Financial crime is a growing threat to societies and economies around the globe. In order to tackle this, new paths need to be considered, especially for the financial sector - but the public sector should also consider new methods. At PA Consulting, we have just released a new report on FinCrime "Partners against Crime," which recommends that, in addition to using more technology, we need to be even more open and share even more data.
In other words, banks and other financial companies need to work even closer together with legislators and competitors. Only in this way we can identify economic crime while it’s taking place, instead of just halting it after it’s occurred. The organisations we highlight must work together in a new way. This new way requires sharing more data on transactions and customer behaviour (of course, under clear rules of play), and using smarter technology to analyze crime more quickly and in more detail. It will involve some investments, but it will pay off - in some cases quickly.
What you need to be aware of as a financial leader:
• You have to take a stand. And have the courage to show visible leadership
• You must embrace new thinking and find new alliances
• You must agree with the other involved about which data to share and when
• You must understand what the law allows - and ensure data protection
• You must decide which joint technology platform your company will use.
One thing is for sure, it's time! What we do today is not the same as we should do tomorrow.
Partners against crime. It's time to act. Differently.