Workiva vs NICE Actimize

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Our analysts compared Workiva 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.

NICE Actimize Software Tool

Product Basics

Workiva is a cloud-based reporting platform that globally connects an organization’s workforce with its data sets and data sources. It combines all user data under a single digital roof to remove any errors and ensure complete transparency. Provides automatic and secure scheduling of repetitive tasks and recycles redundant data and reports into functional assets. It allows users to visualize data relating to ERP, consolidation, compliance, security, budgeting and more by connecting everything under one secure reporting module.

A live-updating dashboard with a code-free interface allows for easy analysis and data reporting. It auto-updates linked cross-organizational data for a seamless reporting experience.
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NICE Actimize provides organizations with a single centralized view of enterprise risk to manage fraud, money laundering and compliance deviations. Users get real-time access to fraud prevention, anti-money laundering, and trade and market surveillance to boost operational efficiency. Its reporting and analysis modules correlate and consolidate the centralized data to provide customer lifecycle management. Its artificial intelligence generates actionable insights designed to streamline critical workflows, assign tasks, ensure oversight, lower compliance expenses and update regulatory guidelines.

It uses AI and biometrics to screen parties and payments for global sanctions to secure international trade. Machine learning provides predictive models for understanding and detecting customer risk.
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Small
Medium
Large
Small
Medium
Large
Windows
Mac
Linux
Android
Chromebook
Windows
Mac
Linux
Android
Chromebook
Cloud
On-Premise
Mobile
Cloud
On-Premise
Mobile

Product Assistance

Documentation
In Person
Live Online
Videos
Webinars
Documentation
In Person
Live Online
Videos
Webinars
Email
Phone
Chat
FAQ
Forum
Knowledge Base
24/7 Live Support
Email
Phone
Chat
FAQ
Forum
Knowledge Base
24/7 Live Support

Product Insights

  • Centralized Data Storage: Store all internal control tests and documents in one centrally accessible database.  
  • Automated Reports: Save a ton of time and resources with built-in automation for regulatory and financial reporting processes. 
  • Intuitive Accounting Interface: Employees can adjust faster to the accounting module due to the platform’s visual and functional similarity with Word and Excel. 
  • Fast Data Access: Quickly access all necessary data and reports from anywhere within the U.S. Instantaneously update all changes throughout the server and eliminate inconsistencies in datasets. 
  • Easy Data Sync: Automatically update data across multiple documents in real time by linking to each other. Save time spent on manual edits and deduplication. 
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  • 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. 
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  • Enterprise Risk: Get a 360-degree picture of risk with dedicated assessment and remediation capabilities. Generate reports and perform internal audits to make informed business decisions. 
    • Risk Assessment: Track and assess risks in real time. Prepare risk assessment spreadsheets and act on critical risk information first. 
    • Aggregation and Analysis: Correlate and analyze multiple data sources to find the complete context behind risk information. Categorize risks by datasets like historic risk ratings, risk owners, pillars and more. 
    • Risk Prioritization: Prioritize critical risk throughout the environment with key risk indicator (KRI) information. 
    • Risk Reporting: Create up-to-date risk reports with data visualization options. Combine information from KRIs and risk owners with heat maps, graphs and scatter and bubble charts to prepare reports on enterprise risk. 
  • Internal Audit Management: Streamline the auditing process with custom templates and automated evidence gathering, certification, reporting and planning tools. Access relevant data, manage audits and follow up on tasks. 
    • Audit Analytics: Automatically populate audit reports in a no-code environment to highlight any exceptions. 
    • Templates: Process audits faster with over 3,000 purpose-built AuditNet templates. 
    • Audit Reporting: Increase stakeholder and audit committee engagement with personalized audit reports. Tailor reports accordingly by elaborating on specific details. 
    • Follow Up: Automatically drill down into complicated reports to elaborate on observations and recommended courses of action. 
  • Policy and Procedure Management: Manage policies and procedures across the entire organization. Maintain an up-to-date inventory of auditable policies and procedures. 
    • Policy Indexes: Correlate policies with regulations, controls, processes and risks to create an interconnected and centralized master index. Standardize policies with templates and automatically update changes. 
    • Review Permissions: Review and edit documents directly from the platform. Streamline the review process with automated assessments and audits. 
    • Document History: Track all edits to policy documents with full version history. Send documents for bulk approval and leave comments and reviews within the content. 
    • Attestation Tracking: Track policy status, link current document versions and schedule deadlines. Sign and approve policies from any device and export records for auditing purposes. 
  • Internal Controls: Improve the visibility and security of risk information with internal controls. Allow risk and control owners to make updates with full transparency. 
    • Documentation: Implement role-based permissions to control access to information. Review, edit and update files in their native formats with the Microsoft Office 365 integration. Instantly visualize updates by linking data fields to narratives and flowcharts. 
    • Testing: Perform random sampling tests with single or bulk tasks. Monitor test progress, attach samples and communicate results from the dashboard. Automatically corroborate evidence and track response. 
    • Reporting: Run convenient and tailored reports for data fields including issues tracking, COSO mapping, status reporting and more. Deliver accurate risk information to senior management, business partners and stakeholders. 
    • Certification: Leverage letter templates, customizable certificates and reminders to establish an efficient certification process. Sign and approve certificates from any device with an internet connection. 
  • FERC Reporting: Meet the Federal Energy Regulatory Commission’s (FERC) standards with accurate and prompt XBRL tagging. Work on connected datasets in real time to eliminate errors. Supported forms include electric (Form No. 1, 1-F, 3-Q, 714), gas (Form No. 2, 2A, 3Q), oil (Form No. 6, 6-Q) and service companies (Form No. 60). 
  • SEC Reporting: Streamline the preparation and filing of proxy statements, tax disclosures, 10-Qs, 10-Ks, 8-Ks, 20-Fs, Section 16 and more. Comply with European regulations like Solvency II, CIPC, IFRS and more. Link datasets to narratives and consolidate both structured and unstructured information with EDGAR and XBRL services. 
  • Capital Market Transactions: Implement a greater degree of control over debt, equity, IPO and M&A deals. Prepare documentation for capital market transactions, mergers, acquisitions, debt-offerings and take-private deals with preconfigured workflows. 
    • Speed and Accuracy: Link numbers and texts across multiple files to process transactional documentation faster. Streamline the evaluation process by automatically creating review, sign-off and commentary tasks within documents and reports. 
    • Risk Reduction: Eliminate inconsistent numbers, version inaccuracy and certification errors with a single consolidated data source. Maintain accountability, security and transparency with complete version history and permission-based access. 

