{"id":471363,"date":"2021-04-06T06:33:20","date_gmt":"2021-04-06T10:33:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471363"},"modified":"2021-04-06T06:33:20","modified_gmt":"2021-04-06T10:33:20","slug":"nice-actimize-introduces-ai-powered-surveil-x-suitability-to-reduce-compliance-risk-for-wealth-management-insurance-firms","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nice-actimize-introduces-ai-powered-surveil-x-suitability-to-reduce-compliance-risk-for-wealth-management-insurance-firms\/","title":{"rendered":"NICE Actimize Introduces AI-Powered SURVEIL-X Suitability To Reduce Compliance Risk for Wealth Management, Insurance Firms"},"content":{"rendered":"

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NICE Actimize Introduces AI-Powered SURVEIL-X Suitability To Reduce Compliance Risk for Wealth Management, Insurance Firms<\/b><\/p>\n

Selected by leading global financial services organizations, SURVEIL-X Suitability is powered by new risk detection capabilities which address complex regulatory requirements<\/i><\/p>\n

HOBOKEN, N.J.–(BUSINESS WIRE<\/a>)–
\nFinancial services organizations that provide investment advice, and which sell life insurance, annuities and other wealth products, are finding that regulators are escalating how closely they monitor advisor behavior. To help these firms reduce compliance risk, NICE Actimize, a NICE (Nasdaq: NICE) business, <\/b>today announced the introduction of SURVEIL-X Suitability for Wealth and Insurance<\/a>, a comprehensive AI-powered surveillance and suitability solution that builds on the capabilities of NICE Actimize\u2019s industry-leading SURVEIL-X Holistic Conduct Surveillance platform.\n<\/p>\n

\nAlready adopted by a number of leading global FSOs, SURVEIL-X Suitability combines communications surveillance, sales practices and suitability, and Regulation Best Interest (Reg BI) surveillance in a single, integrated cloud-native platform.\n<\/p>\n

\nA growing body of global regulations and recommendations is exerting pressure on financial services organizations to more closely monitor regulated employees; review their investment recommendations, transactions and accounts for suitability and undue risks; and ensure that mandated disclosures are being properly communicated. Among these regulations are FINRA Rules 2111<\/a> and 3110<\/a>; the Investment Industry Regulatory Organization of Canada<\/a> (IIROC) Rule 1300; the SEC\u2019s Regulation Best Interest; the Ontario Securities Commission\u2019s (OSC) Client Focused Reforms<\/a>; the Monetary Authority of Singapore’s Private Banking Sales and Advisory Practices guidance; and the Securities and Futures Commission\u2019s and Hong Kong Monetary Authority\u2019s<\/a> suitability obligations.\n<\/p>\n

\n\u201cAs regulatory complexities grow, it\u2019s placed an enormous burden on compliance organizations and has increased risk exposure,\u201d said Chris Wooten, Executive Vice President, NICE<\/b>. \u201cAs a premier end-to-end, cloud-native solution designed to address these regulatory requirements, SURVEIL-X Suitability provides coverage for a broad range of supervision and surveillance challenges and ensures advisors are providing advice and selling insurance and other investment products consistent with customer suitability profiles. By automating oversight and supervision of sales practices, SURVEIL-X Suitability cuts down on resource drain and costs, while insulating firms from regulatory breaches, fines and reputational damage.\u201d\n<\/p>\n

SURVEIL-X Suitability<\/a> extends the benefits of SURVEIL-X Holistic Conduct Surveillance to wealth management, mutual fund, pension and insurance firms through the expansion of these capabilities:\n<\/p>\n