Financial services organizations are facing growing regulatory pressures, market volatility, hybrid work environments and adoption of new communication channels, all potentially leading to employee misconduct. To address these intersecting trends, NICE Actimize announced that it has enhanced its SURVEIL-X Holistic Conduct and Trade Surveillance solution with improved surveillance and risk detection capabilities, an updated cloud architecture that produces five times greater cloud scalability, and more powerful AI and Natural Language Processing (NLP) applications.
The renewed SURVEIL-X also features bolstered coverage for buy-side and insurance sectors, new self-development capabilities and support for Microsoft Teams.
Featuring a further advanced Artificial Intelligence (AI) application, SURVEIL-X Conduct Surveillance now applies supervised machine learning to train models on historical data in order to accurately classify and prioritize alerts, and reduce false positives. Enhanced Natural Language Processing (NLP) techniques also enable faster, automated correlation of communications and market surveillance data for speedy trade reconstruction.
Chris Wooten, Executive Vice President, NICE, stated, “As the industry’s first AI-powered, cloud-native, true holistic conduct surveillance solution, SURVEIL-X is already helping financial services firms around the globe support compliance with global regulations and reduce the risk of fines and reputational damage. With our latest SURVEIL-X enhancements, we’re raising the bar even higher, by providing greater scalability, agility, and detection coverage, combined with new AI applications to reduce false positives, and the ability to monitor Microsoft Teams communications.”
Targeting buy-side and insurance markets
NICE Actimize’s SURVEIL-X Conduct Surveillance also specifically targets two market segments with its solutions updates, the buy-side and insurance sectors. In terms of buy-side support improvements, newly added and significantly enhanced market surveillance models provide detection coverage for many types of risky behaviors, including Suspicious Volumes (Equities), Excessive Bid-Offer (EBO) scenarios, Front Running, Large Order Entry, FRO Block Orders, and more.
For the insurance segment, SURVEIL-X now offers greater compliance support for firms that sell life insurance, annuities and other wealth products with 16 new insurance analytical models designed to detect advisor misconduct, as well as a new Financial Representative Alerts Insight dashboard.
The next-generation updates to SURVEIL-X also provide support for Microsoft Teams which has experienced growing adoption by financial services firms in light of remote and hybrid work environments and builds on NICE’s NTR-X, the first Teams recording solution certified by Microsoft. Using SURVEIL-X, firms can monitor all types of Teams interactions, including voice, video, screen sharing and chat.
The enhancements to SURVEIL-X also include new self-service analytics that enable access to more market data, agile customization and faster deployment of analytics, as well as self-service reporting. These advancements will allow financial services organizations to be more self-sufficient and ready to adapt to changing regulatory and business requirements.