NICE Actimize vs ServiceNow GRC
Last Updated:Our analysts compared NICE Actimize vs ServiceNow GRC 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
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Product Insights
- 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.
- Fortified Business Operations: Keep the business secure at all times with continuous access to a unified data environment. Collaborate on risk reports and make data-driven decisions.
- Real-Time Tracking: Discover threats at the onset by continuously monitoring IT services, high-risk areas and critical business processes.
- Automation-Driven Efficiency: Increase productivity with automated workflows. Reduce errors and omissions and identify the best course of action with AI-assisted analytics.
- Streamlined Communication: Clearly communicate resilience initiatives, controls and policies to the team with dynamic dashboards.
- Faster Troubleshooting: Save the support team’s time and money by solving common tasks with an intelligent chatbot.
- 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.
- Policy and Compliance: Access tried and tested tools to manage lifecycles, compliance processes and corporate policies.
- Controls Testing: Test controls in real time to identify anomalies and streamline threat detection.
- Policy Lifecycle: Set up automated workflows to review and approve policies throughout their predefined lifecycles. Build a strong compliance framework and include provisions for policy exceptions.
- Control Mapping: Consolidate the testing framework with a map of controls governing policies and regulations.
- Smart Remediation: Leverage AI and machine learning to pursue the best remediation plan.
- Custom Workspaces: Design custom workplaces based on the user’s persona and preferences.
- Risk Management: Monitor high-impact risks to predict any disruptions. Use the dashboard and analytics module to study risk data and trends. Automated workflows review recorded threats and assign ownership and responses based on historical data.
- Mobile App: Remotely track risk activities.
- Risk Register: Store all recorded risk, control and remediation information in a secure and centralized database.
- Risk Scores: Assign risk scores based on qualitative and quantitative risk analysis. Allot risk ownership based on urgency for the sake of business continuity.
- Assessment: Run self-assessment tests to verify the integrity and accuracy of controls and registers.
- Identification: Automatically identify risks and generate appropriate controls based on threat maps and questionnaires.
- Performance Indicators: Run regular tests to identify failing controls in advance.
- Business Continuity: Prepare and test recovery plans for potential disruptions and disasters.
- Impact Analysis: Produce recovery time objectives (RTO) and recovery point objectives (RPO) with business services. Simulate different disasters to compute optimal recovery periods.
- Continuity Planning: Ensure protection and recovery of company personnel and assets in the event of a disaster.
- Crisis Management: Carefully execute business continuity plans and track progress during a crisis.
- Gap Identification: Map the configuration management database (CMDB) to identify gaps in recovery plans.
- Vendor Risk: Get greater visibility over third-party risks with regular assessments, transparent reports, tested remediation and IRM integration. Set up automated correction plans for specific risk areas like bankruptcy, security and delivery.
- Vendor Manager Workspace: Use a single portal to access all third-party risk and performance information. Store vendor data in a centrally accessible portfolio secured with a single sign-on (SSO) authentication.
- Risk Scores: Assess and assign top-down and bottom-up risk scores for all external vendors.
- Tier Management: Categorize vendors in appropriate tiers to assign questionnaires and frequency of assessments.
- Monitoring Framework: Cross-check ratings and scores from content providers against the platform’s assessment data.
- Assessment Management: Access best-practice online assessments for faster and more accurate results.
- Operational Risk: Monitor risks and controls across the system with flexible data and assessments. Use AI and predictive analytics to create and assign remediation strategies to issues.
- Analytics: Analyze risk events to drill deeper into risk posture, hierarchy and exposure.
- Assessment: Run risk assessments on any group, including location, regulation, inherent and residual risk, and auditable unit. Review the effectiveness of mitigation controls.
- Control Assurance: Create and store control test plans in a centralized repository. Test the effectiveness of controls against various crisis scenarios.
- Monitoring: Monitor risk and control indicator data across the platform and automatically alert concerned personnel about anomalies.
- Incident and Loss Capture: Record granular details about incidents, recorded vulnerabilities and near misses, including monetary loss and root cause.
- Continuous Monitoring: Use a system security plan to monitor the risk management framework (RMF) for emerging risks and compliance violations. Automatically mitigate common categories of threats with baseline controls.
- Asset Identification: Leverage CMDB to identify and manage assets in real time.
- Dashboard: Get a live feed of vulnerabilities, security incidents, milestones, configuration failures and action plans directly in the dashboard.
- POA&M Management: Set up a clear plan of action and milestones for responding to ineffective and failing controls.
- Privacy Management: Track privacy risk across multiple business domains to comply with global privacy regulations. Monitor the framework continuously to identify violations faster than the point-in-time approach.
- Framework: Centrally access a database of personal information and existing rules. Import new regulations into a common taxonomy for simpler adoption.
- Response-Triggered Actions: Set up trigger-based assessment responses to apply controls, tag personal information and update processing records.
- Activity Identification: Track processing activities with a record of processing activity (ROPA) or automatically detect changes.
- Policy Management: Create a self-sustaining review and approval process for active policies throughout their lifecycle. Factor in a room for exceptions depending on the compliance posture.
- Assessments: Assess how the company collects, stores and shares personal information.
- Integrations: Access low-code information and use automation to simplify the integration process. Supports custom integrations through REST, SOAP, JSON, JDBC and more.
Product Ranking
#43
among all
Risk Management Software
#53
among all
Risk Management Software
Analyst Rating Summary
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User Sentiment Summary
9 reviews
NICE Actimize has a 'good' User Satisfaction Rating of 73% when considering 9 user reviews from 2 recognized software review sites.
Awards
SelectHub research analysts have evaluated ServiceNow GRC and concluded it earns best-in-class honors for Platform Capabilities and Integration and Extensibility.
Synopsis of User Ratings and Reviews
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.
Imagine a bustling airport control tower, where air traffic controllers efficiently manage the complex comings and goings of countless aircraft. ServiceNow GRC acts as a similar control tower for an organization's governance, risk, and compliance landscape, providing a centralized platform to oversee and orchestrate these critical functions. User reviews from the past year paint a picture of a powerful and comprehensive solution, but one that requires careful consideration before implementation. ServiceNow GRC received praise for its ability to streamline GRC processes, replacing siloed spreadsheets and manual tracking with a unified system. This centralized approach enhances visibility and control, enabling organizations to proactively identify and mitigate risks, ensure compliance with regulations, and make informed decisions based on real-time data. Users also appreciated the platform's scalability and flexibility, allowing it to adapt to the evolving needs of growing businesses. The seamless integration with other ServiceNow products further extends its functionality, creating a cohesive ecosystem for managing various aspects of an organization's operations. However, some users expressed concerns about the platform's cost and complexity. The initial investment and ongoing maintenance expenses may pose challenges for smaller organizations or those with limited budgets. Additionally, the implementation process can be intricate, requiring careful planning and potentially involving external consultants. These factors highlight the importance of thoroughly evaluating the organization's needs and resources before adopting ServiceNow GRC. While the platform offers robust capabilities, its suitability depends on the specific context and requirements of each organization. For larger enterprises with complex GRC needs and the resources to invest in a comprehensive solution, ServiceNow GRC can be a valuable asset in navigating the ever-changing landscape of governance, risk, and compliance.
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