Tag Archives: Regulations

BAE Systems launches “major update” to NetReveal platform for financial institutions

The latest version of BAE Systems’ NetReveal platform combines the best of advanced analytics and human expertise to enable financial institutions to effectively combat financial crime and fraud in an environment of rapidly evolving regulatory requirements and changing financial crime patterns.

Faced with increasing transactions, evolving regulations, a growing number of payment channels, customer friction, investigation challenges and strengthening privacy regimes, financial crime and fraud investigators are under pressure to make more confident and intelligence-led decisions and do so at an unprecedented pace.

Built on modernised modular technology, NetReveal addresses these challenges by working smarter and faster and supporting an intelligence-led approach:

Smarter: Profiling and detection against transactional data that commonly takes hours to process is now processed within 30 minutes (on average)

Faster: Advanced analytics with machine learning techniques improve operational performance by driving fewer false positives. Integrated Robotic Process Automation (RPA) means that routine tasks are automated, enabling investigators to focus more on high value strategic investigative work. The Real-Time Detection Engine helps institutions to keep pace with sophisticated criminals across growing digital channels

Intelligence-Led: Entity-based investigations deliver efficiency improvements of 20-30% on average by streamlining multiple detections into a single combined alert dashboard. Interactive lists also provide actionable information to adjudicate alerts effectively

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Culmination of major investment

Rob Harrison, head of product and solutions for the financial services sector at BAE Systems Applied Intelligence, said: “This release is the culmination of major investment and engineering development of our financial crime platform and suite of solutions. We’ve focused on providing compliance and fraud teams with the latest advanced analytics, technology advancements and productivity improvements.”

Harrison added: “The latest version of NetReveal combines the best of human expertise and advanced analytics which we believe puts financial institutions in the strongest position possible to address the major market challenges of today, namely regulatory complexity and change, evolving fraud patterns, productivity and efficiency pressures and new risk management approaches.”

Julie Conroy, research director for the Aite Group’s Retail Banking practice, commented: “The use of RPA to improve financial crime operations significantly increases accuracy, reduces operational costs and enhances productivity. Given the growing data challenge, having the ability to advance investigator efficiency by reducing repetitive manual tasks, human error and, by extension, the number of false positives ultimately frees up time to focus on more strategic tasks.”

NetReveal is a single integrated platform for money laundering compliance and fraud prevention, enabling financial institutions to benefit from lower total cost of ownership across their compliance and fraud teams thanks to a single solution.

A comprehensive range of compliance and counter-fraud solutions can be deployed either individually or collectively.

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Nortech recognised for quality management standards compliance with ISO 9001 re-certification

People and vehicle access control system solutions specialist Nortech has recently been recognised as complying with the latest ISO 9001 standard. Nortech is proud of its approach to solutions engineering that’s designed to ensure quality and reliability in both its products and services.

The updated 2015 version of the ISO 9001 standard recognises businesses for their effective quality management and requires them to demonstrate that they can meet the regulatory requirements and apply the system effectively to benefit their customers. Receiving re-certification shows that Nortech is prepared for any current and future challenges.

The company’s managing director Steve Blackler commented: “I would like to express my thanks to our fantastic team and to our loyal customers. Nortech continues to thrive and it’s our job to make sure we satisfy our customers’ expectations and that we’re doing what we should as a business such that we continue to grow.”

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Nortech’s technical director Amer Hafiz with the ISO 9001 certificate

Nortech has also recently started an apprenticeship scheme and just welcomed its first new addition to the technical production team.

As an independent British company, Nortech has supplied products and solutions to the security industry for over 25 years. The business uses extensive experience and expertise to create new security products designed to fit its myriad clients’ needs and designs everything with the customer very much in mind. 

New product catalogue

Nortech has also recently introduced a new 24-page product catalogue to help specifiers find the right products for their projects. The catalogue has been divided into four product categories: Access Control, Readers and ID Devices, Long-Range Identification and Vehicle Detection and Parking.

The Access Control section covers all of Nortech’s best-selling access system ranges including standalone control devices for managing one or two doors, plus the fully-online Norpass access management system.

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The Readers and ID Devices section highlights an extensive choice of 125 KHz proximity, 13.5 MHz smart card and 865 MHz UHF technology readers, whereas the Long-Range Identification section features Nedap’s popular Automatic Number Plate Recognition (ANPR), ANPR HD, uPass Reach, uPass Target and TRANSIT Ultimate readers.

The final section covers vehicle detection and parking. This includes Nortech’s popular inductive loop detectors range, FeeMaster Smart and the NorParc Counting system (including VMS counting signs).

*The new catalogue can be downloaded by visiting the company’s website at https://www.nortechcontrol.com/media/39014/2018-product-catalogue-1802.pdf

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Bored and distracted employees “could be biggest data security risk” warns Centrify

Employees who become distracted at work are more likely to be the cause of human error and a potential security risk. That’s according to a ‘snapshot’ poll conducted by Centrify.

While more than a third (35%) of survey respondents cite distraction and boredom as the main cause of human error, other causes include heavy workloads (19%), excessive policies and compliance regulations (5%), social media (5%) and password sharing (4%). Poor management is also highlighted by 11% of security professionals, while 8% believe human error is caused by not recognising data security responsibilities at work.

According to the survey, which examines how human error might lead to data security risks within organisations, over half (57%) of respondents believe businesses will eventually trust technology enough to replace employees as a way of avoiding human error in the workplace.

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Despite the potential risks of human error at work, however, nearly three-quarters (74%) of respondents feel that it’s the responsibility of the employee, rather than technology, to ensure that the host company avoids a potential data breach.

“It’s interesting that the majority of security professionals we surveyed are confident that businesses will trust technology enough to replace people so that fewer mistakes are made at work, yet on the other hand firmly put the responsibility for data security in the hands of employees rather than technology,” commented Andy Heather, vice-president and managing director at Centrify EMEA.

“It seems that we as employees are both responsible and responsible: responsible for making mistakes and responsible for avoiding a potential data breach. It shows just how aware we need to be at work about what we do and how we behave when it comes to our work practices in general and our security practices in particular.”

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