Contribute To Stronger Company Performance With Effective Compliance
This new white paper from Aite Novarica details how a dynamic, data-driven compliance strategy optimizes risk decisions.
Financial institutions (FIs) are being impacted across multiple fronts by digital acceleration, pandemic-driven operating constraints, hyper-connected cybercriminals and overlapping regulatory requirements. Financial Crime Escalating: The Imperative for a Holistic Risk Assessment, details how an integrated and data-driven approach to financial crime compliance can help alleviate these issues and optimize compliance outcomes at the enterprise level.
Prioritizing Growth Objectives in the Face of Operational Challenges
Complex and constantly evolving compliance obligations can distract from core growth objectives and prevent businesses from delivering exceptional customer experiences. It can be cumbersome and time consuming to navigate these common issues:
- Volume and complexity of compliance regulations
- Identification of UBOs and ownership structures
- Regulation expanding to cover firms beyond traditional FIs
- Emerging risks such as cryptocurrencies and cybercrime
- Geopolitical instability and uncertainty
- Effectively leveraging new technologies
Many compliance teams are easily overwhelmed by increasing sanctions requirements, expanding regulatory expectations and the sheer volume and speed of digital commerce.
The Role of Data
Data quality is key to effectively detecting and preventing financial crime. Poor data quality leads to poor risk management and can introduce additional friction to the compliance process. With the volume and breadth of data ever-increasing there are many types of available data compiled from multiple sources across governments, news organizations, industry bodies and registries to name a few. Data can easily become stale and outdated and using inconsistent or incomplete datasets can contribute to increased operational costs and lead to a poor customer experience. According to the study, successful compliance programs incorporate robust data from reliable and trusted sources and integrate data sets with advanced analytics and automated processes to support efficient decision-making.
Improving Enterprise Outcomes With an Integrated Strategy
A dynamic, data-driven financial crime compliance approach positions FIs to be more agile. Compliance teams can be more responsive to market fluidity, evolving regulatory pressures, escalating threat vectors and increasing customer expectations. An integrated and holistic compliance strategy helps the compliance function contribute to sustainable enterprise success by:
- Harnessing operational efficiencies to reduce costs and resource demands
- Improving the quality of immediate risk decisions
- Increasing visibility across critical customer relationships
- Minimizing friction and false positive delays for legitimate customers
- Optimizing and unifying fraud prevention, cybersecurity and financial crime compliance functions
The white paper delivers a deeper dive into considerations for achieving an integrated and holistic compliance strategy. It also highlights areas that negatively impact compliance and customer experience. Explore the white paper to learn:
- How data deficiencies derail compliance decisioning and disrupt customer experience
- The types of data that fuel holistic risk visibility
- Where siloed compliance approaches stymy risk workflow efficiencies
- Why point solutions inhibit proactive and more dynamic risk management
- The role technology plays in unifying the enterprise functions of fraud prevention, cybersecurity and financial crime compliance
- How a stronger compliance program supports increased financial inclusion
Effective, cost-efficient compliance doesn’t have to be an elusive goal. Today’s complex financial crime compliance environment demands an end-to-end strategy. A holistic and fully integrated view of customer financial crime risk based on comprehensive quality intelligence can inform confident decisions that enable businesses to concentrate on customer experience and core growth goals.
Learn more by downloading your copy of our exclusive whitepaper here.