NICE Actimize updates its risk management capabilities; supports OCC guidelines

One reason for this decision is to align with the fraud risk management best practices recommended by recent guidelines issued by the Office of the Comptroller of Currency (OCC). As per StreetInsider, the 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 prescribes a framework aligned with the existing AML/BSA compliance and risk management frameworks.

• An integrated platform that supports AML operations, as well as fraud detection and prevention controls;
• Fraud risk management preventative controls like real-time transaction analysis and behavioural analytics;
• Fraud risk management detection controls including cross channel, line of business, and payment type fraud detection models;
• Fraud risk management measuring and reporting capabilities, including out-of-the-box reports;
• Model Governance and auditing applications that fit the size, complexity, organisational structure, and risk profile of the organisation.