October 21, 2013
NICE Actimize, a NICE Systems (NASDAQ:NICE) business and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, announced today the availability of the Actimize Benchmark Monitoring Solution, 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 provides internal compliance divisions the ability to respond rapidly to suspicious rate-rigging issues, thereby increasing chances at lowering potential regulatory risk by speeding resolutions.
With more than a decade of experience in developing compliance solutions, NICE Actimize created its Benchmark Monitoring Solution in response to customer demand and recent incidents affecting the
London Interbank Offered Rate
Singapore Interbank Offered Rate
(SIBOR) reference rates. The solution monitors the rate-setting process simultaneously with an internal communications monitoring process that utilizes NICE's speech analytics technology. The solution includes analytics modules designed to capture and analyze rate submission 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.
"The Libor scandal struck at the integral heart of financial services. Products which deliver clarity and insight to uncover possible manipulation will be welcomed by regulators and market participants alike. With the regulators' renewed focus on personal accountability, now is the time for firms, and those individuals responsible, to take the necessary action," according to
, Senior Analyst,
Working with a leading financial institution in 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.