It's time to act. Differently.
The fight against financial crime depends on closer collaboration that’s built on smarter technology. Regulators, financial institutions, law enforcement and government bodies must come together to share data that lets them track and understand financial crime risk in real time.
In our latest research, we explore why partnerships are needed and how to make the change. We interviewed heads of financial crime, chief risk officers, and money laundering reporting officers across the private sector, alongside senior figures from regulators, government bodies, RegTech and FinTech companies. We've drawn on our extensive experience working with the private and public sectors, understanding how the problem looks from all points of view.
In our increasingly digital world, financial crime is a growing problem with mounting social and economic consequences:
|
1
 only 1% of the proceeds of crime are seized across Europe |
2.7
organised crime generates the equivalent of 2.7% of global GDP |
62.5
since 2011, the amount of money laundered through mainstream financial systems has increased by 62.5%. |
We advise organisations around the world on ways to improve efficiencies, reduce costs, harness technology and, ultimately, decrease crime.
Centering on customers is critical in order to keep pace with change. Today’s most financially successful businesses are more likely to be customer-centric. They listen to feedback, bring customers into the innovation process and use data to evolve in line with customer needs.
Pace of change is key. Market leaders today focus on outcomes and demonstrate value, fast. They mobilise quickly in response to disruption, outpace competitors when it comes to rolling out improvements and invest in moving from idea to launch at pace.
Incumbent organisations struggle with complex structures and processes. Today’s top performing businesses embrace simplicity to succeed in a disruptive environment. They build teams around products and services rather than skills, empower their people to make decisions and create a flat organisational structure to remove hierarchical bottle-necks.
In an agile organisation, the ability to evolve continuously is in-built. That’s the case for the businesses with the best financial performance. They prioritise building the digital systems throughout their organisations and creating processes that enable them to flex, fast. And they nurture a culture that results in their people thriving amidst constant change.
Organisational agility is a mindset. It means your people need the power to work in responsive teams and make decisions based on outcomes – not siloes. The businesses with the best financial performance are more likely to have a dynamic company culture, empower all people to contribute ideas and support flexible working and collaboration.
