Financial Crime Prevention Methods in Ireland: A Growing Priority for Private and Public Sector Organisations

In the face of a surge in financial crime, private and public sector organisations in Ireland are prioritizing measures to prevent illicit activities. One such exciting and non-traditional financial career is Forensic Advisory Services, which is in high demand as experts work to combat fraud, embezzlement, and money laundering.

The Magnitude of Financial Crime

According to Deirdre Carwood of Deloitte, there are three inescapable truths about the magnitude of financial crime:

• Opportunistic criminals are exploiting new and established technologies to perpetrate scams on a massive scale.
• Businesses must comply with relevant regulations to prevent and detect financial crime.
• Financial crime has devastating societal consequences.

“If you facilitate illicit finance through your payments systems, you are enabling criminal behaviours such as terrorist finance, child labour, human trafficking, and wildlife trafficking,” Carwood warns. “Our role is to help prevent illicit payments and ensure clients comply with money laundering and other relevant legislation.”

Deloitte’s Approach

Deloitte’s team of experts includes accountants, lawyers, risk and compliance officers, HR practitioners, software engineers, data scientists, and data analysts. They employ the latest technology, including electronic discovery (e-discovery), AI, and generative AI to collect and analyze data.

Recruiting Talent

Recruiting the best talent is key, with Carwood’s team featuring a diverse range of skills and backgrounds. “We’re looking for people who are curious, good at problem-solving, and always looking to develop new solutions,” she says.

The Rewarding Aspect of Forensic Advisory Services

Despite the complexity and scale of financial crime, Carwood believes that preventing it can be an exciting and rewarding career path. “It’s intense, but also extremely gratifying,” she admits. “If stakeholders shared data from their ecosystems, we could centralize that data and derive better intelligence.”

Promoting Forensic Advisory Services as a Career Option

The importance of promoting forensic advisory services as a career option is highlighted by Carwood, who believes that more should be done to raise awareness about the sector’s impact on society.

Deloitte’s Commitment to Financial Crime Prevention

With financial crime continuing to grow in Ireland, Deloitte remains committed to helping clients predict, detect, and proactively respond to threats. As Carwood notes, “Forensic financial advisory expertise will never be irrelevant.”