Regulators, international standard setters and private sector groups have all started to talk about prioritising financial crime effectiveness over technical compliance. There is growing momentum as more people come to the realisation that financial institutions must be able to prove that what they’re doing is not just legally compliant, but is actually working to reduce financial crime.
The overall message from these organisations is clear, and it is only a matter of time before firms around the world are obliged to demonstrate the effectiveness of their financial crime controls.
Whilst there are clear financial benefits to measuring and evidencing financial crime effectiveness, how to do so remains unclear.
This is the first in a three part series looking into the world of financial crime effectiveness, covering:
- The Heavy Cost of Ineffectiveness,
- What the Regulators are saying about Effectiveness, and
- How to Measure Effectiveness.