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Tackling financial crime: an integrated approach

Better data use to combat increasingly sophisticated financial crime


Financial crime online remains a growing area of concern. Increasing criminal sophistication – combined with customer pressure to financial institutions to ensure transactional integrity and associated regulatory scrutiny – is creating a perfect storm for the financial services sector.

How can financial institutions gain a clearer, more immediate, picture of fraudulent activity, be alerted earlier to criminal scams and be in a better position to assist law enforcement agencies to track down highly sophisticated criminal activity?

To create an integrated approach to financial crime organisations need to bring all related data together and align all business capabilities, including strategy, people, processes, technology and data. Key considerations for corporations and agencies are to:

  • Assess where you are now (current state) for each crime area: consider what processes you have in place to manage the data and control its quality
  • Create a vision for where you would like to be (future state) which should include an assessment against your peer group in the market: actively seek out opportunities to align areas of financial crime risk management
  • Develop a roadmap to help you get from the current state to the future state: define a set of prioritised initiatives and projects, a high-level implementation plan and a business case
  • Develop an outline of an integrated target operating model: constantly refine to fit the scale and precise business nature of the organisation and look for further enhancements.

Read the report in full to understand the importance of an integrated approach to tackling financial crime.


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