Financial services firms need to improve the way they assess and quantify their financial crime risk exposure to meet the requirements of the Financial Action Task Force. In this article, FTI Consulting focus on explaining what is expected from firms to meet international standards when conducting financial crime enterprise-wide risk assessments.
The sharing of financial crime intelligence within financial services is often limited and segregated. Technology can bridge the gap between jurisdictions, business lines and departments, whilst saving time on investigations, driving down costs and identifying financial crime typologies. So why do organisations persist in using an outdated, fragmented approach to financial crime risk management?