Revolutionising financial crime risk assessments in a challenging economy

Revolutionising financial crime risk assessments in a challenging economy

In the face of current economic tribulations, companies are tightening their belts, seeking value in every pound spent. At the same time, criminal activity, particularly financial crime, escalates during such precarious times, amplifying the demand for effective and resilient financial crime mitigation programmes.

Moreover, the regulatory sphere continues to place stringent demands on businesses. Therefore, it’s no surprise to foresee a situation where companies are grappling with cost reductions, criminals are seeking loopholes for money laundering, and regulators are overworked.

RegTech company Acuminor has outlined how firms can leverage business wide risk assessments to improve their operations.

Business Wide Risk Assessment (BWRA) is one such sector where institutions are seeking efficiency gains. The focus is on transforming the annual, strenuous, cross-divisional strategic exercise into a dynamic, pertinent, and data-driven risk assessment process with clear follow-up actions. The ultimate aim? To quantify the effect that compliance teams, controls, and actions have and justify the vital role of the financial crime compliance department amidst cost-cutting pressures.

Management often ponders over the value that anti-financial crime compliance processes bring to business.

Acuminor has addressed this concern, assisting businesses make tough choices in a harsh economic climate. Our focus lies primarily with the compliance team who, unfortunately, are still sometimes seen as a cost centre. The true value and impact of compliance on the bottom line isn’t always clear.

It offered five benefits of investing in Acuminor’s Risk Assessment Professional:

First, reduce time spent on risk identification and allocate more to its mitigation. Acuminor has preemptively identified your relevant risks and threats based on the world’s largest financial crime risk and threat database, granting you more time to concentrate on risk mitigation.

Second, use the BWRA to increase efficiency in your KYC/CDD and Transaction Monitoring processes. Our Risk Assessment Pro solution allows you to map out all your risks to your current KYC/CDD and Transaction Monitoring controls, helping you identify over and under mitigated risks and understand where you can increase control environment efficiency.

Third, enjoy a low-effort implementation with no complex tech or IT setup needed. Your normal BWRA cycle will seamlessly integrate with on-boarding.

Fourth, low-effort maintenance and self-service are offered. You can alter the methodology or add content to the tool without needing help from Acuminor or any other external party. Our platforms are designed to be flexible and adaptable for your regular use-cases. You’re given the tools to become experts in our platform with fully transparent methodology.

Finally, there’s no need to start from scratch each year. Acuminor’s platform lets you reuse all previous work done on your BWRA, transforming it from a yearly one-off exercise to an ongoing iterative process.

By using Risk Assessment Professional, you’ll be able to quantify the investment in your anti-financial crime controls by demonstrating their effectiveness in addressing real-world threats. You can make informed decisions about budget allocation and resources utilisation, as well as defend your expenditure to the board by showing its impact on real-world or high priority threats.

Read the story here.

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.