’ best interest. To address this, NICE Actimize, a NICE
(Nasdaq: NICE) business and the leader in autonomous financial
crime management, has introduced Reg BI Surveillance, a
comprehensive solution designed to help broker-dealers manage their
Reg BI compliance obligations.
A multi-faceted regulation, Reg BI imposes a number of
obligations on broker-dealers, including requirements to: provide
timely disclosures to retail clients; exercise diligence (care) in
making investment recommendations in line with each client’s best
interest; and to maintain and enforce compliance procedures. NICE
Actimize’s Reg BI Surveillance helps firms address each of these
key obligations through a single solution.
Chris Wooten, Executive Vice President, NICE, stated,
“Reg BI is the most significant change to suitability regulations
in the United States in the past twenty years. Now, firms must
monitor all broker-dealer recommendations through the lens of this
new regulation. This places an enormous compliance burden on firms
that would be difficult to overcome with today’s disjointed
technologies and manual processes. As a comprehensive, integrated,
turnkey solution, NICE Actimize’s Reg BI Surveillance is an
all-in-one solution that automates compliance processes so they’re
easier to manage, enabling firms to meet various obligations under
Reg BI.”
Greg O’Gara, Senior Research Analyst, Aite Group noted,
“The NICE Actimize solution uses a unique combination of trade
and communication controls with their proprietary natural language
algorithms to ensure brokers remain compliant with Regulation Best
Interest. This is a highly targeted digital platform that will
address the significant challenges presented by this new
regulation.”
Sales Practices, Surveillance Solutions Leveraged Unique
to the market and offered as an on-premise or cloud-based solution,
Reg BI Surveillance leverages NICE Actimize’s market-leading sales
practices and suitability, communications surveillance and case
management capabilities to help firms address their disclosure,
care and compliance obligations under Reg BI through a single
solution.
- Disclosure Obligation: Using Intelligent Analytics
powered by machine learning and Natural Language Processing (NLP),
Reg BI Surveillance monitors and reviews all broker-dealer
communications (e-mail, voice and attachments), automatically
identifies communications containing recommendations, and then
analyzes prior communications to determine if proper disclosures
were made and presented in compliance with the regulation. Risky
communications are automatically flagged, scored and prioritized
for review. With the click of a button, analysts can see disclosure
compliance scores and also review every communication leading up to
a recommendation or trade.
- Care Obligation: Reg BI Surveillance leverages powerful
out-of-the-box analytics that can detect prohibited sales
practices, and analyze transaction risks, rewards and costs to
determine if the broker-dealer is acting in the client’s best
interest. Complete communications and transaction data are
automatically correlated and instantly available for each alert.
Reg BI Surveillance even features a ‘Best Product Alternative’
analytics model which highlights more suitable products the
broker-dealer could have recommended based on the client’s
profile.
- Compliance Obligation: Using Reg BI’s case management
capability, firms can create standardized workflows to manage Reg
BI compliance enterprise-wide (complete with audit trails) and have
one place for managing alerts and investigations. By automating
compliance processes around Reg BI, NICE Actimize’s Reg BI
Surveillance solution provides a foundation for standardizing
procedures and ensuring they are followed.
To learn more about Reg BI and Reg BI surveillance:
- Visit the NICE Actimize Reg BI web page here.
- Download NICE Actimize’s ‘Highlights of Reg BI’ whitepaper
here.
- Download NICE Actimize’s Reg BI Surveillance solution brochure
here.
- Watch NICE Actimize’s Reg BI Surveillance on-demand webinar
here.
- Email NICE Actimize at compliance@niceactimize.com.
About NICE Actimize NICE Actimize is the largest and
broadest provider of financial crime, risk and compliance solutions
for regional and global financial institutions, as well as
government regulators. Consistently ranked as number one in the
space, NICE Actimize experts apply innovative technology to protect
institutions and safeguard consumers and investors assets by
identifying financial crime, preventing fraud and providing
regulatory compliance. The company provides real-time,
cross-channel fraud prevention, anti-money laundering detection,
and trading surveillance solutions that address such concerns as
payment fraud, cybercrime, sanctions monitoring, market abuse,
customer due diligence and insider trading. Find us at
www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.
About NICE NICE (Nasdaq:NICE) is the world's leading
provider of both cloud and on-premises enterprise software
solutions that empower organizations to make smarter decisions
based on advanced analytics of structured and unstructured data.
NICE helps organizations of all sizes deliver better customer
service, ensure compliance, combat fraud and safeguard citizens.
Over 25,000 organizations in more than 150 countries, including
over 85 of the Fortune 100 companies, are using NICE solutions.
www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE’s marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking Statements This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Wooten, are based on
the current beliefs, expectations and assumptions of the management
of NICE Ltd. (the Company). In some cases, such forward-looking
statements can be identified by terms such as believe, expect, may,
will, intend, project, plan, estimate or similar words.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause the actual results or performance of
the Company to differ materially from those described herein,
including but not limited to the impact of the global economic
environment on the Company’s customer base (particularly financial
services firms) potentially impacting our business and financial
condition; competition; changes in technology and market
requirements; decline in demand for the Company's products;
inability to timely develop and introduce new technologies,
products and applications; difficulties or delays in absorbing and
integrating acquired operations, products, technologies and
personnel; loss of market share; an inability to maintain certain
marketing and distribution arrangements; and the effect of newly
enacted or modified laws, regulation or standards on the Company
and our products. For a more detailed description of the risk
factors and uncertainties affecting the company, refer to the
Company's reports filed from time to time with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
20-F. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190812005173/en/
Corporate Media Cindy Morgan-Olson, 201-551-5202,
cindy.morgan-olson@niceactimize.com Investors Marty Cohen,
+1 551 256 5354, ET, ir@nice.com Yisca Erez +972 9 775 3798, CET,
ir@nice.com
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