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Controlling the criminals: tackling financial crime through analytics

3 May 2012

Analytics could play a key role in the solution to outsmarting financial criminals, according to a new white paper by Deloitte, the business advisory firm. 

Joining the dots recommends that analytics is used to improve current approaches to tackling financial crime.  While most organisations will have multiple IT systems to monitor and flag suspicious activity, the technologies often work in isolation to one another and fail to highlight where risk may lie throughout the business.

Michael Jones, analytics director at Deloitte, said: “Information gathered through data analysis can help to join the dots in criminal activities that would have otherwise remained undetected.  Analytics can be used to highlight the probability of fraudulent activity before it happens, for example, in the case of rogue trading.   Here, analytics can aggregate data from numerous sources, including existing transaction monitoring systems, and ‘red-flag’ trader activity that may be considered to be outside of acceptable norms.” 

Deloitte’s white paper also states that using an integrated approach, whereby data from multiple systems are connected, organisations can meet their regulatory obligations, enhance their financial intelligence, reduce costs and improve customer service.  This will also allow groups to better meet the growing demands by customers for integrity in organisations’ financial dealings and manage increasing criminal sophistication. 

Jones commented: “Financial institutions need to get to a place where internal systems ‘talk’ to one another so organisation-wide risks are identified and dealt with sooner.  However, for many financial services companies, particularly in times of continued economic uncertainty, it may seem easier to stay as they are.  But, in a world where everything and everyone has a digital connection, crimes are growing in subtlety and sophistication and are becoming much harder to spot.  Organisations need to change their attitude and look towards adopting strategies that bring together business capabilities, people, processes, technology and data.  Only then will there be a more unified view of financial crime risk.

“In the long-run, this can actually contribute to reduced costs, and help organisations to become more efficient in the services that customers receive.  Such a move can only be of benefit at a time when stakes are high and businesses are under considerable pressure to cut costs.”


Note to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited

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Gillian Bishop
Deloitte LLP
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