Hyperproof vs NICE Actimize
Last Updated:Our analysts compared Hyperproof vs NICE Actimize based on data from our 400+ point analysis of Risk Management Software, user reviews and our own crowdsourced data from our free software selection platform.
Product Basics
Hyperproof is a cloud-based security and compliance management solution that helps risk management teams digitize, centralize and automate major governance, risk and compliance (GRC) workflows. It’s a one-stop shop for managing internal policies, vendors, risks, compliances and audits. This centralization lets you avoid jumping between multiple platforms, reduce data redundancy and focus on the most pressing issues.
It’s a highly customizable platform that offers pre-built controls for more than 100 major compliance frameworks, including SOC 2, ISO 27001, PCI DSS, GDPR, CCPU, HIPAA, HITRUST and more. You can also pick specific controls from pre-built frameworks or create your controls from scratch to build a custom framework.
It automates evidence collection and lets you define rules to reuse that data across multiple frameworks. You can offer role-based access to your team and define automation to communicate events to concerned parties. Also, onboard auditors to let them communicate with teams, request proof and reuse data already collected by your team.
The platform integrates with popular external solutions like Jira, Asana, Dropbox, GitHub, QuickBooks and Kubernetes. You can also connect it to Zapier to build custom connections with any software of your choice.
Based on the product demo, we were most impressed by its intuitive experience, drag-and-drop tools and user-friendly interface. It seems suitable for highly sophisticated industries with stringent compliance requirements, such as healthcare, technology and fintech. The vendor doesn’t publish pricing information, so interested businesses need to contact their sales team for a custom quote based on scope, size and requirements.
Product Assistance
Product Insights
- Streamline Compliance Management: Hyperproof offers more than 115 pre-built regulatory frameworks that outline specific requirements for various certifications and suggest controls to meet them. Unlike competitors, it also allows you to create and manage custom frameworks and control language. This flexibility lets you effectively track and manage compliance for any regulatory requirement, whether it's an industry-standard framework or a custom internal policy.
- Be Well-Prepared for Audits: The platform simplifies audit preparation by automating the collection of critical information. It integrates with your IT service management tools, cloud platforms and vulnerability scanners to gather relevant data. You can then use this data to automate test cases and have all necessary evidence on hand. When audit season arrives, you can effortlessly access and share information with your auditors to avoid last-minute scrambles.
- Keep Controls Updated: Compliance isn't fully automated. While technology streamlines many processes, human judgment remains essential. Hyperproof's unique "Freshness Meter" helps you maintain control hygiene by tracking when a control was last manually assessed and alerting you when it's time for a review. Regular check-ins allow you to stay ahead of potential risks and maintain compliance.
- Get Insights on Expanding Compliance Certifications: “Jumpstart” is another unique feature that works as a rough gap assessment test for your business’s regulatory certifications. By analyzing your existing compliance framework, Jumpstart identifies potential certifications that align with your current policies and share overlapping controls. This gives a high-level view of certifications you can adopt in the future to expand your compliance footprint strategically.
- Never Miss a Framework Update: Hyperproof keeps you informed about the latest updates to industry standards and frameworks. When changes occur, you'll receive timely alerts highlighting specific areas that require attention, such as revised requirements, new controls or changes in terminology. It also allows you to merge changes from older framework versions into the latest, minimizing the effort needed to maintain compliance.
- Eliminate Data Silos: Increase efficiency and accuracy of risk management procedures with a single, all-inclusive risk profile and trust score applicable across all domains.
- Enhance Adaptability: Adapt to the changing risk landscape with a platform continually learning from risk investigations and reviews.
- Streamline Customer Interactions: Save resources and improve cash flow by providing a friction-free user experience to trusted customers.
- Faster Investigations: Quickly resolve investigations and mitigate the risk of fraud with machine learning and AI-based insights.
- Highly Specialized Reports: Detect money laundering and fraud attempts faster with best-practice reports designed for financial institutions.
- Control Management: You can configure the “If this happens, do that” logic to create custom control automation. Assign owners, schedule tests, and link risks, requirements and vendors to controls.
- Control Mapping: Implement or adapt to new regulations by reusing controls across multiple frameworks and defining logic on how controls interact with each other. The platform offers intelligent suggestions to link similar controls and maintains a log of edits and changes.
- Evidence Collection: It lets you automate evidence collection across multiple sources, teams and geographies in a centralized library. Connect evidence to a task and use universal search and filtering to locate proof quickly.
