Actimize ships anti-rogue trading system
07 May 2008 | 1971 views | 0
Actimize, a leading provider of transactional risk management software for the financial services industry and a NICE Systems (NASDAQ:NICE) company, today announced its Employee Trading Fraud solution for uncovering rogue trading in securities firms.
The new solution combines trading surveillance and employee fraud detection and is built on Actimize's proven technology and domain expertise in the institutional and proprietary trading market.
Based on a core analytics and profiling engine and a set of flexible enterprise case management and investigation applications, the Actimize Employee Trading Fraud solution is designed to identify trader behavior and activities that could be related to fraud or unauthorized activities.
"In response to regulatory pressure and rogue trading events in early 2008, large firms around the world are reviewing their systems and risk management processes," said Axel Pierron, senior vice president at Celent. "Solutions, such as Actimize's, that provide a centralized view of trading activities supervision as well as employee surveillance are clearly matching the current needs for 'rogue trading' prevention solutions in the financial industry."
The new solution, which was designed for implementation in two phasesthe first providing immediate surveillance within two-to-three months and the second providing additional data sources and integration pointsanalyzes data from various risk management, operations, human resources, compliance, trading, audit and control, IT security and other systems, detecting suspicious patterns and other key indicators. The solution integrates information from across the enterprise within an intuitive investigation and case management environment that 'connects the dots' and calculates the risk that a particular trader or set of trades exposes to the firm.
"Over the last five years, Actimize has deployed employee fraud detection and trading surveillance systems at large global firms," says David Sosna, CEO of Actimize. "Because of our extensive experience in these two areas, and following recent rogue trading market events, we are being approached by industry leading firms for guidance. The Actimize Employee Trading Fraud sollution is the culmination of our experience in this space and the collaborative process with leading compliance and operational risk managers worldwide."