Financial Crime World

Here is the rewritten article in markdown format:

Effective Data Management Key to Combating Financial Crime

=====================================================

The Financial Crime Data Survey 2021 provides valuable insights into the approaches of financial institutions to managing data related to fighting financial crime. This report summarizes key findings and highlights the importance of effective data management for regulatory compliance, competitiveness, and combating financial crime.

Investment Triggers

Cost Efficiency Drives Investment Decisions

  • The majority of participants (57%) identified cost as the primary trigger for investment in data initiatives.
  • A focus on deeper and more sustainable cost efficiency is seen as a key driver for future investment.

Source of Funding

Co-Investment and Compliance Drive Data Management Initiatives

  • Over half of respondents (57%) mentioned co-investment between multiple areas of the organization as the source of funding for data management initiatives.
  • Compliance played a significant role, with approximately a third of participants indicating it as the primary source of funding.

Data Maturity Model

Standardization and Intelligent Technologies Key Focus Areas

  • The majority of participants feel they are on track to standardizing their data management capabilities through transformation programs.
  • Financial institutions at higher levels of data maturity are looking to increase spend in intelligent technologies (such as RPA), while those at lower levels are focusing on increasing spend in analytics.

Future Plans

Improving Systems and Processes, Enhancing Data Quality

  • Most participants plan to improve their systems or processes and invest in and quality of data.
  • Data quality-related controls must be embedded into the existing enterprise risk management framework.

Overall, this report emphasizes the significance of effective data management for financial institutions to remain compliant with regulations, stay competitive, and combat financial crime effectively.