NICE Introduces Proactive Compliance Suite for Consumer Protection to Help
Mitigate Risk for Financial Institutions
The offering will enable organizations to effectively manage compliance across
the enterprise, prepare for CFPB audits, and meet continuously changing
RA'ANANA, Israel, March 12, 2013
RA'ANANA, Israel, March 12, 2013 /PRNewswire/ --
NICE Systems (NASDAQ: NICE) today announced the launch of its Proactive
Compliance Suite for Consumer Protection, which helps financial institutions
adhere to regulations and effectively respond to audits. The suite offers
investigation and operational capabilities for managing compliance across the
enterprise, including in the contact center, back office, and branch. It also
enables companies to implement processes and policies to address future
regulations in order to normalize compliance within the organization.
As a result of the Dodd-Frank Act and the advent of the Consumer Financial
Protection Bureau (CFPB), financial institutions are under exceptional
scrutiny, and the burden of proving compliance rests with them. From July to
December 2012, failure to comply led to $500 million in penalties for several
of the leading U.S. financial institutions. Notably, all the infractions were
triggered by customer interactions within the contact center.
"There is ever more reason to be proactive in compliance activities. Not only
will compliance be a top initiative throughout 2013, but it will continue to
grow as major regulatory initiatives such as Basel III, FATCA, and Dodd-Frank
take full effect in stages throughout the rest of this decade," said CEB
TowerGroup senior research director Rodney Nelsestuen. "To be sure, regulators
will continue to find errors and assess penalties. But in the long-run, the
normalization of compliance will lead to better compliance risk management and
fewer fines and other regulatory actions."
The NICE solution for contact centers helps organizations ensure compliance
while managing both inbound and outbound interactions across different
channels. The solution covers the full lifecycle of compliance management:
oReduced infractions - Real-time guidance ensures that agents adhere to
scripts. If an infraction is detected, corrective actions are
automatically carried out and documented.
oOngoing monitoring - Speech and desktop analytics allow organizations to
monitor calls for exceptions, such as the use of abusive language, script
deviations, or the likelihood of the call to escalate to a complaint.
Capture assurance reports help verify that 100 percent of interactions are
in fact recorded.
oInvestigation - Integrated case management tools provide a unified view of
customer complaints and detected infractions. Guided workflows enable
efficient investigation and swift resolution.
oRecord-keeping and audits - Cross-channel and desktop recordingenables
organizations to easily locate and export bulk data for discovery,
investigation, and audit purposes.
oReporting - Automated reports present trends in overall risk of infraction
and expose problem areas. Reports can also be generated for compliance
officers when an investigation is underway.
oContinuous improvement- Agents can receive targeted coaching and training
based on identified problem areas or specific infractions.
For example, an agent handling a debt collection call will be instructed to
provide the right disclosures based on customer profile, type of debt, payment
options, and customer feedback throughout the interaction. The call will then
be analyzed for any exceptions, such as the use of prohibited language by the
agent in line with fair debt collection practices, or responses from the
customer that would indicate an escalation to a regulatory complaint or
litigation. If, for instance, the agent deviated from the required script, the
system might recommend a callback to the customer in order to correct this.
NICE's end-to-end Proactive Compliance suite draws upon the company's years of
experience in designing comprehensive, analytics-based contact center
solutions as well as its NICE Actimize expertise in financial crime, risk and
compliance. The result is a set of tools for preventing non-compliant
activities, avoiding customer complaints and penalties, reducing risk,
investigating infractions, managing retention policies, and providing proof of
"Sweeping regulations, together with growth in the amount and complexity of
transactions, have posed a major challenge for financial institutions. With
the burden of proof now on the institutions, they must realign their entire
operations, approach, and infrastructure," said Yochai Rozenblat, President of
the NICE Enterprise Group. "Our solutions not only help companies move closer
toward the normalization of compliance, they also help strengthen customer
loyalty at these institutions as consumers' perception of compliance leads to
greater satisfaction and trust."
NICE Systems (NASDAQ: NICE) is the worldwide leading provider of software
solutions that enable organizations to take the next best action in order to
improve customer experience and business results, ensure compliance,fight
financial crime, and safeguard people and assets. NICE's solutions empower
organizations to capture, analyze, and apply, in real time, insights from both
structured and unstructured Big Data. This data comes from multiple sources,
including phone calls, mobile apps, emails, chat, social media, video, and
transactions. NICE solutions are used by over 25,000 organizations in more
than 150 countries, including over 80 of the Fortune 100 companies.
NICE will be hosting its global customer conference, Interactions 2013, on
April 22-25 in Orlando. The event will bring together over 1,500 customers and
industry leaders to network, share best practices, and learn about exciting
new solutions. http://www.interactions2013.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 NICE Systems' marks, please see:
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 Rozenblat, are based on the
current expectations of the management of NICE-Systems Ltd. (the Company)
only, and 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) 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 anddistributionarrangements. 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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