Nice Systems announced this month that it's launching its Proactive Compliance Suite for Consumer Protection software. The technology helps banks quickly respond to audits and adhere to federal and state regulations.
The Israeli tech vendor said the system was created in response to the passage of the Dodd-Frank Act, as well as the creation of the Consumer Financial Protection Bureau.
Nice quotes figures that say failure to comply with newly created rules have cost financial services companies roughly $500 million in penalties from July to December 2012.
"Sweeping regulations, together with growth in the amount and complexity of transactions, have posed a major challenge for financial institutions. With the burden of proof now on the institutions, they must realign their entire operations, approach, and infrastructure," said Yochai Rozenblat, NICE's president of its enterprise group, in a press release. "Our solutions not only help companies move closer toward the normalization of compliance, they also help strengthen customer loyalty at these institutions as consumers' perception of compliance leads to greater satisfaction and trust."
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