The offering will enable organizations to effectively manage compliance
across the enterprise, prepare for CFPB audits, and meet continuously
changing regulatory requirements
RAANANA, ISRAEL, March 12, 2013 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:
Reduced infractions Real-time guidance ensures that agents adhere to
scripts. If an infraction is detected, corrective actions are automatically
carried out and documented.
Ongoing 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.
Investigation Integrated case management tools provide a unified view of
customer complaints and detected infractions. Guided workflows enable
efficient investigation and swift resolution.
Record-keeping and audits Cross-channel and desktop recording enables
organizations to easily locate and export bulk data for discovery,
investigation, and audit purposes.
Reporting 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.
Continuous 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.
NICEs end-to-end Proactive Compliance suite draws upon the companys 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.
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.
About NICE Systems
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. NICEs 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. www.nice.com.
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:
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 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 Companys 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 Companys 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.