  • Limitations

    At the time of this review, these are the limitations according to user feedback:

    •  Users located outside the US can experience latency issues in the SOX module. 
    •  The NextGen platform has a few incomplete features and bugs. 
    •  Involves a steep learning curve. 
    •  High subscription charges. 

    Suite Support

    Visit the vendor’s support center to learn more about using the platform; online resources include patch notes, beginner’s guides, articles, hot topics and transition assets. The community forum hosts discussions, events, webinars and feedback.

    mail_outlineEmail: [email protected].
    phonePhone: (800) 706-6526. Additional phone numbers for customers in other regions are available on the vendor’s website.
    schoolTraining: Log in to the vendor’s website to access the Learning Hub. Online training is available in the form of guided courses, videos, newsletters and simulations.
    local_offerTickets: Visit the vendor’s website to submit a support ticket.
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  • 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. 
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Product Ranking

#9

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Risk Management Software

#43

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Risk Management Software

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User Sentiment Summary

Excellent User Sentiment 587 reviews
Good User Sentiment 9 reviews
92%
of users recommend this product

Workiva has a 'excellent' User Satisfaction Rating of 92% when considering 587 user reviews from 3 recognized software review sites.

73%
of users recommend this product

NICE Actimize has a 'good' User Satisfaction Rating of 73% when considering 9 user reviews from 2 recognized software review sites.

4.6 (58)
n/a
4.6 (36)
3.8 (5)
4.6 (493)
n/a
n/a
3.5 (4)

Awards

Workiva stands above the rest by achieving an ‘Excellent’ rating as a User Favorite.

User Favorite Award

No awards.

Synopsis of User Ratings and Reviews

Functionality: 69% of users who reviewed this aspect were satisfied with the platform’s functionalities, including internal controls and issue Testing, SOX narratives, auditing, and policy management.
Ease of Use: According to 61% of users mentioning this element, the platform’s intuitive UI makes it easy to use.
Sharing and Collaboration: All the users who mentioned this element said the platform made it easier to share documents and collaborate on projects.
Service and Support: 83% of users reviewing customer support said it’s highly responsive and knowledgeable.
Automation: 100% of reviewers mentioning automation found it helpful to learn and apply new formats and automate financial and regulatory processes.
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Comprehensive Coverage: NICE Actimize offers a wide range of modules, covering everything from anti-money laundering (AML) to fraud detection, allowing financial institutions to manage various risks effectively.
User-Friendly Interface: The platform's intuitive design makes it easy for users to navigate and understand, even for those without extensive technical expertise.
Strong Analytics Capabilities: NICE Actimize provides powerful analytics tools that help financial institutions identify patterns and trends in their data, enabling them to proactively mitigate risks.
Scalability and Flexibility: The platform can be scaled to meet the needs of organizations of all sizes, and its flexible architecture allows for customization to fit specific business requirements.
Robust Reporting Features: NICE Actimize offers comprehensive reporting capabilities, allowing financial institutions to track their risk management performance and demonstrate compliance to regulators.
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Speed and Performance: 100% of users mentioning performance said they experienced bugs, glitches and slow upload and export speed on the NextGen platform.
Cost: All the users who reviewed this aspect found the system’s subscription charges higher than its competitors.
Training Resources: 60% of users mentioning this element said the platform requires more training material to compensate for its steep learning curve.
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Steep Learning Curve: Users often find the software's interface and functionality complex, requiring significant time and effort to master. This can be particularly challenging for teams with limited experience in financial crime risk management.
Limited Customization: Some users have expressed frustration with the limited customization options available, making it difficult to tailor the software to their specific needs and workflows. For example, they may struggle to configure alerts and reports to meet their unique risk appetite.
Integration Challenges: Integrating NICE Actimize with existing systems and data sources can be a complex and time-consuming process. This can lead to data inconsistencies and delays in implementing the solution effectively. For example, connecting to legacy systems or third-party data providers can be challenging.
High Cost: The cost of implementing and maintaining NICE Actimize can be significant, particularly for smaller organizations. This can be a barrier to entry for some businesses, especially those with limited budgets.
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Workiva is a cloud-based comprehensive reporting platform that provides unrestricted global access to FERC and SEC reporting modules, internal controls, and audit and policy management tools for complete in-house risk management. The platform can be difficult to learn initially, but a responsive support team makes it easier to understand the functionalities. In addition, automated reporting processes add a lot of value to the platform. However, the NextGen platform has a few performance issues. Updates can cause temporary glitches and bugs, resulting in unforced errors in datasets. All in all, Workiva is a safe bet for vulnerability management software. In spite of high subscription costs, it’s an excellent candidate if you can fit it into your budget.

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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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