NICE Actimize Fraud Solutions Support Recent OCC Guidelines

NICE Actimize’s integrated fraud and AML platform enables FSOs of all sizes and types to address key elements of recent Bulletin guidance
BusinessWireFebruary 28, 20204 min

NICE Actimize, a NICE (Nasdaq: NICE) business and the leader in Autonomous Financial Crime Management, has updated its fraud solutions portfolio including its Fraud Essentials, a cloud-based fraud solution, to align with the fraud risk management best practices recommended by recent guidelines issued by the Office of the Comptroller of Currency (OCC). These guidelines propose requirements consistent with the risk assessment and risk profile of financial institutions and are designed to set an overarching framework for fraud management.

The OCC guidance (OCC Bulletin 2019-37) prescribes a framework strongly aligned with existing AML/BSA compliance and risk management frameworks. The NICE Actimize Fraud Essentials solution, based on an integrated Fraud and AML platform, enables all sizes and types of FSOs to address each of the key requirements recommended in the Bulletin through a single source, integrated solution that may be integrated and launched rapidly through its cloud-based deployment capability.

“While many large financial institutions currently have much of the recommended OCC framework in place today, there are still many mid-sized financial institutions that do not have all the pieces prescribed in the Bulletin as part of their fraud program,” said Craig Costigan, CEO, NICE Actimize. “As a comprehensive integrated, turnkey solution, our offerings bolster fraud management programs for FI’s of all sizes, preparing them to address the OCC guidance.”

NICE Actimize Fraud Essentials leverages NICE Actimize’s market-leading payments fraud prevention, digital banking protection, and case management capabilities to help firms address monitoring, detection, reporting and governance requirements stated in the OCC bulletin. Some of the key features of NICE Actimize’s Fraud Essentials solution providing support to the OCC guidelines include:

  • An integrated platform that supports anti-money laundering operations as well as fraud detection and prevention controls.
  • Fraud risk management preventative controls like real-time transaction analysis and behavioral analytics.
  • Fraud risk management detection controls such as cross channel, line of business and payment type fraud detection models.
  • Fraud risk management measuring and reporting capabilities, including out-of-the-box reports as suggested in the bulletin.
  • Model Governance and auditing applications that fit the size, complexity, organizational structure and risk profile of the organization.

To learn more about the OCC Fraud Risk Management Guidelines, please read our blog post, “The OCC and Fraud Risk: Leveraging AML Frameworks to Manage Fraud.” To review the OCC Bulletin 2019-37 addressing its Fraud Risk Management Guidelines, please click here.


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