Financial Crime Fighters Provide Peace of Mind and Protection

Overview

Challenges:

• Providing top-notch actionable intelligence for financial institutions to detect fraud
• Alerting executives to potential criminal activities
• Customizing reports to ensure financial institutions remain compliant with regulations

Solution:

NICE Actimize leverages Logi Symphony to help compliance officers and business managers understand patterns to help fine-tune their crime detection efficiencies. Once alerts enter the investigation process, Logi Symphony helps with workload optimization by allowing managers to easily access on-demand statistics for providing oversight.

Benefits:

• Improves criminal detection based on more accurate and thoroughly analyzed data
• Save NICE Actimize hundreds of hours of development time
• Provides simple-to-use reporting and dashboards for customized business intelligence
• Help NICE Actimize customers avoid lengthy training time

Enterprise Fraud Prevention software provider embeds Logi Symphony to instill brilliant, crime-stopping intelligence into financial institutions.

FIGHTING CRIME WITH SOFTWARE

Crime stoppers come in many guises—not all wear a badge. Criminals also hide in plain view—sometimes inside an organization. Financial institutions in particular must be wary of fraudulent activities and report these issues to law enforcement. Fortunately, NICE Actimize is on the lookout and can help protect financial enterprises against potential crimes.

NICE Actimize is a leading global provider of enterprise software solutions for anti-money laundering, enterprise fraud prevention, and regulatory compliance. Eight of the top ten financial services organizations, as well as regulatory and government agencies, use NICE Actimize Enterprise Risk Case Management to fight crime within their banks, brokerages, and insurance firms. In total, the company provides surveillance and compliance monitoring for over US$8 trillion in assets.

The company helps to mitigate risk by providing a unified dashboard that enables customers to assess business exposures, identify irregular events and workflows across the enterprise, and improve insight into customer behaviors.

However, the company’s proprietary solution needs to run continuously in the background to seek out suspicious activity over time and across multiple transactions. Eventually, the tool was unable to keep up with the demands for complex conglomerations of disparate data. The company needed a scalable, integrated reporting and dashboard tool capable of reliably accessing multiple data sources and enabling users to visualize the information easily for faster and better decision-making.

TIMELY, RELEVANT INTELLIGENCE NEEDED FOR SURVEILLANCE

NICE Actimize customers require a heavy-duty, but simple-to-use business intelligence solution that empowers security analysts and business leaders to uncover and address surreptitious threats. Since the company didn’t have an alliance with a business intelligence software provider, it wanted to establish a partnership that could provide an embeddable, Web-based reporting tool that integrates into the company’s existing anti-fraud and regulatory compliance software architecture.

“Our goal has always been to provide the most relevant and timely information to our customers to help them detect and prevent fraudulent and non-compliant activities,” says Ido Ophir, VP of Product Management at NICE Actimize. “To accomplish that, we needed to make it easier for our customers to access, visualize, and analyze that information.”

As cybercrime in the financial sector continued to increase in frequency and complexity, NICE Actimize aimed to strengthen its regulatory compliance capabilities to help banks and financial institutions avoid steep fines and other punitive actions if they failed to submit Suspicious Activity Reports (SARs) regularly. Ophir wanted a solution that could instill actionable business intelligence into their Enterprise Risk Case Manager software.

Although the reporting interface had to be simple and easy to use, the actual visual output needed to present complex concepts and models so financial managers could act quickly to protect their enterprises against threats. To Ophir, in addition to rich visualizations, customized dashboards, and dynamic interactive reports were essential features the company needed to deliver to help customers stay ahead of the threat curve.

SHINING A LIGHT ON CRIMINALS TO SAFEGUARD FINANCIAL SYSTEMS

NICE Actimize looked at several business intelligence and reporting solutions, but chose Logi Symphony because of its seamless integration, intuitive use, and intelligent flexibility. Powered by the Analytics Intelligence Server engine, Enterprise Risk Case Manager leverages Logi Symphony’s advanced visualization capabilities to help identify suspicious activity over time and across multiple transactions, geographies, and business entities.

With Logi Symphony, NICE Actimize customers can easily create an array of canned reports featuring different formats and varying levels of detail about their transactions with virtually no training. The solution’s drag-and-drop interface enables customers to rapidly create interactive, actionable charts with side-by-side comparisons and dynamic filtering for richer data analysis and faster decision-making.

As a Java-based solution, Logi Symphony can embed right into NICE Actimize’s front-end UI for a seamless user experience. More importantly, the solution ties effortlessly into virtually any data source and can mash up information from multiple data sources simultaneously, enabling developers to deliver concise views of disparate fraud mitigation data in a single report or dashboard.

“With Logi Symphony, we’re providing customers immediate access to richer, more valuable statistical information than ever before, right out of the box,” says Ophir. “Customers can view data in dozens of preconfigured reports or build their own with a few clicks of their mouse.”

The combination of powerful features in Enterprise Risk Case Manager and the flexible reporting in Logi Symphony means NICE Actimize customers can instantly produce easy-to-read, interactive reports that help business leaders determine the best course of action for managing business threats and report them promptly to the proper authorities. Now, key decision-makers have greater visibility into various aspects of the organization that may be susceptible to criminal activity. With the right security in place, the resulting analytics can be shared over the Web or viewed on mobile devices to allow team members throughout an organization to proactively address potential fraudulent activity and non-compliant behaviors.

VISIBILITY INTO MONEY LAUNDERING AND OTHER FRAUD

Adopting Logi Symphony as the foundation for its reporting activities has helped NICE Actimize improve the health of its business and strengthen its customers’ abilities to protect their own. The software’s custom report building saves NICE Actimize hundreds of hours in development time by providing self-service tools for end users. As a result, Ophir and his team can allocate those resources to higher-value activities such as building out new features that ultimately enhance the customer experience.

At the same time, NICE Actimize customers are also reaping the benefits of a unified reporting and analysis platform. With Logi Symphony, companies can produce a cohesive visual display of curated and centralized data, providing deeper visibility into all transactions to spot crime and help ensure compliance and operational oversight. The solution offers greater transparency by ensuring events are resolved per a financial institution’s standard policy or that they are escalated promptly, including the creation of an audit trail for future reference and possible remediation steps.

Meanwhile, the intuitive nature and consistent user experience provided by the platform means that NICE Actimize customers can limit the amount of time and money they need to spend on end-user training. Now, more employees across more departments leverage embedded business intelligence to detect and report suspicious activities to the authorities to crack down on unauthorized transactions and avoid steep penalties for non-compliance.