Effective Financial Crime Risk Management. How do we evidence what we are doing in AFC is effective?

March 24, 2021 1:45 PM

We have started to see a shift in the AFC community, as the pressure from regulators for firms to achieve good outcomes in financial crime prevention increases. There is likely to be greater focus on how outcomes are measured and how confident firms are that their controls are effective at tackling financial crime. But understanding outcomes and measuring effectiveness are challenging, and to date have often been done in unsystematic ways. How effective are the current AML/CFT technologies? How good are we at measuring their effectiveness? Are there new technologies or ways of working that would better evidence the effectiveness of financial crime controls? What are the real reasons we are not doing as well as we would expect from this significant investment? And what alternative approaches can we collectively take?