Here is the rewritten article in markdown format:
Integrate Financial Crime, Fraud, and Cybersecurity Functions for Effective Risk Management
=====================================================
The current approach to financial crime, fraud, and cybersecurity management within banks has been found wanting. The silo-based control systems are ineffective against sophisticated threats that migrate across channels and technologies. It’s time for a strategic prevention approach that involves predicting risks rather than just reacting to them.
Key Takeaways
- Integrated Fraud and Cyber-Risk Functions: Banks can improve threat prediction and detection while eliminating duplication of effort and resources by integrating their financial crime, fraud, and cybersecurity functions.
- Data, Automation, and Analytics: Integration enables banks to enhance customer identification and verification, predictive analytics, and rapid insights into correlations between credential attacks, account takeovers, and criminal money movements.
- Customer Experience and Digital Trust: An integrated approach fosters digital trust by providing a secure, convenient, transparent, and controlled customer experience, which is a key differentiator for banks.
- Holistic View: The transformed operating model provides a holistic view of the evolving landscape of financial crime, emphasizing independent oversight and challenge through clearly delineated duties in the three lines of defense.
Benefits of Integration
Integrating risk functions related to financial crimes can lead to significant benefits for banks. While most banks have stopped short of full unification, a few have attained deeper integration, leading to efficiency gains and cost savings. Ultimately, a holistic approach based on shared data and processes can consolidate all three functions under one umbrella.
By adopting an integrated strategy that combines financial crime, fraud, and cybersecurity functions, banks can enhance their risk management effectiveness and efficiency while providing customers with a secure, convenient, and controlled experience. The time for a transformative approach is now!