Fighting Financial Crime - TOP 5 DATA AND ANALYTICS APPROACHES
Financial crime has become increasingly pervasive and permeates all levels of the financial services industry. Criminal networks are creative, connected, collaborative, and ready to exploit any opportunity inside or around the edges of business operations. The sophisticated techniques used by criminals to breach defenses, profit from stolen data, and launder illicit proceeds throughout the global banking system have led financial institutions to pursue new approaches to preventing and detecting such activities.
Preventing financial crime requires new, next-generation approaches that better leverage data and analytics to improve anti-crime specializations and plug the intelligence gaps that inevitably develop from the siloed nature of these efforts.
When developing new approaches to protecting against financial crime, the challenge for financial institutions is multi-faceted. They must develop trust with consumers, showing that their data is secure, prove to regulators that they have active programs in place to mitigate risk, and demonstrate to shareholders that they can manage the financial and reputational risks that financial crime can present.