NICE Opens New Practice Dedicated to Dodd-Frank Act and is Working With Leading Financial Services Firms to Address its Requirements
Poster: SySAdmin
Posted on April 19, 2012 at 6:07:02 AM
NICE Opens New Practice Dedicated to Dodd-Frank Act and is Working With Leading Financial Services Firms to Address its Requirements
RA'ANANA, Israel, April 19, 2012/PRNewswire-FirstCall/ --
Financial institutions can leverage NICE's expertise and solutions to ensure
compliance with key components of the Dodd-Frank Wall Street 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 the United States as part of their
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 Benny Einhorn, Chief 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
NICE Systems' marks, please 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 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 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 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.
Corporate Media Contact
Erik Snider, +1-877-245-7448, 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: NICE Systems Ltd.
RA'ANANA, Israel, April 19, 2012/PRNewswire-FirstCall/ --
Financial institutions can leverage NICE's expertise and solutions to ensure
compliance with key components of the Dodd-Frank Wall Street 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 the United States as part of their
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 Benny Einhorn, Chief 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
NICE Systems' marks, please 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 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 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 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.
Corporate Media Contact
Erik Snider, +1-877-245-7448, 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: NICE Systems Ltd.