Home > Risk Management Software > NAVEX Global > NAVEX Global vs NICE Actimize

NAVEX Global vs NICE Actimize

Last Updated: November 18th, 2024

Our analysts compared NAVEX Global 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.

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Product Basics

Navex Global provides integrated security and compliance management solutions that handle a full range of risk assessments and response protocols. Its reporting and analysis modules track people risk, regulatory risk, business risk and environment, social and governance (ESG) risk. Feedback-driven reporting increases the visibility of opportunities and achievements. Automatically secures users against data breaches, workplace hazards, vendor compliance failures, production disruptions, regulation compliance failures and more with its highly configurable interface.

It compares resource, third-party, performance and corporate data to generate sustainability reports. Provides legally vetted compliance, cybersecurity and ethical training for employees.

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.

$2,600 Monthly

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Undisclosed

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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

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Live Online

Videos

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Phone

Chat

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Knowledge Base

24/7 Live Support

Phone

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24/7 Live Support

Product Insights

Adjustable Hotline: Includes the option to scale up the reach of the EthicsPoint reporting platform.
Extensive Training Resources: Training modules come equipped with a variety of content, especially for HIPAA and compliance training.
Custom Training: Familiarize freshers with company policies and training resources.
Record Document Changes: Track all changes made to a document with complete version control.
Increase Brand Awareness: Customize the platform to showcase the company’s brand and feel.

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.

IT Risk Management: Maintain a complete inventory of all IT assets. Get contextual insights into IT risks, exploits and vulnerabilities. Prioritize investigation and triage responses based on estimated impact on business processes.
- Monitor Performance: Use the dashboard to track daily activities and risk assessment programs. Monitor program performance based on KPIs and KRIs.
- Streamlined Data: Categorize all internal and external data into actionable information. Automatically consolidate, correlate and deduplicate data to improve threat response rate.
- Business Protection: Implement best practice strategies to predict and debilitate future breaches. Analyze the impact of disruptions on different departments and create recovery plans to ensure continuity.
- Constant Security: Monitor risks in real time with continuous evaluation of risk profiles, strategies, compliance posture, remediation processes and obligations.
- Compliance: Use the compliance program to continuously check for changes in contractual obligations, certification laws, industry standards and regulatory requirements. Automate data entry for all compliance-related activities.
Health and Safety: Address health and safety concerns with a compliance program designed to follow multiple regulations. Catalog all work-related incidents to process reports faster and mitigate the risk of future occurrences. Improve visibility into hazardous incidents by collaborating across various departments and units.
Third-Party Risk Management: Maintain complete visibility over third-party risks by centralizing vendor information and risk assessment data. Automate risk investigation and remediation with preconfigured frameworks and controls.
- Third-Party Compliance: Prepare and issue policies for third parties. Check vendor compliance posture with regular tests.
Business Continuity Management: Test key assets to study the impact of potential disruptions and breaches on business continuity. Benchmark the effectiveness of preventive programs and scan the system for disruptive changes.
- Templates: Streamline the organization’s resilience and recovery program with best-practice templates and contextual reports.
Privacy, Risk and Compliance Management: Create a privacy program to identify and manage compliance requirements like CCPA, HIPAA, GLBA and more. Safeguard client data with time-tested security frameworks and policies.
- Privacy Objectives: Clearly define the organization’s data privacy standards. Track data processing activities and analyze the potential impact of privacy breaches.
Operational Risk Management: Ensure continuity of operations with a contextual understanding of business processes. Get a 360-degree view of enterprise risk with the centralization of all regulatory information and risk data. Monitor for changes in the risk and compliance environment and adapt the risk profile accordingly.

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

#25

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#43

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Analyst Rating Summary

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User Sentiment Summary

77%

of users recommend this product

NAVEX Global has a 'good' User Satisfaction Rating of 77% when considering 47 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.

3.6 (17)

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3.93 (22)

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3.8 (5)

4.3 (8)

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3.5 (4)

Synopsis of User Ratings and Reviews

Functionality: All the users who reviewed this aspect were satisfied with the platform’s functionalities, especially the EthicsPoint reporting hotline.

Ease of Use: According to 63% of users who reviewed this element, the system's intuitive UI makes it easy to navigate.

Performance: 71% of reviewers mentioning this aspect expressed satisfaction with the platform’s performance and uptime.

Training Resources: Regarding this feature, 92% of reviewers said that the training material has high-quality content.

Data Management: 80% of users who reviewed this feature were pleased with data management capabilities, particularly data organization, storage and search functions.

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.

Service and Support: Customer support is rigid, unfriendly and unprofessional, according to 85% of reviewers talking about this element.

Cost: 100% of users who mentioned this aspect said the licensing charges are unflinchingly high.

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.

Navex Global offers integrated risk management solutions for all business sectors. The EthicsPoint reporting hotline makes it the gold standard for ethics and compliance solutions. On top of that, it has an impressive knowledge base. Its reliable uptime provides real-time access to all your data. However, the customer service is unflattering. Subscription charges are expensive, and contract negotiations are long and difficult. Navex Global makes sense as an acquisition if you need an ethics and compliance management solution, but better risk management systems are available with a superior price to performance ratio.

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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FAQ

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