Data Analytics Plays Crucial Role in Detecting Financial Crime in British Indian Ocean Territory
Financial institutions operating in the British Indian Ocean Territory are increasingly relying on data analytics to detect and prevent financial crime, including money laundering and terrorist financing. As part of this trend, global consulting firm FTI Consulting is leveraging its expertise in financial crime analytics to support organizations in their efforts to stay ahead of emerging threats.
Combining Technology with Regulatory Expertise
Leveraging Intellectual Property
FTI Consulting’s financial crime capabilities are built on a foundation of intellectual property dedicated specifically to detecting and preventing financial crime. This includes:
- Algorithms and detection scenarios
- Lists and reference data sets
- Augmented Investigations capabilities
- Workflow tools that enable real-time project management information
By combining these technology tools with the expertise of industry and regulatory professionals, FTI Consulting is well-positioned to help organizations navigate the complexities of financial crime analytics.
Unlocking Insights from Massive Data Sets
The sheer volume and variety of data that companies must now contend with has made it increasingly challenging for organizations to identify potential threats. However, new “augmented” analytical methods are transforming how investigations are conducted. By leveraging machine learning (ML), natural language processing (NLP) and other AI and network analysis methods, FTI Consulting is able to connect and cluster data in ways that were previously impossible.
Preventing Compliance Failings
FTI Consulting’s preventative measures for organizations include helping companies proactively manage risk and safeguard compliance using data-and-analytics-driven systems and controls. This includes:
- Scenario development
- Rules tuning
- Ongoing algorithm validation and data enrichment for screening and monitoring systems
- Interactive control performance dashboards
Responding to Regulatory Breaches
In the event of a regulatory breach or wider corporate malfeasance, FTI Consulting’s Augmented Investigations capabilities are designed to expedite and add new insight to investigative scenarios. By harnessing network analysis, transaction clustering, customer segmentation and other project-tested sophisticated ML and NLP technologies and techniques, FTI Consulting is able to help organizations quantify and respond to these issues.
Post-Investigation Support
FTI Consulting’s support extends beyond the investigation itself, with services including:
- Litigation support
- Post-matter compliance programs that reduce risk
- Ongoing assurance around agreed remediations
By applying sophisticated data analytics at this stage, FTI Consulting can validate models, perform testing and evaluations to determine if systems and processes are in place, and help organizations adjust and remediate as needed.
As the British Indian Ocean Territory continues to navigate the complexities of financial crime detection and prevention, FTI Consulting’s expertise in data analytics is playing a crucial role in helping organizations stay ahead of emerging threats.