Actimize, a NICE Company, Unveils Surveillance Solution for Rogue Trading Detection, Providing Enhanced Risk Management Capabilities
Combined Technology and Expertise in Trading Surveillance and Employee Fraud Detection to Address Unauthorized Trading Risks for Financial Institutions
NEW YORK – May 2008 – Actimize, a leading provider of transactional risk management software for the financial services industry and a NICE Systems (NASDAQ:NICE) company, today announced its Employee Trading Fraud solution for uncovering rogue trading in securities firms. The new solution combines trading surveillance and employee fraud detection and is built on Actimize’s proven technology and domain expertise in the institutional and proprietary trading market.
Based on a core analytics and profiling engine and a set of flexible enterprise case management and investigation applications, the Actimize Employee Trading Fraud solution is designed to identify trader behavior and activities that could be related to fraud or unauthorized activities.
“In response to regulatory pressure and rogue trading events in early 2008, large firms around the world are reviewing their systems and risk management processes,” said Axel Pierron, senior vice president at Celent. “Solutions, such as Actimize’s, that provide a centralized view of trading activities supervision as well as employee surveillance are clearly matching the current needs for ‘rogue trading’ prevention solutions in the financial industry.”
The new solution, which was designed for implementation in two phases - the first providing immediate surveillance within two-to-three months and the second providing additional data sources and integration points - analyzes data from various risk management, operations, human resources, compliance, trading, audit and control, IT security and other systems, detecting suspicious patterns and other key indicators. The solution integrates information from across the enterprise within an intuitive investigation and case management environment that ‘connects the dots’ and calculates the risk that a particular trader or set of trades exposes to the firm.
“Over the last five years, Actimize has deployed employee fraud detection and trading surveillance systems at large global firms,” says David Sosna, CEO of Actimize. “Because of our extensive experience in these two areas, and following recent rogue trading market events, we are being approached by industry leading firms for guidance. The Actimize Employee Trading Fraud solution is the culmination of our experience in this space and the collaborative process with leading compliance and operational risk managers worldwide.”
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This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations of the management of NICE Systems Ltd. (the Company) only, and are subject to a number of risk factors and uncertainties, including but not limited to 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, which could cause the actual results or performance of the Company to differ materially from those described therein. We undertake no obligation to update these forward-looking statements. 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.
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