In an effort to reduce what it terms “the growing risks associated with employee misconduct and market abuse in this current environment”, Nice Actimize has announced the launch of Surveil-X Conduct, a package of machine learning-based applications which the firm says helps financial services organisations assess, manage and mitigate a broad range of conduct risks across the enterprise, even when employees are working remotely.
Nice says one common roadblock these firms face in detecting misconduct is the inability to analyse and link data across surveillance and analytics silos, adding the new solution solves these problems through machine learning and behavioural analytics which analyse and link data across the firm’s solutions, including communication recording and archiving, employee conflicts of interest, deal management, trade surveillance, communications surveillance, suitability surveillance, and employee fraud. Surveil-X Conduct also interfaces with third-party data and surveillance applications, such as HR systems and physical access logs, the firm adds.
“With instances of misconduct rising, and added concerns around employees working remotely, especially regulated employees, managing conduct risk has never been more challenging or critical,” says Chris Wooten, executive vice president, Nice. “Tied to this, senior executives at some [organisations] now have broad accountability for their employees’ conduct, due to regulations such as the UK’s Senior Managers and Certification Regime (SM&CR). Nice Actimize’s Surveil-X Conduct solution offers an unrivalled range of advanced capabilities to help firms manage conduct risk and enforce cultures of accountability.”