Norkom Technologies launches, today, a new Enterprise Investigation Management solution (EIM) to complement its existing market leading suite of financial crime and compliance software solutions.
Norkom's new EIM solution eradicates barriers to the fight against financial crime and enables early mobilization of institutions' defenses. The solution breaks new ground by bringing together suspicious activity alerts from multiple detection systems spanning all channels, products, business lines and regions within an operation. It rigorously interrogates the consolidated information to identify the otherwise invisible relationships and connections which are the indicators of a large scale organized criminal attack. The solution provides instantaneous intelligence to all layers of the business on critical Financial Investigation Unit (FIU) indicators and metrics, putting the organization in control of events and driving swifter responses across the operation; proactively defending the business. In addition Norkom's EIM solution also improves investigatory productivity and performance by embedding best practice processes and automating tasks to maximize human resource utilization.
An early adopter of this approach, HSBC was one of the first of Norkom's clients to articulate that a series of unconnected in-country financial crime investigation systems was not an effective response to an organized cross-border financial crime attack.
Norkom's EIM solution overcomes this challenge by consolidating and interrogating alerts from all of an organization's detection systems. Recent research shows that 75% of organizations recognize they must consolidate their investigation of financial crime on an enterprise wide basis in order to improve investigation performance , yet are hampered in their efforts to do so by divergent detection systems across their organization that lack the ability to communicate or share information.
Paul Kerley, CEO of Norkom explains: "Organizations anxious to combat crime and comply with regulations have invested heavily in technology, but without a central governing strategy. Buying different, often specialist solutions to manage their risk across different product sets, channels and territories they have become weakened by a proliferation of technologies that cannot share information. This is a weakness today's sophisticated criminal rings actively exploit, safe in the knowledge that simultaneous or repeated attacks in different business areas are unlikely to be uncovered. Recognizing that companies can ill afford to cast these technologies - and the investments they represent - aside, Norkom has designed a solution that binds them together, allowing consistent and rigorous enterprise detection and investigations across even the largest and most decentralized organizations."
Norkom's EIM solution improves the efficiency as well as the effectiveness of financial crime investigation. Investigation processes are configured by type of investigation and can be tailored to meet the differing language and regulatory demands of local markets. Its best practice workflows have been developed through Norkom's experience of more than 100 financial crime and compliance solution deployments across the globe. By automating repetitive administrative tasks and automatically consolidating all information needed to support an investigation directly to the investigator's desktop it maximizes the utilization of expensive human resources within investigation departments.
Reducing the cost burden associated with the detection and investigation of financial crime is imperative for financial institutions. Industry analysts, the Tower Group, estimate that the global financial services industry will spend around US$370 billion on compliance alone in 2007, 84% of which will be spent on administration. It also indicates that the application of smart technology could reduce these costs by around 15% - US$50 billion per annum.
Norkom's EIM solution provides a fast-track route to these savings by allowing existing investments to be leveraged, while dramatically improving performance and productivity.
EIM is the latest addition to Norkom's financial crime and compliance software suite, described as 'outclassing its competitors' in the recent evaluation by analyst group, Celent, and recognized as 'Best Technology Solution' in Complinet's 2007 compliance awards.