Compliance & Regulation

NICE Actimize Introduces AI-Powered SURVEIL-X Suitability To Reduce Compliance Risk for Wealth Management, Insurance Firms

SURVEIL-X Suitability is powered by new risk detection capabilities which address complex regulatory requirements.

NICE Actimize, a NICE businesstoday announced the introduction of SURVEIL-X Suitability for Wealth and Insurance, a comprehensive AI-powered surveillance and suitability solution that builds on the capabilities of NICE Actimize’s industry-leading SURVEIL-X Holistic Conduct Surveillance platform.

SURVEIL-X Suitability combines communications surveillance, sales practices and suitability, and Regulation Best Interest (Reg BI) surveillance in a single, integrated cloud-native platform.

A 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 and 3110; the Investment Industry Regulatory Organization of Canada (IIROC) Rule 1300; the SEC’s Regulation Best Interest; the Ontario Securities Commission’s (OSC) Client Focused Reforms; the Monetary Authority of Singapore's Private Banking Sales and Advisory Practices guidance; and the Securities and Futures Commission’s and Hong Kong Monetary Authority’s suitability obligations.

“As regulatory complexities grow, it’s placed an enormous burden on compliance organizations and has increased risk exposure,” said Chris Wooten, Executive Vice President, NICE. “As 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.”