- Issue and Risk Tracking: You can develop comprehensive risk treatment plans by integrating risk and control frameworks. Prioritize and assign critical tasks for immediate action on acceptance and remediation workflows.
- User Access Reviews: The platform simplifies the user access review workflow for faster adjustments and verification. Gain real-time insights into the status of access reviews to proactively address potential risks.
- Control Testing: Design tests to track the effectiveness of controls and ensure ongoing compliance. You can also auto-generate tasks based on test results to address failed tests promptly.
- Risk and Compliance Visibility: Access up-to-date reports and dashboards to gain a clear understanding of your compliance, risk and audit-readiness posture. Identify and prioritize action items to address potential risks and compliance gaps. You can also schedule auto-generated reports delivered via email.
- Anti-Money Laundering: Safeguard against fraud and customer risk throughout the customer lifecycle. Track financial transactions, compliance costs and regulatory posture to make agile business decisions. Integrated customer onboarding, enhanced due diligence (EDD) and know your customer (KYC) processes to increase customer security and improve client satisfaction.
- Customer Due Diligence (CDD): Leverage artificial intelligence, machine learning, intelligent automation and CDD expertise to get a 360-degree view of customer risk. Access risk data from external sources and Entity Insights to prepare AI-enabled risk profiles for customers.
- Currency Transaction Reporting (CTR): Use intelligent fraud detection modules to create currency transaction reports and monetary instrument logs (MILs). Automatically track suspicious transactions and validate CTRs. E-file reports and implement consistent workflows.
- Suspicious Activity Monitoring: Pinpoint risk scenarios and money laundering risks with intelligent rules-based models. Access intelligent segmentation, automated simulation and profiling analytics to meet compliance requirements. Improve scalability with state-of-the-art detection models and dynamic machine learning.
- Suspicious Transaction Activity Reporting: Electronically file reports with a preconfigured, out-of-the-box form library. Automatically populate webforms and track their status. Get global regulatory coverage and centralize all risk information.
- Cryptocurrency Intelligence: Identify high-risk virtual asset service providers (VASPs) before introducing them to financial institutions (FIs). Connect transactions to real-world entities and account numbers in the absence of proper KYC-AML controls.
- ActimizeWatch: Collect anonymous user data in real time to streamline data collection patterns, criminal typologies and rule and model performance. Reduce compliance costs with improved true positives and SAR conversion rates.
- Fraud and Authentication Management: Detect and manage fraud across FIs with real-time fraud detection, multi-payment coverage and cross channel analysis.
- Authentication Management: Implement completely customizable fraud and authentication management strategies. Simplify access for authorized customers and intercept accounts with high risk scores.
- Payment Fraud: Safeguard multiple payment types, including TCH/RTP, P2P and Zelle, ATM and debit transactions, SWIFT/Wire, ACH, BACS, SEPA payments and more. Assign risk scores to financial transactions and pinpoint genuine client interactions.
- Employee Fraud: Leverage peer profiling and behavior analysis to identify employee fraud.
- Digital Banking Fraud: Track banking fraud in real time with data from transactions and upstream and downstream applications. Get contextual information about client activities via cross-channel, cross-product surveillance.
- ActOne: The ActOne portal provides a consolidated view of risk along with case oversight, investigation management and workflow implementation modules.
- Investigation and Case Management: Streamline the investigation process with dynamic risk values, visual storytelling and intelligent automation. Get continuous status updates about all analyst and robot activities. Unify data, activities and alerts across multiple domains to detect risk trends and patterns.
- Robotic Automation: Simplify daily, repetitive processes with automated workflows to minimize costs and human error.
- Quality Analysis: Provide quality analysts with preconfigured workflows. Implement sampling logic based on financial objectives and integrate with compliance teams for continuous improvement.
- Productivity: Monitor performance metrics, productivity levels and anomalous behavior. Implement recommended investigation pathways to remove bottlenecks optimally.
- Integrations: FIs can integrate multiple third-party applications via the API library.
- Financial Market Compliance: Continuously monitor the organization’s assets, communications, markets, instruments and regulatory jurisdictions to meet compliance requirements. Get an end-to-end financial service solution with real-time market surveillance, anti-money laundering detection, trade surveillance, fraud prevention and voice surveillance.
