November 8, 2006 - Dublin, Ireland - Butler Group, a premier IT analyst firm and subsidiary of Datamonitor, has applauded Norkom Technologies’ financial crime and compliance software suite.

Following a comprehensive audit Butler has affirmed that the Norkom suite offers financial institutions a proven means of preventing financial crime and managing their compliance obligations. At the same time, it delivers dramatic operational cost savings by generating highly accurate alerts and streamlining the investigatory process.

“Norkom allows financial service organisations not just to decrease their crime risk, but to significantly reduce the cost of addressing it,” says the report’s author, Mike Davis.

The analyst’s conviction is backed by evidence from Norkom’s numerous deployments, which have proven the suite’s ability to reduce the incidence of financial crime by 70%, improve the accuracy of detection by 200% and reduce the operational cost of investigation it by up to 98%.

The Butler Group Audit Report particularly praises the suite’s:

• Comprehensive platform-based approach, which enables organisations to prevent multiple types of financial crime under a single investment framework, protecting them from the need for future high-cost technology investment.
• Insightful, accurate and flexible detection scenarios based on Norkom’s extensive industry experience.
• Proven scalability and robust performance, supporting multi-million transactions on a daily basis.
• Streamlined case management capabilities that dramatically reduce the man hours and costs associated with investigations.

The audit recognises as a major advantage Norkom’s significant domain expertise and deep understanding of the fraud and compliance challenges facing the financial services industry; understanding that’s been honed during client deployments in over 100 countries.

“Norkom’s domain expertise will allow its clients to derive benefits from the software immediately following deployment,” Davis asserts. The Butler report particularly applauds Norkom’s platform based approach.

Each of the company’s software products is designed to address specific areas of financial crime, but all are underpinned by a common technology platform. This means new products, developed in response to the constantly changing criminal threat, can be deployed at high speed.

“As new threats arise and criminals use ever more complex ways to commit fraud, they can be addressed on an incremental basis,” says Davis.

Paul Kerley, CEO of Norkom Technologies says, “The Butler Group report is further vindication of our long term technology and market strategy. From the outset it has been our resolve to create a software suite aimed at preventing multiple types of financial crime, underpinned by a common technology platform. That central platform provides flexibility and scalability and is the foundation stone upon which additional solutions and new capabilities can be built quickly. This means our clients have future-proof protection, not only against the financial crimes that are being committed today, but against the new ones that will be thought up by fraudsters tomorrow.”

Mike Davis concludes: “Adopting a platform approach to risk management is the way for financial services organisations to minimise risk for themselves, their customers and their stakeholders. We strongly recommend them to review Norkom’s financial crime and compliance software suite as an enterprise-wide solution for detecting, investigating and resolving financial crime.”

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