Enterprise Investigation Management Eradicates Barriers to the Fight Against Financial Crime

    DUBLIN, Ireland, March 29 /CNW/ - Norkom Technologies launches, today, a
new Enterprise Investigation Management solution (EIM) to complement its
existing market leading suite of financial crime and compliance softwa re
    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
    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.

    About Norkom Technologies

    Norkom Technologies is a leading provider of financial crime and
compliance solutions to the global financial services industry. Its solutions
enable organizations to detect and combat financial crime, reducing their
operational losses, and addressing the industry's ever-changing compliance and
regulatory requirements. Its software suite is underpinned by a common
technology platform which can be configured to detect and investigate multiple
types of crimes. Norkom provides the infrastructure for an end-to-end
financial crime strategy while offering a range of solutions to address
immediate business issues such as anti money laundering, watch list
management, card fraud, ID theft, internal fraud, market abuse or customer due
diligence. Norkom's approach reduces total cost of ownership and protects
clients from large-scale technology investments with every new type of
regulation or crime.
    Founded in 1998, Norkom has operations across North America, Europe and
Asia Pacific. Clients include: HSBC, Credit Agricole, Fortis, Rabobank,
Standard Chartered Bank, Erste Bank Group, Travelex, the New York Clearing
House, Bank of Montreal Financial Group, Allied Irish Bank, KBC Bank, DTCC,
Raiffeisen and National Australia Bank Group.
    For more information please visit www.norkom.com.

For further information:

For further information: Rosemary Turley, Marketing Director - Norkom
Technologies, Tel: +353-86-829-1393, email: rosemary.turley@norkom.com

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