{"id":5948,"date":"2015-12-30T07:00:09","date_gmt":"2015-12-30T15:00:09","guid":{"rendered":"http:\/\/formtek.com\/blog\/?p=5948"},"modified":"2015-11-14T20:25:33","modified_gmt":"2015-11-15T04:25:33","slug":"security-companies-confused-when-too-many-detection-systems-used","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/security-companies-confused-when-too-many-detection-systems-used\/","title":{"rendered":"Security: Companies Confused When Too Many Detection Systems Used"},"content":{"rendered":"

Large\u00a0financial institutions,\u00a0as you’d expect, put\u00a0a high priority on how they\u00a0handle\u00a0financial crime and risk management. \u00a0A recent survey by\u00a0NICE Actimize<\/a> found that more than half of\u00a0big financial institutions have\u00a0more than ten analytic and detection systems and about a\u00a0third have more than twenty systems in place. \u00a0The report found that 45 percent of the companies said that they install these systems from a motivation to minimize crimes and fines.<\/p>\n

You might think that the more detection systems put in place the less chance there will be for a\u00a0problem to\u00a0slip past. \u00a0But the NICE report actually found <\/a>that the more systems a company\u00a0uses, the harder it becomes to be able to get a clear picture of whether there actually is a\u00a0problem. \u00a0Businesses actually become less efficient at spotting problems. \u00a0To that end,\u00a058 percent of financial organizations said that one of their biggest challenges\u00a0is consolidating the data from the many financial crime and compliance risk systems.<\/p>\n

The top three reasons why financial institutions want to consolidate their analytic and detection system include:<\/p>\n