- Holistic Surveillance: Analyze and process trade-related data for contextual information and complete risk correlation. Reconstruct risk incidents to more accurately identify the intent behind exploitations.
- Markets Surveillance: Monitor financial transactions and market activity to pinpoint trading abuse. Track equities, fixed income, forex, swaps and more with integrated case management, alert, audit trail and investigation modules.
- Communication Surveillance: Effectively monitor relevant communications, including email, chat, video, and voice, with Natural Language Processing (NLP), built-in transcription, contextual querying and intelligent dashboards.
- Suitability Surveillance: Leverage standardized controls to manage sales and investment suitability regulations such as FINRA, IIROC, UK FCA, BaFin, CONSOB, HKMA and more. Monitor advisor and investment behavior and eliminate false positives.
Product Ranking
#30
among all
Risk Management Software
#43
among all
Risk Management Software
User Sentiment Summary
233 reviews
9 reviews
Hyperproof has a 'excellent' User Satisfaction Rating of 92% when considering 233 user reviews from 3 recognized software review sites.
NICE Actimize has a 'good' User Satisfaction Rating of 73% when considering 9 user reviews from 2 recognized software review sites.
Awards
Hyperproof stands above the rest by achieving an ‘Excellent’ rating as a User Favorite.
Synopsis of User Ratings and Reviews
Hyperproof is a powerful GRC platform that offers a comprehensive suite of features to streamline risk management and compliance processes. We were particularly impressed by its ability to automate tasks, integrate with various IT tools and reduce overall data redundancy.One of its most significant strengths lies in its flexibility and customization. The platform allows you to tailor workflows to specific needs, free from rigid templates or pre-defined processes. For instance, we could easily modify and adapt pre-built frameworks to align with our unique requirements, ensuring that our compliance efforts are both efficient and effective.Hyperproof's automation capabilities can significantly reduce your administrative burden. The ability to automate repetitive tasks, such as control testing and evidence collection, frees up valuable time for your team to focus on strategic initiatives. Additionally, automated workflows and task assignments improve accountability and ensure the timely completion of compliance tasks.Its robust filtering and reporting capabilities empowered us to gain deeper insights into our compliance posture. We could easily identify areas of risk, prioritize remediation efforts and track progress toward our compliance objectives. The freshness meter is a particularly useful feature that helps maintain control hygiene and ensure timely assessments.The most impressive aspect of Hyperproof is its integration capabilities. We loved the hypersync feature that gathers and centralizes data, evidence, test results and screenshots from connected solutions in your tech stack, such as AWS, Azure and GitHub. This helps avoid jumping between multiple platforms to gather relevant data.Additionally, you can create automation tests for each hypersync connection to ensure security and compliance. You can set up automated tests to run daily for sensitive data or less frequently for less critical information. This helps maintain data integrity and provides a reliable audit trail.While Hyperproof is a powerful tool, there are areas for improvement. For instance, the vendor management module could benefit from additional features, such as integration with third-party risk assessment tools. Also, the due date reminder functionality could be more reliable to ensure timely follow-ups on vendor contracts and certifications.Overall, Hyperproof is a robust option if you’re looking for a GRC solution. But, we recommend evaluating its strengths and weaknesses against your organization’s internal requirements to determine if it’ll be the right fit for you.
User reviews from the past year suggest that NICE Actimize is a powerful tool for financial institutions, but it's not without its quirks. Users praise its robust features, particularly its ability to customize models and its expansive transaction monitoring fleet. One user, a VP of Compliance at a large financial services firm, highlighted the platform's flexibility and its ability to handle a massive volume of transactions. He described it as "very scalable" and "impressive" compared to other platforms. However, the same user also pointed out that the platform's daily maintenance requirements can be a pain point, leading to a "snowball effect" if there are delays. He noted that the platform's complexity increases with each version release, making it a challenge to keep up with the daily processing demands. Despite these challenges, users generally agree that NICE Actimize is a valuable tool for organizations that need to manage risk and compliance. Its strengths lie in its ability to detect and prevent fraud, monitor transactions, and manage investigations. The platform's comprehensive features and its ability to adapt to new and emerging threats make it a good choice for financial institutions that are looking to stay ahead of the curve. However, the platform's complexity and maintenance requirements may make it a less suitable option for smaller organizations or those with limited resources. Ultimately, NICE Actimize is best suited for organizations that have the expertise and resources to manage its complex features and ongoing maintenance needs.
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