How are financial crimes exposed

Enterprise investigation management overcomes hurdles in fighting financial crimes

DUBLIN, IRELAND, March 26 / PRNewswire / - Norkom Technologies today introduces a new Enterprise Investigation Management (EIM) solution that complements its existing market-leading portfolio of financial crime prevention and compliance software solutions.

The new EIM solution from Norkom overcomes hurdles in the fight against financial crimes and enables organizations to activate protective measures at an early stage. The solution breaks new ground by merging alerts of suspicious activity from multiple reporting systems that span all channels, products, lines of business and regions within an organization. The consolidated information is subjected to a rigorous query process in order to identify otherwise invisible connections and connections that indicate a large-scale, well-organized criminal attack. The solution provides all levels of business with instant information on critical indicators and metrics from the Financial Investigation Unit (FIU), enabling the organization to take control of events, react faster to events across the company, and to proactively protect the company. In addition, Norkom's EIM solution improves the productivity and efficiency of investigative measures by integrating best-practice processes and automated tasks that optimize the use of human resources.

As a company that embraced this approach very early on, HSBC was one of Norkom's first clients to demonstrate that a number of non-integrated, national financial crime investigation systems are not an effective response to a well-organized, cross-border financial attack.

Norkom's EIM solution overcomes this hurdle by consolidating and querying warnings from all reporting systems in an organization. Recent research shows that 75% of all organizations have realized that they need to consolidate financial crime investigations across the organization in order to improve the chances of success of those investigations. However, these efforts are hampered by divergent reporting systems scattered throughout the organization that are not connected to each other or do not exchange information.

Paul Kerley, CEO of Norkom, said, "Crime and regulatory compliance organizations have made significant investments in technology but lack a centralized management strategy. By buying different, often highly specialized, solutions for managing risk across product lines, channels and regions, however, the efforts of these companies are made more difficult because many emerging technologies do not allow the exchange of information. This is a weak point that the sophisticated criminal rings of today exploit relentlessly, knowing that Simultaneous or repeated attacks on different business areas are very likely not to be detected, based on the knowledge that companies can hardly afford to simply put these technologies - and the associated investments - aside rfen, Norkom has developed a solution that combines these technologies. Our new solution enables the consistent and comprehensive detection and investigation of economic crimes even in the largest and most decentralized companies. "

Norkom's EIM solution improves both the efficiency and effectiveness of financial crime investigations. The investigation processes can be configured by type of investigation and adapted to different language and regulatory requirements of regional markets. The solution's best practice workflows were developed based on Norkom's experience of more than 100 implementations of financial crime and compliance solutions around the world. Bringing the automation of repetitive administrative tasks and the automatic consolidation of all information required to support an investigation directly to the investigator's desktop optimizes the use of expensive human resources in the investigation department of companies.

Reducing the costs associated with detecting and investigating financial crimes is imperative for financial institutions. Industry analysts such as Tower Group estimate that on a global basis, the financial services industry will spend approximately $ 370 billion on compliance in 2007 alone, 84% of which will be accounted for by administrative costs. It was also shown that these costs could be reduced by around 15% - USD 50 billion per year - through the use of intelligent technologies.

Norkom's EIM solution provides an opportunity to accelerate these savings by leveraging existing investments and significantly improving performance and productivity.

EIM is the latest addition to Norkom's financial crime and compliance software portfolio, described as "superior to its competitors" in a recent rating by analyst group Celent and at Complinet's annual compliance awards 2007 was awarded the title "Best Technology Solution".

Information about Norkom Technologies

Norkom Technologies is a leading provider of financial crime and compliance solutions for the global financial services industry. The solutions enable organizations to detect and combat financial crimes, thereby preventing business losses. At the same time, compliance is guaranteed despite the frequently changing regulations. The software package is built on a widely used technology platform that can be configured to allow customers to detect and investigate a variety of types of offenses. Norkom not only provides the infrastructure for an all-encompassing strategy to combat financial crimes, but also offers a product portfolio of solutions to burning business problems, including products for detecting money laundering, for watch list management and for combating check and credit card fraud, Identity theft, corporate fraud, market abuse, and customer due diligence. Norkom's approach lowers the total cost of ownership of the software and saves customers the significant investment costs normally associated with each new regulation or type of offense.

Norkom was founded in 1998 and has offices in Europe, North America and the Asia-Pacific region. The company's 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 the company's website at

Inquiries & contact:

Contact: Rosemary Turley, Marketing Director - Norkom Technologies,
Tel: + 353-86-829-1393 Email: [email protected]