With evolving financial crime threats and heightened regulatory scrutiny, firms are reassessing their approach to financial crime risk management and compliance, and are paying a heavy financial cost, collectively spending billions trying to prevent financial crime. And so, maturing and embedding a robust FinCrime operating model to meet regulators expectation, without adding cost, is becoming critical to driving strong regulatory outcomes.
In this context, our Risk Consulting team are sharing with you our view of a ‘Paradigm Shift’ in the approach to Financial Crime. Based on interviews with 16 global thought leaders, from industry, government, RegTech, law enforcement, consulting, and academia we consider where the journey in combatting financial crime will lead, and the paradigm shift needed to get there; we identify 6 major trends that we anticipate will shift the paradigm of disrupting financial crime compliance over the next 5 – 10 years, followed by 6 practical calls to action that organisations can take to better combat financial crime, innovating with data and technology to manage costs while meeting regulatory expectations.`
What are financial crime experts anticipating?
Six major trends that we anticipate will shift the paradigm of disrupting financial crime compliance:
The paradigm shift
Fighting Financial Crime
In many organisations the expected paradigm shift will require large-scale transformation and commitment, smaller organisations can also leverage the shift away from “tick box” compliance and drive a proportionate risk focused model. This evolution must begin now. Our research has identified six practical steps that organisations can take to better combat financial crime:
Call to action
How KPMG can help
- Develop strategic roadmaps based on key pillars and design principles that document the journey from remediation to transformation, that is unique to you and your business.
- Explore our global perpetual KYC solution to help you transition to enhanced KYC.
- Develop and execute a technology strategy and operating model that supports the utilisation and development of existing and future data.
- Advise on the right tools, technology, strategy, analytics and data to help you move to innovative customer monitoring.
- Global better practice insights and intelligence to help you shift the mindset towards transformation and innovation.
- Support with optimising and digitising Financial Crime Operations to empower your people.
Contact our team
Ian Nelson
Partner, Head of Financial Services & Regulatory
KPMG in Ireland
Niamh Lambe
Managing Director, Risk and Regulatory Consulting
KPMG in Ireland
