NICE Opens New Practice Dedicated to Dodd-Frank Act and is Working
With Leading Financial Services Firms to Address its Requirements
RA'ANANA, Israel,
Financial institutions can leverage NICE's expertise and solutions to
ensure compliance with key components of the
Reform and Consumer Protection Act relating to transactions and
interactions for trading floors, contact centers, back offices and
branches
NICE (NASDAQ: NICE), announced today that it has established a
practice dedicated to the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank), and is working with a number of leading
financial institutions in
preparation to be compliant with the new recordkeeping and risk
management requirements. The focus of these efforts is on leveraging
NICE's extensive experience and solutions for trading floors, contact
centers, back offices and branches that are relevant to two critical
elements of Dodd-Frank, which are increased transparency in financial
transactions and strengthening consumer protections.
NICE has a dedicated team of experts who assist institutions of all
sizes in understanding and assessing the anticipated requirements of
the act, as well as leveraging NICE's solutions and technologies in
order to be in compliance.
"Financial institutions must already take action to be compliant with
the evolving requirements of Dodd-Frank," said
Marketing Officer at NICE. "In partnership with top U.S. institutions,
we are leveraging our industry domain expertise, and our unique
position of offering a broad range of compliance technologies and
solutions across channels to help shape the approach organizations
will need to take to comply with this act."
Dodd-Frank requirements for financial institutions and trading firms
are complex and technologically demanding, requiring a wide spectrum
of solutions across the enterprise. New levels of self-directed
monitoring and surveillance are necessary for companies to achieve
regulator transparency and trading controls. In addition, institutions
must improve recordkeeping and real-time reporting of all written and
oral communications relating to a transaction, while maintaining them
securely in a manner which is readily retrievable via electronic
access. Contact centers must also follow a new level of financial
transparency and enforcement.
NICE is actively engaged in the design and implementation of solutions
to help these organizations achieve compliance such as the examples
below:
The NICE Actimize Hedge Funds Trading Compliance solution includes a
broad range of analytical models designed to detect illicit or
non-compliant behavior by combining proven, out-of-the-box detection
and investigation capabilities to ensure timely identification of
potential compliance issues, such as insider trading, market
manipulation, securities fraud, and deceptive practices. The solution
includes comprehensive audit, query and reporting tools.
NICE Actimize trading compliance solutions are addressing Dodd-Frank's
new requirements for commodities trading with upcoming versions of its
Energy Trading Compliance solution enabling commodities traders (in
this case, Energy) to monitor and report on their global trade
positions and related trading activity.
The NICE Trading Floor Compliance solution provides customers with the
ability to reconstruct trade communications as they happen, tie them
to SWAP transactions and enable a search through every type of related
interaction including voice, instant messaging and email. The solution
can scan all communications for compliance risks based on predefined
risk categories resulting in automatic alerts to provide compliance
departments with greater insight into all communication which is
relevant to the transaction.
The NICE Contact Center Compliance Enforcement solution provides
capabilities for disclosure enforcement, script adherence, policy
guidance and lending/credit criteria validation. This comprehensive
set of functionalities together with NICE's vast contact center
expertise and key technological offerings, including compliance
recording, real-time automation, decisioning and guidance, and
interaction analytics, enables contact centers to comply with the new
regulations.
About NICE
NICE (NASDAQ: NICE) is the worldwide leader of intent-based solutions
that capture and analyze interactions and transactions, realize
intent, and extract and leverage insights to deliver impact in real
time. Driven by cross-channel and multi-sensor analytics, NICE
solutions enable organizations to improve business performance,
increase operational efficiency, prevent financial crime, ensure
compliance, and enhance safety and security. NICE serves over 25,000
organizations in the enterprise and security sectors, representing a
variety of sizes and industries in more than 150 countries, and
including over 80 of the Fortune 100 companies. http://www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or registered
trademarks of NICE Systems. All other marks are trademarks of their
respective owners. For a full list of
see: http://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 Messer
Einhorn, are based on the current expectations of the management 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) and the resulting uncertainties; 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; pressure on pricing resulting from competition; and
inability to maintain certain marketing and distribution arrangements.
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
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.
Corporate Media Contact
erik.snider@nice.com Investors Marty Cohen, +1-212-574-3635,
ir@nice.com, ET Anat Earon-Heilborn +972-9-775-3798, ir@nice.com, CET
SOURCE
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| Copyright: | (c) 2012 The Associated Press |
| Source: | Associated Press |
| Wordcount: | 1010 |
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