Integrating Modern Tech into Your Control Framework
Within the banking and risk management industry, new tech should be viewed as an augmentation to improve team function and efficiency, not an interface where capability is limited by technological conservatism. Yet, when grappling with the ever-changing field of available technologies, financial institutions often worry about the costs surrounding these...
11 Jun 2020
Breaking from Tradition
Overcoming Experimenter’s Bias to Better Manage Financial Crime RiskIn many ways, current best practices within the Financial Crime and Risk Management space seem to be preordained; the common wisdom of the industry seems sound, yet stubborn and immoveable. For many risk managers, it’s common sense that extractive industries or real estate...
07 May 2020
Re-thinking site visits and call reports in the name of innovation, efficiency and sustainability
Times of crisis often lead to an odd mix of tragedy and innovation, and the global COVID-19 pandemic is no exception. Governments around the world rightfully prioritise human lives at the immediate cost of their economy in an attempt to contain the pandemic and flatten the curve. Financial institutions have...
02 Apr 2020
Applying the rating agency model to financial crime
Learning from the past to change the future of Correspondent BankingToday, the global FinCrime risk management industry finds itself at a pivotal moment. As it stands, the global economy is more integrated than ever before. With this interconnectedness has come a marked increase in the financial crime risk borne by...
26 Feb 2020
Luanda Leaks, Consultancies, and Conflicts of Interests
Luanda Leaks, Consultancies, and Conflicts of InterestReflections on Fixing a Flawed SystemThe revelations surrounding the conduct and likely criminal activity of Isabel dos Santos has brought to the fore familiar issues in the financial crime space. The reporting conducted by the International Consortium of Investigative Journalists (ICIJ) paints a picture we have...

23 Jan 2020
A founder’s perspective on Elucidate
Genesis, Evolution and VisionElucidate is a Berlin-based RegTech providing financial crime risk quantification to help financial institutions to score and predict financial crime risk through the Elucidate FinCrime Index platform (“EFI”).What issues have you addressed in the market, and how does the EFI address them?Shane (S): As with many startups, the genesis of...
11 Dec 2019
The answer is in the data.
For a data-driven approach to preventing and detecting financial crimeWithin the broad universe of information that constitutes the data generated every day, both by financial institutions, and authorities, there exists an extensive set of information relevant to understanding normal and abnormal transactional activity. Having access to this data and understanding...
06 Nov 2019
Defining outcomes in the anti-financial crime industry: skip out on counterfactuals, build on a…
Defining outcomes in the anti-financial crime industry: skip out on counterfactuals, build on a probabilistic approachWhen it comes to preventing financial crime, today’s banking industry is stuck in a cycle of endless investments, and limited returns. With the global cost of financial crime holding steady, and the price of prevention...
17 Oct 2019
Learning from data leaks
How financial crime scandals reveal the need for enhanced risk monitoring technologyIn recent years, leaks of financial data have led to an increased awareness of the extent to which financial crime exists within the global market. From the Panama Papers to the Troika Dialog disclosures, leaks and whistleblowers have become...
25 Sep 2019
Why de-risking increases risk
And how technology provides a cost-effective alternativeWith the heightened burden and increased costs placed on correspondent banks today to ensure compliance across their portfolio, many major institutions have instead resorted to “de-risking” certain segments, markets, and jurisdictions. De-risking largely came about as an unintended consequence of regulations that left banks...
12 Sep 2019
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