BACKGROUND

With financial crime, any news is bad news, and there has been no shortage of bad news lately.

Whether the topic is the loss of monetary or informational assets, regulatory scrutiny, or costly reputational damage, the issue of financial crime and its wider effects on the financial industry is in the headlines now more than ever before. But while the effects of financial crime are apparent, efforts to prevent it are not as easily executed.

Financial services organizations have the difficult task of effectively identifying the greatest risks to themselves and to their customers, protecting both parties against unnecessary risks, and satisfying regulatory requirements for greater transparency, awareness, and consolidation of information across the organization.

For many such organizations, this challenge is compounded by a stagnant or even shrinking budget allocation, making these tasks even more daunting. Financial services organizations are increasingly realizing that they must move beyond the traditional reactive and silo-based approach toward a more comprehensive Financial Crime Risk Management strategy.