The most popular and comprehensive Open Source ECM platform
Let us know more
Security: Companies Confused When Too Many Detection Systems Used
Large financial institutions, as you’d expect, put a high priority on how they handle financial crime and risk management. A recent survey by NICE Actimize found that more than half of big financial institutions have more than ten analytic and detection systems and about a third have more than twenty systems in place. The report found that 45 percent of the companies said that they install these systems from a motivation to minimize crimes and fines.
You might think that the more detection systems put in place the less chance there will be for a problem to slip past. But the NICE report actually found that the more systems a company uses, the harder it becomes to be able to get a clear picture of whether there actually is a problem. Businesses actually become less efficient at spotting problems. To that end, 58 percent of financial organizations said that one of their biggest challenges is consolidating the data from the many financial crime and compliance risk systems.
The top three reasons why financial institutions want to consolidate their analytic and detection system include:
- Financial penalties from crimes and fines
- Reputational damage protection
- Transparency and Regulatory scrutiny
