DUBLIN--(BUSINESS WIRE)--Chartis Research, a leading analyst firm, has ranked Norkom’s enterprise-wide financial crime risk management solution highest in the industry in terms of “completeness of offering” for the second consecutive year in its latest report, Financial Crime Risk Management Systems 2010: Market Analysis.

This ranking means that Norkom Technologies achieved the highest aggregate score among global providers of financial crime risk management technologies for breadth of financial crime coverage (which includes, but is not limited to, Anti-Money Laundering (AML), internal fraud, credit fraud, card fraud, online fraud), advanced analytics, usability, configurability, data management and integration, case management and workflow, integrated financial crime reporting and platform.

“With fraud and money laundering continuing to be the most common crimes within financial services, Norkom remains as one of the leading vendors with the vision, insight and technologies that enable financial institutions to deploy a true enterprise-wide financial crime risk management solution”, says Peyman Mestchian, Managing Partner at Chartis Research.

Chartis Research estimates that the global market for financial crime risk management technology will grow to $4.19 billion by 2010, at a compound growth rate of 15%, driven predominantly by the introduction and stringent enforcement of new regulations, demand for business intelligence to fight financial crime, increased demand for real-time transaction monitoring technologies and increased spend on financial crime risk management solutions to address the rise in identity theft and internet-based crimes.

The report points to the escalating level, frequency and sophistication of financial crime, fuelled by the global recession and exacerbated further by a lack of coordinated intelligence arising from a siloed-based approach to managing money laundering and fraud, which ultimately, inhibits an institution’s ability to link data and create intelligence to fight a common criminal threat. In recommending the deployment of enterprise-wide financial crime risk management based on the establishment of a single, integrated platform, Chartis suggests that the only vendors that can offer this are those that offer a broad array of technical capabilities and a wide range of support services.

As the vendor with the highest aggregate score for “completeness of offering”, Norkom is very well placed to help leading financial institutions to implement a true enterprise-wide financial crime risk management solution that not only eliminates unnecessary duplication and inefficiencies, but also evolves constantly to meet new criminal trends and regulations.

The report specifically cites Norkom’s high customer satisfaction scores, with many clients using Norkom for multi-channel financial crime risk management - across AML, payment, cards, checks, electronic payments, online fraud and employee fraud – and some moving towards standardizing enterprise financial crime risk management strategies on the Norkom platform. The report reiterates the importance of real-time or near real-time fraud detection of transactions to a firm’s financial crime risk management, endorsing Norkom’s offering which provides real-time and near-real-time capabilities, in addition to advanced case management.

Liam Griffin, Norkom’s Chief Commercial Officer, says, “On behalf of the Norkom team, I am delighted that Norkom has been recognized as being the most complete solution in the marketplace for the second consecutive year. We continue to invest heavily in R&D for all of our financial crime and compliance solutions and platform with a view to ensuring that they remain leading-edge and provide our clients with superior technologies that will help them meet the demands of the regulator, protect them from financial and reputational risks, whilst also enhancing the defenses of their customers from the global phenomenon that is financial crime. This ranking is testament to the many years of investment we’ve made and our ability to compete aggressively on innovation, quality and our people”.

“Chartis Research estimates that internal fraud, internet-based frauds and security breaches will continue to increase as a result of the global recession. As the company that ranked highest for completeness of offering, Norkom is very well placed to help financial institutions to manage these escalating risks to their businesses”, concludes Peyman Mestchian.

Please click here to download a copy of Chartis Research Norkom Highlights Report 2010.

About Norkom Technologies (www.norkom.com)

Established in 1998, Norkom Technologies (AIM: NORK.L, IEX: NORK.IE) enables financial organizations to take intelligent action, control defenses, and evolve strategies against fraud, money laundering, and other types of financial crime. By combining a unique investigative technology platform with deep domain expertise, Norkom has established a solid track record of reducing financial losses, protecting users’ reputations, improving operational efficiencies, and lowering the cost of information technology. Norkom serves clients in over 100 countries across four continents including seven of the world’s top 10 financial institutions.

About Chartis Research - www.chartis-research.com

Chartis Research is the leading provider of research and analysis on the global market for risk technology. Our goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance. Chartis analyses the systems, products, vendors, applications and trends in the risk technology marketplace. This analysis is published in our flagship industry reports, white papers and research articles.