Published on : Tuesday, April 29, 2014
As uses of big data and analytics proliferate, 21 percent of respondents say their organizations have no plans to use big data to manage the risk of financial crimes including bribery, corruption and money laundering, according to a new Deloitte survey.
“For years, many organizations treated prevention and detection of financial crimes as one-off efforts,” said Tony DeSantis, principal, Deloitte Transactions and Business Analytics LLP in the Data Analytics practice. “Today, regulators expect organizations to have holistic, enterprise fraud and misuse management programs spanning all business units and international borders. However, many organizations are unsure where to begin and how to effectively apply analytics. Those out in front are honing early efforts on specific schemes or problematic regions by focused, risk-based approaches and methodologies.”
About half (49 percent) of respondents’ organizations train all employees on the risks of financial crime, as well as their role in its prevention. Seventeen percent offer no such training.
“Many organizations have well-written anti-corruption and anti-money laundering policies in place,” said Joseph Hanvey, senior manager, Deloitte Transactions and Business Analytics LLP in the Anti-money Laundering Consulting practice. “But, leadership continues to be key in establishing a culture of compliance—particularly during times of change. Financial crime risk may spike when corporate structure, compliance controls and personnel changes take place.”
Leaders who manage enterprise-wide financial crime remediation strategies are typically chief compliance officer (24 percent), CFO (23 percent) or general counsel (15 percent). However, 13 percent of respondents’ organizations have others leading those efforts and two percent have no one doing so.
Source:- Deloitte
Tags: deloitte
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