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Financial Institutions Must Adopt Enterprise-Wide Approach to Combat Fraud and Misuse
As financial institutions continue to grapple with the threat of fraud and misuse, a new approach is needed to effectively combat these crimes. According to Deloitte, an enterprise-wide approach that integrates technology platforms and advanced analytics can help organizations remedy issues, prevent their reoccurrence, and achieve significant cost and performance gains.
Investigation and Remediation: Key to Success
The investigation and remediation process involves:
- Assessing allegations of fraud or financial mismanagement
- Responding to government regulatory requests
- Helping financial services organizations remedy issues
- Data assessment
- E-discovery
- Understanding relevant laws and regulations
- Undertaking cyber response activities
Effective management of this process is critical to preventing the reoccurrence of fraudulent activities.
Monitoring and Testing: Essential for Efficiency
Financial crime systems and policies must be regularly:
- Monitored to ensure they are efficient and tailored to meet changing internal and external threats
- Tested to prevent fraud and misuse
- Assessed to understand relevant laws and regulations
- Implemented measures to prevent fraud and misuse
Insight on Financial Crime: Challenges and Opportunities
The financial services industry faces a range of challenges when it comes to addressing financial crime, including:
- Fraud
- Money laundering
- Cybercrime
- Coordinated effort from multiple teams within an organization
- Effective communication and agreement across these teams is essential for achieving success
Improving Data Quality: Critical to Effective Analysis
As financial institutions grow and expand, they face increasing challenges in accessing:
- Consistent data
- High-quality data
- Standardized data
- This can be particularly challenging for institutions with multiple technology systems or offices in countries with restrictive data transfer laws
To address this issue, organizations must focus on improving and standardizing their data to increase their capacity for centralized analysis.
Securing the Right Talent: A Key Component of Success
The battle against financial crime requires a skilled and knowledgeable workforce. Organizations must:
- Secure talent with the ability to complete analytical and critical assessments
- Focus on emerging market locations where talent is scarce
- Have strong capabilities “on the ground” close to customers
Preparing for the Future: Adapting to Evolving Threats
The financial services industry is constantly evolving, with new technologies and threats emerging all the time. To address these challenges, organizations must:
- Develop a framework that considers both current and future threats
- Anticipate new avenues for criminals, such as crypto-currencies
- Adapt to rapid changes in payment technologies
Conclusion
In conclusion, effective management of fraud and misuse requires an enterprise-wide approach that integrates technology platforms and advanced analytics. By adopting this approach, financial institutions can remedy issues, prevent their reoccurrence, and achieve significant cost and performance gains.
Deloitte is committed to helping organizations navigate the complex challenges of financial crime and achieving success in this area.
About Deloitte
Deloitte is a leading professional services firm that provides audit, tax, consulting, and financial advisory services to public and private clients across multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges.
Contact Us
For more information on how Deloitte can help your organization navigate the complex challenges of financial crime, please contact us at [insert contact information].