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Learn How to Meet CFPB Requirements with the NICE Proactive Compliance Suite

February 13, 2013

A dynamic and increasingly rigorous regulatory environment, ongoing evolution of financial crime threats and tactics, and increasing budgetary pressures are just some of the challenges facing financial institutions around the world. As a result, fraud prevention, anti-money laundering (AML) and compliance officers need risk management solutions that help them keep pace with the changing threat landscape and adapt to evolving business and regulatory requirements.

NICE Systems (News - Alert), a provider of workforce optimization, interactions management, financial crime and compliance and security solutions, offers the financial services industry comprehensive enterprise-wide analytics, tools and expertise for cross-channel fraud prevention, anti-money laundering and brokerage compliance. The company will share its expertise on how to meet Consumer Financial Protection Bureau (CFPB) requirements at an executive breakfast at the Mondrian SoHo in New York City on Feb.19, 2013.

The CFPB aims to make markets for consumer financial products and services work for Americans, helping to educate, enforce and study information for consumers, financial services providers and consumer financial markets. At the event, company experts and industry guest speakers will discuss best practices for adhering to regulations recently enforced by the CFPB, as well as audit-readiness. The CFPB recently mandated the implementation of an effective compliance management system to ensure that compliance violations don’t recur and must enable the financial organization to collect data and keep historical records, retrieve historical calls and provide reports of corrective actions taken.

NICE will present its solution for contact centers, which belongs to the NICE Proactive Compliance Suite for Consumer Protection. The suite is based on years of experience in designing analytics-based contact center solutions as well as NICE Actimize, a financial crime, risk and compliance software platform, expertise in financial crime, risk and compliance. Last year, NICE Actimize was recognized as a top solutions provider of AML and anti-fraud software, which can be easily integrated into a larger enterprise financial crime and compliance framework. Both solutions share a common technology platform, which offers IT cost benefits, operational efficiencies and performance benefits when compared to integrating disparate systems.

NICE’s capabilities include agent guidance and script adherence, record keeping, exception identification, corrective action guidance, customer dispute management, suitability assessment, case management and analytics-based insights into customer interactions.

“The first focus point for CFPB enforcement is contact center operations, and financial institutions must make it a priority to normalize compliance in this area,” said Barak Eilam (News - Alert), president of NICE Americas, in a statement. “With the right compliance management system in place, these institutions will be well equipped to meet today’s regulations and to build the foundation for future compliance as well.”

To register for the event, click here.

Edited by Jamie Epstein
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