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87 percent of financial institutions have flawed risk management systems

Tuesday 1 November 2016 14:31 CET | News

A survey conducted by NICE Actimize has revealed that 87% of financial institutions have risk management systems lacking in necessary automation for optimal investigations.

The same percentage of respondents also said that investigators spend a lot of time on manual activities. 56% of the respondents said that analysts spend at least 30% of their time per month on time consuming, ‘human touch’ processes.

The survey called 2016 Financial Crime & Compliance Risk Management also noted that 30% of respondents are currently not applying analytics to financial crime and compliance investigative data.

Other survey findings addressed risk management operational inefficiencies, with more than 40% of the respondents citing the quantity and complexity of in-house systems as their greatest challenge when it comes to completing an investigation.


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Keywords: financial crime, risk management, financial institutions, compliance, survey, NICE Actimize
Categories: Fraud & Financial Crime
Companies:
Countries: World
This article is part of category

Fraud & Financial Crime






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