HOBOKEN, NJ – (BUSINESS WIRE) – Financial services organizations that provide investment advice and sell life insurance, annuities and other wealth products are finding that regulators are stepping up to how closely they monitor the behavior of advisers. To help these businesses reduce the risk of compliance, NICE Actimize, a NICE company (Nasdaq: NICE), today announced the introduction of SURVEIL-X Adequacy for wealth and insurance, a comprehensive AI-powered monitoring and adequacy solution that leverages the capabilities of the industry-leading SURVEIL-X holistic monitoring platform from NICE Actimize.
Already adopted by a number of leading global FSOs, SURVEIL-X Suitability combines communications oversight, sales practices and suitability, and Best Interest Regulatory (Reg BI) oversight into a single platform. built-in cloud native.
A growing body of global regulations and recommendations are pressuring financial services organizations to more closely monitor regulated employees; review their investment recommendations, transactions and accounts for relevance and undue risks; and ensure that mandatory disclosures are properly communicated. Among these regulations are FINRA Regulation 2111 and 3110; Investment Industry Regulatory Organization of Canada (IIROC) Rule 1300; the best interests of SEC regulation; the Ontario Securities Commission (OSC) Client Focused Reforms; advice from the Monetary Authority of Singapore on private banking sales and advisory practices; and the Securities and Futures Commission and Hong Kong Monetary Authority aptitude obligations.
“As the complexity of regulation increases, it places a huge burden on compliance organizations and increases exposure to risk,” said Chris Wooten, Executive Vice President, NICE. “As a leading end-to-end cloud native solution designed to meet these regulatory requirements, SURVEIL-X Suitability covers a wide range of oversight and monitoring challenges and ensures that advisors provide advice and sell insurance and other coherent investment products. with customer suitability profiles. By automating the monitoring and oversight of sales practices, SURVEIL-X Suitability reduces wasted resources and costs, while protecting businesses from regulatory violations, fines and reputational damage. ”
Suitability of SURVEIL-X Extends the benefits of SURVEIL-X Holistic Conduct Surveillance to wealth management, mutual fund, pension and insurance companies through expanding these capabilities:
- New risk detection models that detect convenience and best interest breaches related to life insurance, annuities, account renewals and loans on insurance policies. SURVEIL-X Suitability leverages SURVEIL-X’s advanced anomaly detection, AI-powered analytics, and a robust collection of out-of-the-box risk detection models. New insurance models rely on a client’s financial resources, detect spikes in replacements, surrenders or withdrawals related to specific advisors and accounts, and look for other telltale signs of behavior at risk. risk (for example, when customers take out long-term loans insurance policies to purchase other investment products). SURVEIL-X Suitability also incorporates Reg BI-centric models that monitor appropriate disclosures and recommendations.
- Self-development skills for companies to easily create, test and deploy custom analytical models to meet unique business needs and new regulatory requirements. Businesses can incorporate additional checks and balances into their monitoring programs by adapting models to identify advisers with excessive alerts who should be subject to increased monitoring.
- Automating monitoring and supervising regulated employees, scoring transaction risks (based on client suitability information) and reviewing investment recommendations and disclosures. SURVEIL-X Suitability automatically alerts compliance analysts to risk and enables them to investigate effectively.
- AI-powered disclosure reviews assess and confirm that written and verbal disclosures have been presented to clients. Using natural language processing and advanced communications monitoring capabilities, channels such as email, text, chat, phone calls, and CRM notes can be analyzed and compared to the disclosure text required to bring into play. highlight potential gaps in appropriate communication.
Momentum is also building in the United States at the state level as more localities create regulatory frameworks, such as New York Regulation 187, which requires New York businesses selling policies to life insurance to act in the best interests of their clients. In addition, many states have adopted the National Association of Insurance Commissioners (NAIC) Model Regulation 275 in annuity transactions, which also imposes a “best interest” standard when recommending annuities. This regulatory model requires companies to establish reasonable procedures to detect inappropriate recommendations.
For more information on SURVEIL-X and the SURVEIL-X suitability Click here.
About NICE Actimize
NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked first in this field, the experts at NICE Actimize apply innovative technology to protect institutions and protect consumer and investor assets by identifying financial crime, preventing fraud and ensuring regulatory compliance. The company provides real-time cross-channel fraud prevention, money laundering detection and transaction monitoring solutions that address issues such as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us on www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.
NICE (Nasdaq: NICE) is the world’s leading provider of cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes provide better customer service, ensure compliance, fight fraud and protect citizens. More than 25,000 organizations in more than 150 countries, including more than 85 of the Fortune 100 companies, use NICE solutions. www.nice.com.
Brand Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE ratings, please see: www.nice.com/nice-trademarks.
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements by Mr. Wooten, are based on the current beliefs, expectations and assumptions of management by NICE Ltd. (the society”). In some cases, these forward-looking statements may be identified by words such as “believe”, “expect”, “seek”, “may”, “will”, “intend”, “should”, “plan” “,” Anticipate “,” “Plan”, “estimate” or similar words. Forward-looking statements 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, ‘impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the company’s growth strategy; the success and growth of the Company’s Cloud Software-as-a-Service business; technological changes and market demands; declining demand for the company’s products; the inability to develop and introduce new technologies, products and applications in a timely manner; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the company’s reliance on third-party cloud computing platform providers, hosting facilities and service partners ;, cybersecurity attacks or other security breaches against the company; the effect of any newly enacted or amended laws, regulations or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the United States Securities and Exchange Commission (the “SEC”). 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 SEC, 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 assumes no obligation to update or revise them, except as required by law.