NICE Systems has 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.
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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.
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āThere 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,ā said CEB TowerGroup Senior Research Director Rodney Nelsestuen. āTo 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.ā
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NICEās end-to-end Proactive Compliance suite draws upon the companyās 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 compliance.
